Crypto Market Consolidates as Only 3 Web3 Firms Retain Unicorn Status in 2025

The 2025 CB Insights Global Top 50 list reveals a significant shift in the crypto industry, with only three Web3 companies—Ripple, OpenSea, and Alchemy—retaining unicorn status [1]. This marks a sharp decline from previous years, signaling that the crypto market is consolidating around a handful of dominant players rather than being dispersed across numerous startups. The absence of once-prominent names like KuCoin and Chainalysis from the list underscores a broader trend of slowed growth, cautious investment, and a focus on tangible utility over speculative hype [1].

Ripple, valued at $15 billion, continues to lead in the space of cross-border payments, offering solutions that integrate with traditional financial systems rather than replacing them [1]. Despite legal challenges involving its native token, XRP, Ripple’s infrastructure is widely adopted by banks and financial institutions, giving it a stable foundation in a volatile market [1]. Its success highlights a growing investor preference for crypto projects that offer real-world solutions and regulatory alignment.

OpenSea, valued at $13.3 billion, demonstrates resilience in the NFT sector, surviving the market downturn by maintaining its position as the default marketplace for digital assets [1]. Its survival is attributed to strong network effects and brand recognition, even as alternative platforms emerged with faster and cheaper offerings. The case of OpenSea shows that in 2025, first-mover advantage and user loyalty are as critical as innovation in Web3.

Alchemy, with a $10.2 billion valuation, operates behind the scenes as a critical infrastructure provider for Web3 applications [1]. It equips developers with the tools necessary to build and scale blockchain-based platforms, drawing comparisons to Amazon Web Services in the cloud space. Its growth amid a slowing crypto market reflects an increasing appreciation for foundational technologies that enable functionality and reliability in digital ecosystems.

The exclusion of major crypto players such as KuCoin and Chainalysis from the Top 50 list indicates that the sector is becoming more selective in attracting large-scale investment [1]. While these companies remain influential in their respective niches, their absence highlights the dominance of firms with clear, real-world applications. This trend suggests that in 2025, value is being concentrated among entities that deliver practical solutions rather than those driven by speculative narratives.

The current crypto landscape, as reflected in the CB Insights report, emphasizes the importance of utility, infrastructure, and integration with traditional systems [1]. The three surviving unicorns—Ripple, OpenSea, and Alchemy—serve as case studies for how crypto projects can endure market downturns by focusing on solving tangible problems and delivering long-term value.

Source: [1] Crypto News: Unicorn Count Falls to 3 in 2025, Who Endured the Crash? (https://coinmarketcap.com/community/articles/68911f239d7def5673c1c18d/)