The current state of web3

Besides articles and videos, I'd like to hear web developers take on the current state of web3.

It seems like a lot of the hype surrounding web3 has died down in the last year or so. Does that mean it will die off in a few years or sooner? Or does it mean that its maturing into something robust and conventional that, without extreme levels hype, can't work as a breeding ground for opportunistic grifters? Now the we've reached mid 2024, what do you think the state of web3 is?