I reckon it might look very similar to the bear markets of the past where much of the other attempts of the old layer 1 blockchain projects have failed to help the growth of their ecosystems. Fantom, Atom, Avax, Terra, Algorand, Cardano might slowly enter obscurity similar to Nxt and Nem.
Will a major market drop like the one we saw in 2018 happen again? Such a possibility cannot be ruled out, and during this period only those projects that have a fundamental purpose and usefulness will survive. Most projects created solely on hype will fail and be gone forever. I think that Fantom, Atom, Avax, Terra, Algorand, Cardano will still remain and continue to grow after the next bear market.