CBInsights-区块链趋势回顾2017（英文）-2017-31页_3mb

Blockchain Investment Trends Summary

Core Content Overview

This report provides a data-driven analysis of blockchain investment trends, focusing on Initial Coin Offerings (ICOs), venture capital (VC) and equity investment, and corporate investments. It outlines the evolution of blockchain from its inception in 2008 to the present, highlighting the growing interest and activity in the space, as well as the challenges and opportunities that lie ahead.

Main Points

Initial Coin Offerings (ICOs)

• Funding Growth: In 2017, ICOs raised over $2B in funding, surpassing traditional equity financing in Q2'17 and continuing to grow at a faster rate in Q3'17.
• Trend Analysis: ICOs have become the preferred financing method for blockchain startups, with over 250 ICOs completed since January 2016.
• Market Dynamics: ICOs are closely tied to major cryptocurrencies like Bitcoin and Ethereum. The surge in cryptocurrency prices has led to increased investor interest in ICOs.
• Over-Capitalization Concerns: Many blockchain teams raise large amounts of capital quickly, which can lead to mismanagement. ICOs typically raise more than the historical average of $3M for early-stage deals.
• Key Sectors: ICOs are funding core infrastructure (e.g., Tezos, Bancor), computing and storage (e.g., Filecoin, SONM, Golem), and other verticals such as media, advertising, healthcare, and identity management.

Venture & Equity Investment Trends

• Equity Deals Growth: The number of equity deals in blockchain has increased from 138 in 2016 to 188 in 2017, with a total of over $830M in funding.
• VC Participation: VCs are showing renewed interest in the sector, with 95 active investors in 2017 YTD, on track to reach 120 by year-end.
• Funding Distribution: Seed and angel deals have decreased as a proportion of total equity deals, indicating the sector's maturity. Later-stage deals, such as Series D, have remained stable.
• Top VCs: Digital Currency Group leads with over 100 investments, followed by Blockchain Capital and Pantera Capital. Notable investments include Coinbase, Circle, and Ripple.
• Investment Categories: VCs are investing in five main areas: cryptocurrencies and ICOs, Bitcoin-correlated investments, payments and remittance, alternative use cases, and private blockchain firms.

Corporate Investment Trends

• Rise in Corporate Interest: The number of active corporate investors has increased to 91 in 2017 YTD, nearing the number of active VCs.
• Corporate Participation: Corporates have invested in over 140 equity deals since 2012, totaling nearly $1.2B. They have been active in funding major blockchain companies like Coinbase, 21, and Circle.
• Focus on Private Blockchains: Corporates are primarily investing in private blockchain development, including Digital Asset, Chain, Axoni, and LedgerX.
• Top Corporate Investors: SBI Holdings is the most active corporate investor, with investments in 8 blockchain companies. Google follows with 6 investments, focusing on data storage, enterprise services, and merchant platforms.

Key Information

• Market Cap: Cryptocurrencies have a total market cap of around $150B, with Bitcoin trading above $5,000.
• ICOs as a Financing Mechanism: ICOs are seen as a new asset class, with tokens often marketed as utility rather than securities.
• Regulatory Uncertainty: Despite the growth, regulatory challenges remain a concern for both ICOs and traditional equity investments.
• Consortia Expansion: Blockchain consortia are expanding into new verticals and geographic regions, showing promise for future development.
• Investor Sentiment: Institutional investors are showing interest in blockchain through both equity and ICO investments, with notable participation from top VCs and corporates.
• Pivots and Closures: Many blockchain companies have pivoted their focus, with some closures and acquisitions due to operational challenges and lack of traction.

Future Outlook

• Continued Growth: ICOs and corporate investments are expected to continue growing, especially with favorable regulatory environments.
• Sector Maturity: The decline in early-stage equity deals suggests the blockchain sector is maturing, moving from creation to consolidation.
• Potential Consolidation: Despite this, the failure rate for blockchain companies remains higher than for other tech startups, indicating ongoing risks and challenges.
• Technological and Financial Innovation: The sector is moving towards more diverse use cases, including media, e-commerce, and enterprise solutions, signaling a broader acceptance and application of blockchain technology.

Summary Table