Venture capital funding for Web3 and the crypto world has dropped significantly in the first quarter of 2023, dropping by as much as 80% compared to the same period last year.
Data provided by K33 Research show a worrying trend in the Web3 technology investment landscape.
An 80% drop from last year in Web3 and crypto investments
According to The Block Pro, venture capitalists invested a total of $13.5 billion in Web3 projects during the first quarter of 2022.
However, in the corresponding period of 2023, this figure plummeted to only $2.8 billion, representing a significant 79% drop in funding.
Anders Helseth, analyst at K33 Research, expressed concern that further declines may be on the horizon.
He pointed out that while VCs invested as much as $15 billion in web3 and cryptocurrency projects during the first half of 2022, estimated investments for the first two quarters of 2023 stand at about $4 billion, with the possibility of further declines.
Projections for the future show
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