https://techcrunch.com/2023/01/11/when-it-comes-to-web3-investors-say-theyre-in-it-for-the-long-haul/

In the heat of 2021’s record-setting venture market, you couldn’t avoid the growing noise from the burgeoning web3 sector. Trust me, I tried. But while some of that momentum carried into 2022 (Yuga Labs closed a $450 million seed round in March), the rest of the year was relatively quiet.

Yes, venture as a whole had a quieter year overall in 2022, but the lack of web3 deals stood out particularly because the sector entered the year with so much momentum. Maybe the dramatic meltdowns of token Luna and the second-largest crypto exchange FTX scared investors off web3 as a whole? Did the rapid decline of consumer interest in NFTs spur VCs to rethink the category? We decided to find out.