Web3 has gained mainstream popularity recently as the underlying technology powering many of the world’s most popular cryptocurrencies.
As a result, the number of web3 unicorns – startups with a valuation of over $1 billion – has steadily risen.
A significant amount of the new unicorns added last year came from the web3 market. This is in line with the overall trend of growth in the cryptocurrency industry and the rise in popularity of decentralized applications (dApps). According to an analysis by BanklessTimes.com, the number of highest valued web3 unicorns has risen steadily to currently stand at 80.
BanklessTimes CEO Jonathan Merry said, “The rise of these new web3 unicorns is a sign of the maturing of the cryptocurrency industry. What we’re seeing is the institutionalization of crypto.
“These are companies that are attracting serious money from mainstream investors. As the industry continues to grow and attract more mainstream attention, we can expect to see even more high-valued companies emerge in the space.
“This is good news for the future of cryptocurrency and decentralized technologies.”
Web3 super companies
FTX, the first web3 company on the list, is also the 12th most valuable privately-owned company in the world. The cryptocurrency exchange is currently valued at $32 billion.
After successfully raising $1.5 billion in private funding in 2021, its valuation rose from $1.2 to $25 billion, while an additional raise at the beginning of 2022 took it to its current $32 billion value.
These private funding rounds have thrust FTX into the upper echelons of the business world, and it now stands as a testament to the growing institutionalization of the cryptocurrency industry. As more mainstream investors put their money into crypto companies, we can expect to see even more high-value firms emerge in the space. This is good news for the future of cryptocurrency and decentralized technologies, as it indicates that the industry is maturing and attracting serious attention from the mainstream.
Ripple is the second most valuable web3 unicorn with a $15 billion valuation, followed by Blockchain.com and its $14 billion. Other notable firms include OpenSea ($13.3 billion), Alchemy ($10.2 billion), and KuCoin ($10 billion). The combined value of all the web3 unicorns is now close to that of the top 5 traditional tech companies worldwide, further emphasizing the rise of the cryptocurrency industry.
Distribution of web3 unicorns
The highest values of unicorns are not equally distributed throughout the world. The vast majority of them are based in China and India, with 174 and 65, respectively. The UK has 43, Germany 29 and France 24. These figures are likely to change in the coming years as the industry continues to grow and evolve.
The rise of the web3 unicorns is a sign of the maturing of the cryptocurrency industry. These are companies that are attracting serious money from mainstream investors. The future of cryptocurrency and decentralized technologies looks bright as the industry continues to grow and attract more mainstream attention.