Dumb Ideas Are No Longer Being Funded

TL;DR

Messari just dropped its Q3 2023 State of Crypto Fundraising report.
Q3 marked new lows in both overall funding amounts and deal counts, lows which hadn’t been seen since Q4 2020.
The majority of deals that happened in Q3 were concentrated in early stage rounds (Pre-Seed, Seed, and Series A deals) and in infrastructure, and DeFi.

Full Story

Messari just dropped its Q3 2023 State of Crypto Fundraising report, and it’s about as shocking as your uncle Steve’s drunk tweets.

(Not pretty, to say the least).

Q3 marked new lows in both overall funding amounts and deal counts, lows which hadn’t been seen since Q4 2020.

In short, we’re knee-deep in the bear market swamp, and it’s not exactly a pool party out here (see gif).

One interesting thing to note however:

The majority of deals that happened in Q3 were concentrated in early stage rounds (Pre-Seed, Seed, and Series A deals) and in infrastructure, and DeFi.

What does that mean? Well, the pitch of “our integrated Web3 technology is going to…something, something, something…change the world!!!”?

It ain’t flyin’ anymore (thank god!)

Investors want to see real, obvious utility.

(Otherwise they’re not spending a cent).