Talking about the Web3 market is referring to the third generation of the World Wide Web, which aims to decentralize the internet and give users more control over their online data and interactions. The market for these technologies has been growing rapidly in recent years, and it is likely that this trend will continue in the future.
The Web3 market size
Even if the Web3 is still in the early stages of development, it appears to have a prosperous future. The sector has seen notable expansion over the past few years, and there is no indication that it will abate. The point is to dig into the current state of Web3 technology and the extent to which it is adopted, its value, and the places where it is most often used. Moreover, evaluating the demographic details in connection to Web3 will help get an understanding of how the public perceives this technology.
A brief summary of the Web evolution
At the start, the web was made to allow people to give value to other people. The web 1.0 was basic, static webpages that were put together by developers. To share material and communicate with people, tools like mailing lists and discussion forums were utilized. With the advent of mobile web, these websites grew much more common during that ten-year period. But then came Web2 and users started to be drawn to much bigger websites that collected data to make more profits instead of implementing better user experience techniques.
Web3 is here to revolutionize the way the internet is used. This marks a new age of the web, an evolution in the way information is spread and how people connect with each other. Web3 has opened a pathway to decentralization. Tim Berners-Lee, the creator of the World Wide Web, initially referred to this new internet as the Semantic Web, which was planned to be more independent, intelligent, and open. This internet was anticipated to be capable of using Artificial Intelligence and Machine Learning to process content with all data being connected conceptually and contextually. But, we are not there yet.
However, the recent emergence of Decentralized technologies such as Decentralized Finance, NFTs, Artificial Intelligence, the Metaverse has led to a shift towards data decentralization and a more secure and transparent internet.
Key figures of the Web3 market
- The Web3 market capitalization is currently estimated at $27.5 billion.
- In 2021, the international Web3 market was valued at $3.2 billion.
- It is expected that by 2030, the Web3 will have reached a worth of $81.5 billion.
- Its value is projected to increase at a compound annual rate of 43.7%.
- Between the first quarter of 2021 and the first quarter of 2022, the growth of blockchain games skyrocketed by 2,000%.
- The most widely used domain name among Web3 supporters is xyz.
- 46% of finance apps take advantage of Web3 technology.
- Social applications account for 8.9% of Web3 apps.
- Games are represented by 5.7% of Web3 apps.
Geographic breakdown of the Web3 market
- North America holds a 34% share of the global Web3 market.
- Cryptocurrency involvement in Asia had a 706% surge during the 2020 financial year.
- North America has a 34% stake in the global Web3 economy.
- Europe follows with a 24% cut of the global market, with the Asia-Pacific region in third with 18%. The rest of the world is split between the Middle East and Africa with 14% and South America to 10%.
Blockchain platforms in the Web3 market
- Solana is the principal blockchain with 15.4 million active addresses.
- BNB Chain is positioned in second place with 9.4 million active addresses as well as 5 million daily transactions.
- Ethereum has 5.5 million active addresses.
- Polygon has more daily transactions, 3.4 million, than active addresses, 1.1 million.
- Online blockchain-based gaming went up by 2000 from the first quarter of 2021 to the first quarter of 2022.
Web3 investments and companies
- The capital obtained by Web3 companies in the first six months of 2021 experienced an immense increase of 764% as compared to the initial amount of $214 million.
- During the first quarter of the same year, these businesses managed to amass $647 million.
- In the following quarter, the amount more than doubled to $1.2 billion.
- Out of the total deals, nearly one-third of them had a value of more than $10 million.
- 24% of the transactions were estimated between $3 to $5 million and 22% were worth between $1 million and $3 million.
- The total market capitalization of all Web 3.0 coins is projected to reach $23.4 billion by 2022.
- Polkadot is the leading Web 3.0 crypto coin with a market cap of around $8 billion.
- Chainlink is the runner-up with a market capitalization of $3.3 billion.
Consumers and Web3 users
- Over 73 million gamers use Web3-based games, such as Fortnite and Roblox.
- 23% of American millennials collects NFTs.
- 20% of Gen-Zers and 18% of millennials have heard of Web3.
- 43% of customers anticipate that Web 3.0 will be more strictly regulated than Web 2.0.
- 51% of people believe that tech companies have the responsibility for Web 3.0’s effects on society.
- 41% of Americans think that only a few people will gain from Web3.
- 54% of US citizens have not heard the term “Web3.”
- 70% of people in the United States feel they have no control over how Web 2.0 social media sites manage their personal data.
- 27% of those in Vietnam and 31% of those in Thailand own cryptocurrency.
- Men are more likely than women to be familiar with Web3.
- There were 18,416 active Web3 developers in December 2021.
Those statistics come from this sources: Boardroom, Business Insider, CoinDesk, CoinMarketCap, Cointelegraph, Emergen Research, EqualOcean, GlobeNewswire, Laptop Mag, Messari, Morning Consult, Movement Strategy, National Research Group, Statista, SurveyMonkey, TechTarget, A16Z Crypto