Lo and behold, we’re already halfway into 2023, which means we’re only a couple weeks away from brand new, sizzling data on the second quarter. However, it’s always wise to keep an eye on the horizon, so we’ve decided to draw the few conclusions about web3 and unicorn funding trends that we can from early data on the past three months.

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I think it’s fair to call the fervor that drove investors to throw money web3 startups a feature unique to the last venture boom. Neither capital nor enthusiasm around fintech were in short supply in those months, and investors poured tens of billions of dollars into blockchain-focused startups that wanted to shake up the world of money and value management.

Firm believers in crypto are resolutely holding the line, but early data on the second quarter indicates that many venture investors are running for cover.

Going by the early numbers, there’s been a decline in the value of venture investment in unicorns and companies close to growing a horn. Indeed, that metric is close to record lows.