A sobering new report from Crunchbase found that Web3 funding from venture capital funds has plunged dramatically. tobyleah reports:
found that Web3 funding from venture capital funds has plunged 76% in the second quarter when compared to the same period a year ago.
The numbers don’t improve if you compare the first half of 2023 to the same period in 2022. In 2022, Web3 startups raised nearly $16 billion in the first half of the year, but this year’s fundraises have totaled just $3.6 billion — a 78% drop. Web3 was defined by Crunchbase as cryptocurrency and blockchain startups, which have been hit hard by the ongoing crypto winter. While VC funding has slowed overall, withacross all sectors in the second quarter of 2023, crypto-related funding has had a much steeper decline. Meanwhile artificial-intelligence startups have become the new shiny object for investors, seeing $25 billion in funding in the first half of 2023.
There were still some significant funding rounds in the first half of 2023. Sam Altman, CEO of OpenAI, saw success with
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