Despite the highs and lows of the crypto world, blockchain enthusiasts, founders, and investors remain optimistic that the sector will rebound. However, recent data suggests that the current crypto winter may not be thawing anytime soon. According to Crunchbase's web3 tracker, web3, crypto, and blockchain startups collectively raised $1.2 billion in VC funding in April and May of this year, with Q2's projected total falling short of Q1 2023's $2 billion and Q1 2022's $10.8 billion. The Exchange explores the struggles and future prospects of the web3 sector.