Traditional venture capital is so passé.

Blockchain investors are more interested in ICOs, or initial coin offerings, than traditional investment models, according to data from the Coindesk first quarter 2017 State of the Blockchain Report released this week.

In the first quarter, money raised for blockchain projects via ICOs accounted for a third of the volume for all blockchain funds raised in that quarter.

As we move through 2Q, money raised through this method has already nearly reached $327 million, according to data from Coindesk, surpassing the total amount of funds raised by venture capital methods ($295 million).

The top ICO deal in 1Q17 went to blockchain developer company Qtum, an offering that raised over $15 million—about half the amount of the top VC deals of $30 million that quarter, which is not bad for a fledgling system of funding.

The full report may be found here.