Web3 funding is declining, shows report.
Mainstream companies like Meta are some of the largest investors in metaverse-based projects.
While Web3 may not be mainstream, yet, it is nothing less than mainstream in the crypto industry and Non Fungible Tokens (NFTs) are proof of that. But the crypto winter the investors witnessed in 2022 slowed that initial investment push in the industry that began in 2021. A recent report by Crunchbase, a business data aggregator, shows that funding to the startups in this sector has declined.
Source: Crunchbase
Is Web3 losing its charm?
According to the report, funding has gone down from $9.2 Billion in fourth quarter of 2021 to $2.4 Billion in the corresponding quarter of 2022. Moreover, the number of funding deals has plummeted from 677 in the first quarter last year to 327 in the last quarter. On an year-on-year basis, 2022 saw 1986 deals in contrast to 2074 in 2021.
Source: Crunchbase
Consensys, the company behind MetaMask, raised $450 Million in
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