Crypto winter hasn’t hit all corners of the industry the same way. According to a senior analyst at data and research firm PitchBook, venture capital investors are still betting on Web3.

“Web 3 is one area that investors have deployed a lot more money over the last six months,” Robert Le, senior emerging research analyst, said, including the metaverse, gaming and other blockchain-based technologies. During the third quarter of 2022, VCs invested an estimated $1.5 billion into Web3-based companies.