Crunchbase news is out with a report today on Web3 and the number of deals getting done. While there was an uptick in Q1 2024 they point out that venture dollars well off the highs seen in 2021-22.

From the article:

Web3, once the buzziest of all buzz words in the venture landscape, saw its funding slightly increase in the first quarter of the year compared to last year’s fourth quarter — the first uptick Web3 funding has realized since the fourth quarter of 2021.

However, venture dollars are still down year to year and well off the highs seen in 2021-22.

Startups related to Web3 — defined as those in the crypto and blockchain sectors — raised just less than $1.9 billion in 346 deals in Q1, per Crunchbase data.

That dollar figure is a 58% increase from last year’s Q4, when startups in the sector raised nearly $1.2 billion in 263 deals. However, this year’s Q1 venture dollar number still is a 17% decrease from the same quarter in 2023, when startups raised $2.3 billion in an eye-catching 670 deals.