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The long-predicted “metaverse winter” is officially here. The hype that drove metaverse and Web3 projects to the spotlight last year is dwindling. Silicon Valley Bank’s crash was a blow to tech startups across the board, including fashion. Signature Bank, Credit Suisse and, on 1 May, First Republic following suit signals an increasingly unstable venture ecosystem. And, the number of tech employee layoffs globally in 2023 is fast approaching 200,000, according to database Layoffs.fyi.