Coinbase VenturesThe venture arm of Coinbase (NASDAQ: COIN), covered a amount of exciting subjects in a report published Thursday, July 21.
In one particular blog post published on July 21, Coinbase Ventures started by speaking about the enterprise landscape:
“The broader venture capital industry has begun to demonstrate indicators of cooling off at District 1with complete funding falling for the 1st time considering the fact that Q2 2019. This trend continued in Q2, with complete venture funding 23% offMarks the greatest drop in a decade… Cryptocurrency VC funding even now hit a record in the 1st quarter, but as we wrote in The last letterWe are already starting to see signs of a slowdown that we expect to show in Q2… Cryptocurrency VC funding hit another record high in Q1, but as we wrote in The last letterWe’ve started to see signs of a slowdown that we think we’ll see in the second quarter.“
Then they talk about Web3:
“With an estimate Over 3.2 billion players worldwide, we strongly believe that the Web3 game will bring the next huge wave of crypto users. Web3 games remained a heavily invested sector in the second quarter, with The Block estimating that $2.6 billion or more was raised. Our performance over the past few quarters has only strengthened our confidence… As we saw in Q1, the founders with a long history in the Web2 gaming industry continue to embrace this category… No space also attracted Justin Kan, co-founder of game streaming platform Twitch, as sold to Amazon for 1 billion dollars. Kan’s new company, Fractal*, building a marketplace for NFT game assets…
“It will take some time for the field to mature, but it is increasingly clear that blockchain gaming will be a big category in the future… Beyond gaming, the next generation of Web3 user applications is working to disrupt Web2’s captive models and put users in control of their audience and communities. One company we are particularly passionate about is prank*: a sufficiently decentralized social network founded by Coinbase alumni Dan Romero and Varun Srinivasan.“
As for Solana ($SOL) and its ecosystem, they said:
“The continued momentum of the Solana ecosystem was notable in our second quarter performance. While Ethereum and EVM are still king when it comes to developer traction and compatible applications, we see a clear trend in the early groups in Solana pricing. In total, we closed 10 Solana-based deals in Q2… More and more, we’re seeing teams choosing to support both EVM and Solana in the first place – just like the recent additions in Fit and Moral… Add in the fact that several major funds have publicly expressed their support for the ecosystem, and it shows that Solana’s resistance is real.“