Just published a new research note on bear market Web3 marketing budgets.

Here’s your TL;DR ↓

• In Q1 2026, Galaxy said crypto/blockchain VC deployment was about $4B, roughly 50% down QoQ.

• That is the bigger shift: budgets are still there, but they are getting far more selective.

• The article argues that 2027 marketing will move from buying attention to proving activation, retention, and trust.

• Referral, affiliate, CPA, and revenue-share deals should get more popular, but only brands with a strong offer will win good KOLs.

• Pure referral campaigns still need a trust layer – awareness, comparisons, community proof, and third-party mentions.

• Classic paid shilling looks weaker; contextual inclusion inside relevant reports, explainers, and workflows should do better.

• AI search adds another filter: brands need validation across Reddit, YouTube, LinkedIn, reviews, and comparison pages.

• My read: the winners will be the teams that build believable distribution, not just reach.

Read the full story here: Web3 Marketing in 2027: Adapting to bear market budgets