1kx report finds tokenized assets and payments now out-earn blockchains

Broader-economy applications edged past infrastructure revenue for the first time in Q3, even as total industry revenue fell toward about $100 billion For years, the safest bet in crypto was owning the road, not the cars. Blockchains collected fees from everyone driving on them, and the apps on top fought over scraps. According to the latest annual revenue report from crypto venture firm 1kx, that arrangement just flipped. In Q3 2026, money earned from tokenized assets, payments and other real-economy applications topped what blockchain infrastructure brought in, a first in the firm’s tracking.