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<h2 id="header-0">Venture capital (VC) funding into Web3 startups has plummeted 82% year-over-year, declining from $9.1 billion in Q1 2022 to $1.7 billion in Q1 2023, according to data from Crunchbase. This marks the lowest amount of funding for Web3 startups since Q4 2020.</h2>The number of total deals between VCs and <a href="https://www.coingabbar.com/en/crypto-blogs-details/advantages-of-decentralization-of-web-three" rel="noopener noreferrer nofollow">Web3 startups </a>also saw a significant drop, declining by roughly 33%. In addition, the number of big Web3 start-up funding rounds hitting nine figures almost completely dried up over the past year.The decline in Web3 funding is attributed to investors opting for a risk-off approach and seeking opportunities in industries they know best, such as cybersecurity or SaaS, instead of investing in the promise of the next iteration of the internet (Web3). However, the report notes that there are positive signs, such as significant price rallies of Bitcoin since the start of the year, that could bring more venture dollars back to the space.Galaxy Research also examined the <a href="https://www.coingabbar.com/en/crypto-blogs-details/web-three-needs-more-users-than-investors" rel="noopener noreferrer nofollow">overall VC investment in crypto firms </a>over the last year. The report indicated that the $2.4 billion invested into all crypto firms in Q1 2023 marked an 80% decline from the $13 billion recorded in Q1 2022. Notably, however, the report showed that the number of VC crypto deals had increased by around 20% in Q1 2023 compared to Q4 2022.Galaxy&#39;s head of firm-wide research, Alex Thorn, wrote that historically, venture activity has closely followed crypto asset prices. He added that it will be interesting to observe if crypto VC activity can rebound in case prices remain resilient or constructive this year, despite the various macro and monetary headwinds.While interest in Web3 startups has cooled off lately, Crunchbase emphasized that venture funding is down in almost every sector, with the decline in Web3 funding being part of a broader trend.

Web3 Start-up Funding Drops by 82% YoY, Says Crunchbase | Gabbar News

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