The Block’s research team collaborated with Coinbase to investigate the trends in crypto and blockchain investment and product initiatives among major US companies and popular consumer brands. Their findings were published in a report called “The State of Crypto: Corporate Adoption” on June 22. To compile the report, The Block Research team analyzed various primary sources, including on-chain data, corporate announcements, earnings calls, and patent filings, to understand the scale and nature of crypto and blockchain investments and projects undertaken by Fortune 100 companies and large consumer brands since 2020.
One noteworthy discovery was that more than half (52%) of the Fortune 100 companies have engaged in crypto, blockchain, or web3 initiatives since the beginning of 2020. Additionally, about 60% of the initiatives reported by Fortune 100 companies since the start of 2022 were either in the pre-launch stage or already launched.
The report also highlighted that tech, financial services, and retail companies have been at the forefront of web3 adoption since 2020. While financial services firms experienced a decline in growth in the first half of 2023, retail adoption compensated for this drop-off.
The most commonly invested categories in the crypto space were crypto financial services and enterprise solutions, with B2B blockchain-related services representing over 50% of all deals.
Interestingly, prominent companies like Citi Ventures, Google Ventures, Microsoft Ventures, and Goldman Sachs have collectively made as many crypto private investments as all other Fortune 100 companies combined.
Furthermore, the surge in retail’s web3 initiatives can be attributed to the rise of NFTs, which have generated substantial revenue for the largest consumer brands. These brands accumulated approximately $101.3 million in royalty revenue from over 118,000 consumers.
The report concludes by inviting readers to download the full report for a more comprehensive understanding of the findings. Additionally, it encourages those interested in gaining more insights from The Block Research or inquiring about their research on web3, crypto, digital assets, blockchain, and related topics to contact .
Continue reading on Theblock.com