Investment in the web3 trend is showing no sign of improving, with this falling by nearly 50% in the third quarter of this year, to reach just $3.3bn. Challenging macroeconomic conditions are depressing funding rounds across the board, but it appears that venture capitalists are burned out on web3 pitches. Generally, when there is uncertainty in the market, investors prefer companies that have clear exit strategies and tangible assets, such as infrastructure, that can be sold off if the going gets tough. For web3, such paths are extremely limited, as the ecosystem is still developing, and no one is quite sure how to evaluate such assets. It is worth remembering that most VC investments are bets which are spread across…