Editor’s note: For more Web3 coverage, visit Crunchbase’s Web3 Tracker, where we track startups, investors and funding news in the Web3, cryptocurrency and blockchain space, powered by Crunchbase’s live, comprehensive data.
Venture funding to Web3 startups in the second quarter plummeted 76% from last year, as big funding deals slowed to a crawl, Crunchbase data shows.
While seemingly all sectors are seeing a slowdown in venture capital, Web3 — defined here as cryptocurrency and blockchain startups — has been hit hardest as investors retreat to both AI and more traditional sectors.
In the second quarter this year, Web3 startups raised just over $1.8 billion in 322 deals, according to Crunchbase data.
Those numbers reflect a more than three-quarter decline in funding from Q2 last year, which saw startups in the sector raise more than $7.5 billion. They also represent a 51% drop in deal flow.
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