Q1 Web3 startups received $1.7 billion in venture capital fundin

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According to Crunchbase data, venture capital investment in Web3 startups in the first quarter of this year fell by 82% year-on-year, from $9.1 billion in the first quarter of 2022 to $1.7 billion. This is the lowest Web3 funding since the $1.1 billion in Q4 2020, when "many people had never heard of Web3." In this context, Web3 startups are defined as early-stage companies working directly with crypto or blockchain technology (or both).
The total number of deals between VCs and Web3 startups also saw a significant decline, with 333 deals recorded in Q1 2023, a drop of around 33% year-on-year. (Cointelegraph)