The third quarter of 2022 saw a reduction in venture capital activity across the blockchain industry. Investors seem to be turning away from decentralized finance (DeFi) and in Web3.
The crypto industry tends to have a problem with overusing buzzwords, much like the way โDeFiโ was everywhere just a couple of years ago. In 2022, it seems that all the new and established blockchain startups are taking up the โWeb3โ mantle. But what exactly is Web3?
Cointelegraph Research delved into the matter in its recent post. Venture Capital Report Q3 2022. To better understand the topic, a roundtable was held with VC investors to find out how they view Web3.
Web3: the latest fashion word
The panel was asked if the term Web3 is overused or if it is the next big thing. Tim Draper, founder of Draper Fisher Jurvetson, said:
โThe media is capturing people's imagination, and they're saying, 'Web3! We have something new coming up! And what it does is it's forced me, and I'm sure it's forcing entrepreneurs all over the world, to think, 'Well, with Web3, what can I do?' And so all of a sudden they're getting more creative."
Draper provided his insights into the current state of the crypto industry and his thoughts on Web3. Also on the panel was Smiyet Belrhiti, Managing Partner of Keychain Ventures, which provides funds with investment opportunities in Web3 and blockchain. Rounding out the panel was Julian Liniger, co-founder and CEO of Relai, a Bitcoin (BTC) request.
On the bearish sentiment currently being expressed by VCs, Draper said: โInvestors are always wrong. They come when everything is very hyped and everything is going well, and then all the venture capitalists have to compete with each other. [...] Now, of course, would be the best time to invest in venture capital.โ Panel guests also discussed the current state of the crypto market, VC activity in the crypto space, popular trends through 2022, and what may be on the horizon in 2023, as well as touching on Bitcoin and its role in Web3 and DeFi. the future. The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific investment product or security.
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