Data shows that the market downturn has led to a weakening of enthusiasm for cryptocurrency venture capital investment, with funds injected into Web3 projects falling by 30% in the past 12 months.
Additionally, as the bear market continues to slash venture capital in the crypto industry, alternative financing options such as grants are gaining traction as a means of supporting the community.
According to Blockchain Grants, at least 40 cryptocurrency projects are currently offering grants to developers working on Web3 solutions.