NYDIG says investors now favor Bitcoin and financial blockchain use cases.
Many non-financial Web3 sectors have failed to gain lasting traction.
Capital is concentrating in fewer categories as the market matures.
The crypto industry’s “investable universe” is shrinking as markets mature, according to NYDIG research head Greg Cipolaro. He argues that only a limited set of blockchain applications can attract sustained investor capital, and the broader Web3 vision may need recalibration.
Cipolaro said investors now focus on applications that extend traditional financial products onto blockchain infrastructure. He identified Bitcoin, tokenized assets, stablecoins, selected decentralized finance infrastructure, and a small number of general-purpose blockchains, such as Ethereum, as viable categories.
He warned that the probability of large-scale blockchain adoption outside financial use cases appears lower than many early projections suggested.
Capital Concentrates Aro
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