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In the heat 2021’s record-setting venture market can’t shake off the growing buzz from the booming Web3 sector. Trust me, I He tried.. But some of the progress In 2022 (Yuga Labs closed a $450 million seed round in March), the rest of the year was relatively quiet.
Yes, ventures generally had a quiet year in 2022, but the lack of Web3 deals stands out especially since the sector entered the year at such a high pace. Maybe token Luna and the second largest crypto exchange FTX scare investors away from Web 3 in general? Has the rapid decline in consumer interest in NFTs prompted VCs to rethink the category? We decided to find out.
To get a better sense of how the people writing the check think about Web3, TechCrunch surveyed more than 35 investors, and most of them are not only actively investing in the category, but also optimistic about its bright future. Emotion is a transformative technology.
One VC, who asked not to be named, said that because the technology is still in its infancy, we’re not yet seeing real use cases that would explain the continued lack of excitement after the 2021 rally.
“Those who understand the place know that there is an exciting future in the early days,” he said. “Those who don’t understand the space know that, but are very hesitant to deploy it without a basic understanding of real-world applications. None of the so-called Web3 (decentralized governance, anonymous identities, zero-knowledge proofs, etc.) has been fully realized yet. It’s about time.” [early World Wide Web]each web page is simple HTML with fun graphics and primitive capabilities.
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