Asia Remains Interested In Web3 – For Now [Forbes]
Tesla, Inc. (TSLA)
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Source: Forbes
2023 may be remembered as the year that the Web3 bubble burst. Hype about the third iteration of the internet had reached a feverish pitch by early last year, though actual use cases remained limited. Yet amid the highest interest rates in three decades, as well as stubborn inflation, investors started to get cold feet about what is still a nebulous and nascent ecosystem underpinned by technology that many central banks do not trust. data show that funding to Web3 startups — defined as those in the crypto and blockchain sectors — fell 74% on annual basis in 2023. Startups raised $7 billion in 1,564 deals, compared to $26.6 billion in 2,891 deals a year earlier. In Asia, however, the situation is somewhat more optimistic, including in both China and India – even though those two countries have severely restricted the use of cryptocurrency. Web3 With Chinese characteristics Ever since blockchain technology became prominent, China has been interested in using it for a wide variety
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