Since the start of 2020, more than 50% of Fortune 100 companies have been developing blockchain- and cryptocurrency-related projects. This is according to a Coinbase report.
According to a new survey conducted on behalf of Coinbase — 83% of Fortune 500 companies either have web3 initiatives or plans to implement them.
Learn more ? https://t.co/c3U22ZsU7G
— Coinbase Institutional ?️ (@CoinbaseInsto) June 22, 2023
As of the third quarter of fiscal year 2023, roughly 70% of such initiatives were at the public launch stage. This is the highest level on record.
The study is based on The Block Research’s analysis of Fortune 100 participants’ activity in the Web3 space and a survey of Fortune 500 executives. The latter was conducted by an external firm commissioned by Coinbase.
«These companies are driving innovation and investing in new technologies because they know the century-old global financial system needs an upgrade, and blockchain could be a foundational solution. Among other reasons is the understanding that falling behind would mean losing positions in the global economy to competitors», — said the report’s authors.
Coinbase noted that regulatory uncertainty has been a major obstacle to the adoption of blockchain and cryptocurrencies in the United States. 87% of the surveyed top executives cited the importance of clear rules to preserve the country’s leadership in the global financial system.
«The United States risks losing one million web developers and three million related vacancies to other countries by 2030 if it continues its current course of enforcement-oriented regulation», wrote Coinbase experts.
On June 6, the U.S. Securities and Exchange Commission filed suit against the exchange. The agency accused Coinbase of an unregistered offer of securities in the form of a number of tokens on its trading platform. The regulator’s focus also targeted the Coinbase Earn staking program.
The exchange’s analysts noted that since 2017, Fortune 100 companies have carried out 109 venture investments in 80 blockchain startups. The total investment volume exceeded $8 billion. The most active investors were Goldman Sachs, Citi, Google and Microsoft.
The survey of Fortune 500 executives showed that they expect the average Web3 initiative budget for 2023 to be about $5.8 million. At the same time, executives forecast substantial investment growth in these technologies over the next two years.
By category, Fortune 100 participants showed the greatest interest in investments in NFT together with blockchain gaming—24% of the total. The DeFi share was only 1%.
Experts noted that NFT together with blockchain gaming also remained peripheral to company attention—11% of total investments. However, Fortune 100 firms earned $101.3 million in royalties from their own non-fungible token collections.
The total value of the secondary market for these assets reached $1.6 billion. The most active player in the sector was the sports brand Nike.
In 2023 NFT collection launches were announced by Puma and Starbucks.