Web3 startup funding plunges in Q1 2023 amid crypto market slump

The first quarter of 2023 saw a sharp decline in venture capital funding for Web3 startups, which are companies that use blockchain and cryptocurrency technologies to create a more decentralized and open internet. According to Crunchbase data, Web3 startup funding dropped by 82% year-over-year, from $9.1 billion in Q1 2022 to $1.7 billion in Q1 2023.