Kyle Samani, co-founder of Multicoin Capital, has declared that "Web3 is dead," asserting that only decentralized finance (DeFi) and decentralized physical infrastructure networks (DePIN) remain relevant in the crypto space. This statement comes amid an industry identity crisis highlighted by Starknet co-founder Eli Ben-Sasson, who noted the departure of long-time crypto veterans and the increasing interest from traditional financial institutions. The comments reflect a broader sentiment of transformation within the crypto industry, as it grapples with its foundational principles while adapting to new institutional interest. Samani's remarks underscore a shift in focus towards DeFi and DePIN as the primary areas of innovation and growth.