As one of four general partners at Andreessen Horowitz who are now investing the venture firm’s third crypto fund, a $2.2 billion vehicle, Arianna Simpson is highly focused on how to return that capital and much more to the firm’s limited partners.

Toward that end, she has been following more startups that combine crypto with gaming. Last month, for example, her team co-led an investment in Virtually Human Studio, the startup behind a digital horse racing service Zed Run, wherein users buy, sell and breed virtual horses whose value rises depending on their performance against other virtual horses. (Each is essentially a non-fungible token, or NFT, meaning it is unique.)