VC FUNDING IN WEB3 PLUMMETS 76%

Summary from the TLDR Crypto newsletter

Crunchbase reported a 76% year-over-year decrease in web3 VC funding in Q2 of this year. The downtrend looks slightly worse when looking at the full first half of 2023, where funding dropped by 78% year-over-year, with companies raising only $3.6 billion compared to last year's nearly $16 billion. This sharp decline, attributed to the crypto winter, sits in contrast to the vast amounts AI startups have raised in the same timeframe - $25 billion. Despite the decline, companies like a16z remain positive about web3's future, highlighting especially strong areas like web3 gaming.