Despite the turmoil in last year’s crypto markets, investors still took the risk in the industry and invested money into blockchain projects.
BitcoinCasinos.com has been tracking the number of crypto projects and blockchain unicorns. Recently, research revealed that Blockchain Coinvestors had invested in about 62% of crypto project unicorns in 2022.
The alternative investment management firm focuses on projects worth over $1 bn. Last year, the firm invested in 28 of the 45 crypto project unicorns.
Edith Reads, the Head of Investment at the site, said, “The blockchain and crypto industry is still growing, now more than ever. Investors are paying more attention and taking risks on larger projects. Despite the endless winter, venture capitalists are looking for early-stage companies, which is an advantage for amazing projects that are still building.”
It’s also worth noting that the global funding for blockchain projects had been on an upward trajectory for seven quarters before plummeting in Q’ 2 of 2022.
Crypto Winter Sets the Tone for Early-Stage VCs
2022 was one of the worst years yet for the budding crypto industry in history. However, according to the report, blockchain and crypto industry developers are keeping up if the number of unicorn projects is anything to go by.
In 2022, there were 103 enterprise unicorns worth over $1 billion, of which Blockchain Coinvestors invested in 53%. The site’s report further shows slowed-down activity in private blockchains enterprises, especially during the second quarter of 2022. On the other hand, public blockchain companies increased to 23, although the projects registered a decline in tokens trading over $1 bn.
Several Regions Record No New Blockchain Enterprises
An alarming thing to note from the report is that certain regions are still lagging in the numbers. And as Edith Reads notes, we must focus on global coverage to achieve global adoption.
In 2022, South and Central America, Africa, and Australia recorded no new blockchain enterprises all year. These regions collectively have nine enterprises compared to 58 in the region with the highest number, North America.
As the blockchain and crypto community champions global adoption, we must shift focus to these regions. Interestingly, these are often the regions with the most significant needs for Web 3 and the solutions by blockchain technology.
The report predicts over 30 new blockchain enterprise unicorns in 2023. We can only hope that a significant number of these will be solution-based projects for any of these regions slacking on the global adoption that the community has been looking forward to.