The Web3 ecosystem has undergone major turbulence in recent times after witnessing a period of exponential growth worldwide in the last two years. Despite being in its early stages, the industry experienced significant optimism from stakeholders, attracting record funding from venture capitalists and onboarding some stellar resources to boost its growth. The onset of the bear market, coupled with the global economic downturn and interest rate hikes, has subdued the prospects of some promising initiatives in this sector.