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The third quarter of 2022 saw a reduction in venture capital activity across the entire blockchain industry. Investors appear to be moving away from decentralized finance (DeFi) and into Web3. 

The crypto industry tends to have a problem with overusing buzzwords, like the way “DeFi” was everywhere just a couple of years ago. In 2022, it seems like every new startup and established blockchain company alike is taking up the “Web3” mantle. But what exactly is Web3?

Cointelegraph Research delved into the matter in its recently released Q3 2022 Venture Capital Report. To further understand the subject, it held a panel discussion with venture capitalist investors to find out how they see Web3.

Web3: The newest buzzword 

The panel was asked whether the term Web3 is overused or the next big thing. Tim Draper, founder of Draper Fisher Jurvetson, said:

“The media is capturing people’s imagination, and they’re kind of going, ‘Web3! We got a new thing coming!’ And what it does is it forced me — and I’m sure it’s forcing entrepreneurs everywhere — to think, ‘Okay, with Web3, what can I do?’ And so, all of a sudden, they’re getting more creative.”

Draper provided his insights into the current state of the crypto industry and his thoughts on Web3. Also on the panel was Smiyet Belrhiti, managing partner at Keychain Ventures, which provides Web3 and blockchain investment opportunities to funds. Rounding out the panel was Julian Liniger, co-founder and CEO of Relai, a Bitcoin (BTC) application.