NFTs are dead? Quite the opposite: 315 brands launched more than 500 Web3 projects in 2022 and Q1 2023, according to a report by @nfttech that was just released.
Here are five main takeaways. 🧵👇
1) Here are the 3 top reasons why brands dive into web3
- Deliver a unique experience
- Engage customers
- Resurrect archived IP
I found number 3 surprising, but it makes from experimenting with web3 and not using the primary IP first.
2) Real-world adoption is coming (I love it!):
"The most notable increase in interest is in NFTs, which
received 27 trademark applications in 2020 and 7,747 in
2022."
Or, to put it in degen terms: That is a 287x.
3) Of the 149 companies where market cap data is available, only 12 were valued under $1B.
We are experiencing real-world adaption mainly driven by large corporations and household names.
This will accelerate adoption even more.
4) NFTs are the go-to technology to drive adoption.
Quoting from the report: "NFTs are being adopted at a significantly faster pace than cryptocurrencies despite the total crypto market cap being almost 70 times greater than the total NFT market cap."
5) EVM-compatible blockchains are dominating.
The report said, "118 of the 287 brands to launch a blockchain project chose Ethereum and 79 picked Polygon."
Massive credits to @nfttech for the more than 1000 hours of research to make this report possible.
Here's the full announcement and report. 👇
twitter.com/nfttech/status/1645784275948826625?s=20
Legendary
@Legendary_NFT
Writing on web3, NFTs, branding & storytelling 🧠 || I can help you grow your brand 🙌 || Running a web3 consulting firm || Host of the @modernmarket_