As one of the biggest investors in the crypto sector, VC firm Andreessen Horowitz (aka a16z) is keen to tackle some of the criticisms and doubts about the space.
Hence the ’2023 State of Crypto Report’ published by its a16zcrypto arm, which it says “aims to address the imbalance between the noise of fleeting price movements – and the data that tracks the signals that matter, including the durable progress of web3 technology”.
No surprises, then, that the report “reflects a healthier industry than market prices may indicate, and a steady cycle of development, product launches, and ongoing innovation”.
Still, with knowledge of the source in mind, it’s still a useful summary of crypto/web3 trends.
For some more context that isn’t quite so rosy, check out a new piece of research from the US-based Pew Research Center. It’s a survey gauging consumer confidence in crypto among American adults and… well, let’s just say they’re less confident than a16z is.
“Roughly four-in-ten adults who have heard about cryptocurrency (39%) say they are not at all confident and an additional 36% are not very confident in the reliability and safety of cryptocurrencies,” explained Pew.
“On the other end of the spectrum, few of these adults are extremely (2%) or very (4%) confident in cryptocurrencies.”
These two reports are complementary rather than contradictory. a16z’s report isn’t denying a consumer-confidence problem for crypto, but is rather putting forward its arguments for what those concerns may be missing.
Whether you’re an evangelist, a doubter or still making up your mind, reading both reports is worthwhile.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!