Web3-focused VCs like a16z assess startups on foundational factors similar to traditional ventures (team quality, market size, business model) as well as crypto-specific metrics
. This means they’ll look at the strength of your founding team and vision, the problem/solution fit in the market, and any early evidence of product-market fit. In addition,
blockchain metrics
carry weight – e.g. active users or wallets, community engagement, and if applicable Total Value Locked (TVL) or on-chain transaction volume
. Traction is key: even at seed stage, showing
some
usage or community interest (early adopters, waitlist signups, pilot users) validates your idea. VCs want to see that you’ve moved beyond just an idea to a
working MVP
with early users or at least a demo that proves the concept
. They will also scrutinize your
tokenomics and decentralization plan
(if a token is involved) to ensure it’s sustainable and aligns incentives