Public Companies Investing in Blockchain
Follow along as Valkyrie's Head of Portfolio Management, Bill Cannon, highlights a notable "byte" from the markets each week.
Bill's Byte:
Over the last year, we have seen notable investment from public companies into the blockchain ecosystem. Analysis from Blockdata shows encouraging progress with an increasing number of public corporations investing into the space this year and deal notionals rising significantly. From September 2021 to mid-June 2022 forty corporations invested in companies in the blockchain/crypto space. These blockchain companies are active across more than 20 industries and 65 use cases. Some include blockchain infrastructure, smart contracts, asset management, custody solutions, and NFTs. The table below provides exciting analysis on how major corporations are making moves into blockchain.
Focusing in on corporate adoption, Fox Entertainment announced opportunistic investments in the blockchain becoming the only broadcast network diving deeper into Web3 and NFTs. Fox established Blockchain Creative Labs to manage content and to "enable new business models for content distribution and consumer engagement — cutting out the streaming-platform middlemen and, someday, allowing fans to literally own a piece of their favorite TV shows." NFT linked shows have already drawn interest in related NFTs, with fans taking the next step with wallet creation and transacting with desired products. “We’re in batting practice,” says Scott Greenberg, co-founder and CEO of Bento Box, a division of Fox. “The game hasn’t started yet.” About where things stand right now in the blockchain revolution, he adds: “This is like the AOL and CompuServe of what’s coming.”
