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Corporations and Web 3.0 - Market Research (2)
Key Takeaways
- Microsoft was part of a $450 million funding round for ConsenSys.
- Shopify also recently invested in a $24 million funding round for a Web3 enabler company called ThirdWeb.
- Amazon's Managed Blockchain solution supports Ethereum and Hyperledger Fabric infrastructure.
- Meta is currently developing Web3 applications for Instagram.
Introduction
This report provides insights into how large consumer brands invest in the Web3 space. Microsoft, Shopify, Amazon, and Meta are some brands included in the report. While some brands are investing in Web# companies via funding rounds, some are investing in Web3 technology to develop in-house Web3 offerings. For example, Amazon launched its Managed Blockchain service, supporting Ethereum and other blockchain infrastructure. On the other hand, Microsoft and Shopify invested in separate funding rounds for Web3 companies ConsenSys and MakersPlace, respectively.
Large Consumer Brand Investments
- Although there is no general figure regarding the overall investments from large consumer brands in Web3, there is sufficient evidence indicating individual financial investments by companies in this category.
- Investments from companies such as Microsoft, Sony, and Shopify are some examples of large consumer brands investing in Web3.
- Microsoft was part of a $450 million funding round for ConsenSys, a blockchain startup. ConsenSys is also the company behind MetaMask, an integral part of the Ethereum ecosystem. Microsoft's investment in ConsenSys that industry giants are interested in Web3.
- According to ConsenSys, it plans to leverage its latest funding round to expand its NFT business, hire more employees, and update its MetaMask solution.
- Sony Music Entertainment recently participated in a $30 million funding round for MakersPlace, a non-fungible token (NFT) marketplace, in 2021.
- Shopify also recently invested in a $24 million funding round for a Web3 enabler company called ThirdWeb. The company provides tools to enable creators and users to launch and manage a Web3 project easily.
In-House Web 3.0 Developments
- Beyond financial investments in companies to facilitate Web3, several large consumer brands such as Amazon, Meta, and Sony are investing in Web3 to develop innovative in-house solutions.
- Amazon launched its Managed Blockchain offering in 2019 to enable commercial and public customers to produce and manage blockchain infrastructure easily and cost-effectively. The solution supports Ethereum and Hyperledger Fabric infrastructure.
- Meta is currently developing Web3 applications for Instagram. According to Instagram chief Adam Mosseri, the company aims to expand Web3 technology's scope by exploring the use of NFTs.
- According to Meta CEO Mark Zuckerberg, Instagram will incorporate NFTs over the next several months, increasing consumer access with plans to enable NFT minting within Instagram's ecosystem.
- Sony Interactive Entertainment recently filed a betting service patent that would enable esports betting leveraging fiat currency and cryptocurrency. The patent's description includes use in Sony Playstation. However, it is not exclusive.
Research Strategy
We leveraged industry reports from resources such as CNBC, 101 Blockchains, Blockchain Council, and Forbes to provide the requested information. Although the data regarding large consumer brand investments in Web3 is limited, we provided insights based on the available data. There was no collective data for large consumer brand investments in Web3. However, specific companies invested in the space and were included along with their investments in the report.