The blockchain industry went through a turbulent period in 2023 as recession and regulatory risks intersected with high interest rates. As a result, cryptocurrency prices plummeted by more than 70%, causing losses of more than $2 trillion. In this period, key industries like non-fungible tokens (NFTs), the metaverse, and DeFi collapsed. Let’s see if the DeFi and metaverse sectors are dead.

At their height, most analysts expected these industries to lead the world into the new era of web3. As a result, millions of people were using metaverse platforms like Decentraland and The Sandbox.

Similarly, millions of people were using decentralized finance (DeFi) platforms like Uniswap, PancakeSwap, and dYdX. In this period, the total value locked (TVL) in DeFi increased to more than $250 billion,…