$COIN released their Q2 report titled: The State of Crypto: Corporate Adoption. 📃
Here’s a quick summary of the interesting details in the report. You can also read it yourself here.
Key Findings
- Tech, financial services, and retail account for most of the initiatives (≈75%) undertaken by Fortune 100 companies since Q1 2020. The ten companies with the most initiatives consist of four of the largest tech companies, four of the largest banks, a retail giant, and a beverage colossus.
- Fortune 100 companies have made 109 private venture capital investments across 80 crypto blockchain startups since 2017, participating in rounds totaling more than $8 billion. The average Fortune 500 company initiative or project budget for 2023 is nearly $5.8 million.
- Among the crypto/blockchain-aware Fortune 500 executives surveyed, similar percentages expect that their competitors will boost investment in the next two years (60%), and that their own company’s investment will grow in the next two years (57%).
- Blockchain is the heart of corporate innovation: data collection/management (for both customer and internal data) is a top current use case and also the focus of the most planned initiatives among the Fortune 500, with 77% of the surveyed executives agreeing that blockchain could help make the financial system work better for everyone.
- A lack of clear rules for crypto, blockchain, and web3 tech is not only a top barrier to investment and adoption but a perceived challenge to US leadership of the global financial system: 87% of the surveyed Fortune 500 executives say clear rules are important to sustain it. Another nine in 10 (92%) agree that policymakers should develop new rules for these new technologies, instead of enforcing older rules developed for older technologies. 🖥️
Corporate Adoption
Historically, the crypto use cases embraced most frequently by Fortune 100 companies have been tokenization, blockchain infrastructure, crypto asset trading products, and payments/settlements, followed by NFTs/collectibles.
- Across 199,347 transactions, Fortune 100 companies together have accumulated royalty revenue of approximately $101.3 million from 118,354 distinct consumers.
- Collections linked to Fortune 100 companies have generated substantial secondary market volume exceeding $1.6 billion across all such portfolios.
- $NKE leads the Fortune 100 in royalty revenue, distinct purchaser base, and the number of unique collections launched. 💵
Trends in Innovation
For Fortune 100 and Fortune 500 companies, blockchain as an operational infrastructure is the main driver of innovation and ambitions in web3.
Blockchain infrastructure that supports a blockchain network (52%), data collection and management (for both customer and internal data) (51%), and payments/settlement (48%) are cited as top web3 use cases in the works among Fortune 500 companies with current or planned initiatives. 🎫
Conclusion
The report concludes that the US is at risk of losing 1 million web3 developer jobs and 3 million related non-technical jobs to other countries between now and 2030 if it continues on its current path of regulation by enforcement. Its share of global web3 development has dropped from 40% to 29% in the last six years, forfeiting influence over international financial and data standards to other countries and pushing innovation and investment overseas.
The report also suggests that the rise of AI adds to the importance of this moment in web3 adoption as companies start to weigh the relationship between machine learning and decentralized computing. Sixty-three percent of surveyed crypto/blockchain-aware Fortune 500 executives say web3 technologies will be pivotal for business, similar to the internet or artificial intelligence. 🤖