There has been no shortage of stories recently written on the 'death spiral' and impending doom in the venture capital market . Whether it is storied venture firms writing to their portfolio companies or industry insiders, everyone seems to be in agreement that we're witnessing a change in the funding environment. What seems to be missing from most analysis is just how different the crypto / web3 space may fare when compared to most startups.

While I believe we're likely to see the volume, size, and valuation of deals for most markets slow, shrink, and regress back to more historic levels I believe we'll continue to see elevated valuations for startups branded with web3 credentials.