These companies were always net value destroyers. Consumers being subsidized from the pockets of investors was nice while it lasted, but it doesn't make for a sustainable business. Once they go to zero we'll wonder how it ever even appeared to make sense.
Look at initial funding rounds of a hot new startup these days. Especially in areas like web3. There will often be participation from dozens of VCs and angels, mostly random names and funds that came up a couple of years ago.
There is really way too much cheap and dumb money sloshing around the tech industry. Money that cheap can’t create long term value - it just creates zombie companies and bad operational habits.
