Following 2022’s “crypto winter” and the collapse of FTX, Web3 funding reportedly cratered by 82 percent year over year during the opening quarter of 2023, and the downturn could potentially be impacting all manner of music plays. The total had come in at 369 in Q4 2022 and at over 500 during last year’s first quarter, according to Crunchbase – with Q1 2023’s figure being the lowest since Q4 2020. Of course, it should also be highlighted that investors have likewise started pouring billions into artificial intelligence startups this year.
Source: Web3 Funding Is Falling, Potentially Impacting Many Music Plays
