32 Web3 statistics, trends & facts to know for 2024

In this article, we provide a snapshot of the key web3 statistics, trends, and facts to explore web3 growth potential, market cap, adoption, future trends, and how companies can exploit this digital frontier.
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Updated: Nov 23, 2023
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Web3 is the third generation of the internet, which allows users to have control over their data and ensures it remains secure and accessible. It comprises essential technologies such as decentralized finance (DeFi), blockchain, NFTs, machine learning, artificial intelligence, and Metaverse that make it the best version of the decentralized internet up to now.

Now, with web2 fading away and web3 almost knocking on the door of adoption, let us explore all that data that demonstrates the web3 growth potential and its market cap in the future.

At Invezz, we researched and analyzed this new digital frontier to give you web3 statistics that convey the compelling story of a decentralized world witnessing a staggering growth rate.

Key takeaways:

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  • The worldwide Web3 market size will reach $5.5 billion by 2030.
  • The web3 market cap is $27.5 billion.
  • Web3 has overtaken Bitcoin as the most searched crypto term on the internet.
  • During the first quarter of 2023, a total of $814 million in investments was raised by 108 web3 startups.
  • Web3 plays a significant role in Gen Z’s social dynamics as many view it as expanding their true selves.
  • The gaming sector accounted for 45% of all web3 blockchain activities.
  • The web3 gaming industry will reach $65.7 billion by 2027.
  • Web3 has overtaken Bitcoin as the most searched crypto term on the internet.
  • 81% predict web 3.0 will improve their well-being and happiness.

Web3 market growth statistics

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Web3 is undoubtedly one of the fastest-growing digital technologies as it reshapes our ways of interacting and cooperating on the web. As a result, Web 3.0 is slowly gaining popularity. Learning its market growth statistics and exploring the web3 trends gives you a clear picture of this decentralization and user-led era. Here are some interesting web3 statistics:

1. The web3 market cap is $27.5 billion.

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A web3 market cap of $27.5 billion shows that more and more users are becoming interested in web3, and any investment you make now can yield potential returns. 

Web3 is an excellent opportunity for web front companies, developers, and users alike!

Source: Yahoo Finance

2. The worldwide web3 market size will reach $5.5 billion by 2030, with a compound annual growth rate (CAGR) of 44.9% from 2023 to 2030.

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This is an indication that there is exponential growth in Web3 adoption and investments in decentralized as well as blockchain-based systems. The growing awareness of the business, investors and tech enthusiasts regarding web 3.0 capability has contributed to this increase, signifying continued interest in this technology.

Source: MarketsandMarkets

3. In 2022, 46% of finance apps are based on web3 technology. 

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The presence of web 3.0 technology in 46% of finance apps showcases a paradigm shift toward decentralized and blockchain-based solutions within the financial sector. This adoption signifies the industry’s rapid adoption of innovative, secure, and cost-effective alternatives for reshaping traditional financial services. 

Source: Tntra

4. North America enjoys 37% of the global web3 market revenue.

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The North American market is witnessing growth because of the increasing adoption of web3 in various operating systems, particularly blockchain-based systems. Another factor fueling the growth of the global market is the presence of numerous blockchain technology solution providers.

Source: grandviewresearch

5. North America has the highest web3 user base, accounting for 34% of users worldwide.

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When it comes to using web3, North America holds the largest user base, followed by Europe with 24% global users, and the Asia-Pacific region stands third with 18%. These statistics indicate that North America will continue to reshape web3 technologies and applications, helping companies drive innovation and development in this space.

Source: 101blockchains

6. Among mobile applications utilizing the term “web3” to describe their functions, 46% were associated with finance.

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By 2022, about 46% of apps using the word “web3” were related to finance, which shows the adoption of blockchain technology and decentralization principles in the financial industry. It’s intriguing to note that 9% of the social apps did mention web3 either in their title or description.

Source: Statista

7. In 2023, 21,300 monthly active developers contributed to open-source web3 projects per month.

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The fact that there are so many active web3 developers speaks about the vibrant online web3 community. The strength and adoption of web3 will be much faster with a larger number of developers working on different projects.

Source: Bitcoinke

8. Web3 has overtaken Bitcoin as the most searched crypto term on the internet.

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The shift from Bitcoin to Web3 suggests growing curiosity, attention, and user desire to understand and engage with emerging web3 technologies.
This shift in the search interest reveals that investors view web3 as a possible investment and business opportunity.

Source: Gadgets360

Web3 adoption statistics

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While web3 has remained in the technology limelight for quite some time, its adoption and awareness are relatively low. These web3 statistics offer a sneak peek into how users and companies use this decentralized semantic web.

9. 54% of American adults are not familiar with the Web3 termAccording to research, only 13% of adults fully understand what the term web3 means. 

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Although web3 is an advanced and sophisticated technology, it is still developing. This presents an opportunity for companies to educate the public through information and educational materials. The awareness towards web3 will increase users’ interest and attract more investments.

Source: TelecomsTechNews

10. Only 18% of US adults have heard of the term DAOs.

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The awareness of DAOS is low, which is a challenge to companies that intend to sell and use DAOs. While DAOs have just started to gain popularity, businesses need to educate consumers about web3 and increase its awareness before it becomes mainstream.

Source: Survey Monkey

11. 23% of US millennials are NFT collectors.

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In other words, this showcases NFTs becoming increasingly relevant as a digital asset class or ownership, primarily among the millennial generation. In the coming years, NFT will offer opportunities for artists, investors, and technology companies and focus on the importance of NFT education.

Source: Statista

12. Out of the 13% of adults who know what web3 is, 81% predict web 3.0 will improve their well-being and happiness.

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Web3 is a different type of internet wherein the data travels from websites to users and from users back to websites. This increases the customers’ control over their data and improves their well-being as the data is used more effectively than before.

Source: Telecoms Tech News

13. Of those aware of Web3, 41% believe it will benefit only a small group of people. 

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While companies and web3 advocates are trying hard to spread the word about the potential benefits of web3, users are still reluctant about its adoption. 41% believe web3 will become mainstream in the coming years, while 17% believe it to be a fad. 

Source: TelecomsTechNews

14. 52% of Fortune 100 companies have embraced Web3 since the start of 2020. 

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Since January 2022, approximately 60% of initiatives taken up by Fortune 100 companies are in the pre-launch or launched phases. These companies are showing interest because they understand the need to bring a revolutionary change in the global finance system – web3 with blockchain is just the solution.

Source: Coinbase

15. Lack of return on investment is the biggest barrier to web3 adoption.

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Leading Fortune 500 executives claim that 62% of business leaders consider lack of return on investment as the main obstacle to web3 adoption. 46% of leaders worry that the lack of web 3.0 regulations will affect the business use cases, while 41% think users are not interested in Web3 technologies.

However, the absence of rules and regulations in this domain makes it difficult for these companies to navigate this space.

Source: Coinbase

Web3 demographics

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Here are some web3 statistics based on the user demographics:

16. 52% of Gen Z want their school to teach them more about web3. 

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Gen Z’s interest in incorporating web3 indicates its bright future. This demand indicates a need for forward-thinking education and aligning curricula with emerging technologies. One reason for the rapid adoption of web3 is that it allows Gen Z to connect with people worldwide, feel empowered, and bring a revolutionary change to web3. 

Source: Education UAE

17. Web3 plays a significant role in Gen Z’s social dynamics as many view it as expanding their true selves.

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With 42% of Gen Z boys and 41% of Gen Z girls interacting with people who impersonate others, having a complete understanding of web3 can help them uncover risks faster compared to real life. With the knowledge of the possible risks of web3, Gen Z will remain vigilant of the dangers and tricksters of web3.

Source: Education UAE

18. Decentralized autonomous organizations or DAOs are more known to 21% of Gen Z and 22% of Millennials than 16% of Gen X and 15% of Boomers.

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This is because younger people are attracted to and are connected to decentralized technologies and ideas. The gap can be used for designing strategies, creating products and services, and building education efforts that meet the needs of the third generation and increase their market size.

Source: Survey Monkey

19. 27% of male Millennials are aware of DAOs compared to 16% of females. 

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The difference in awareness regarding DAOs between male and female Millennials showcases a gender gap in exposure to blockchain and other decentralized finance technologies. This reflects varying levels of engagement or interest in this emerging field.

Source: SurveyMonkey

Web3 startups and institutional investment

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Today, many people are talking about Web3 startups, which have created a high level of entrepreneurship spirit in the web3 industry. These ventures harness the potential of decentralization in building creative products encompassing NFT exchanges and decentralized funds. This is bringing a revolution in many sectors.

20. 108 web3 startups attracted approximately $814 million worth of investment during the first quarter of 2023.

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The statistics are encouraging as they imply a transition from the old web2 strategy to a more modern approach to dealing with online users. Additionally, a large amount of money means that investors feel web3 can realize a return on investment.

Source: Metaverse Post

21. The most common types of Web3 startups raising funds were DeFi startups(26%) and developer tooling companies (25%).

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This signifies that DeFi startups are revolutionizing financial services through increased adoption of blockchain and decentralized technologies. Alternatively, developer tooling companies support the infrastructure and tools needed for Web3 innovation.

Source: Alchemy

Web3 gaming statistics

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Web3 is transforming the gaming and technology world like never before.

It transforms how players relate with their in-game digital assets, as they hold ownership and control of their virtual items, facilitating engagement in blockchain-based marketplaces and giving rise to a new gaming economy.

Here are some interesting web3 blockchain gaming statistics:

22. The web3 gaming industry will reach $65.7 billion by 2027, up from $4.6 billion in 2022. 

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The driving force behind this rapid growth is increased investments in this sector, the rising popularity of free-to-play games & NFTs, and the booming number of unique wallets. 

Source: Nasdaq

23. Web3 gaming projects raised $600 million in Q3 of 2023. 

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Despite the slowdown, investors continue to show confidence in the potential of web3 gaming, bringing the year’s total investment to an impressive $2.3 billion. While this represents only 30% of the funds raised in 2022, this year’s significant investment has come from venture capital firms. 

This indicates that venture capitalists are ready to place their confidence in this emerging sector.

Source: Binance

24. The gaming sector accounted for 45% of all web3 blockchain activities.

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This means that almost half of the transactions on the blockchain are game-related. For companies and gamers, this trend reflects the rising popularity of play-to-earn games, where gamers can earn cryptocurrencies for their game-related achievements. 

Source: DappRadar

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Since its launch, Web3 gamers are at risk of scams, identity cloning, and data manipulation. In 2022, hackers swiped $625 million in cryptocurrency from the popular video game Axie Infinity. 

These web3 statistics reveal that cybersecurity and data security remain two of the biggest challenges to the mainstream adoption of web3.

Source: WashingtonPost

26. An average gamer spends $76 per month on gaming or $58,000 in their lifetime. 

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Millennials spend $86 per month compared to $52 per month by Boomers. So, it’s clear that gamers don’t shy away from spending money to purchase gaming devices. 

Incorporating a decentralized twist can further increase this spending. The future of spending on web3 games seems bright. 

Source: TheGamer

Web3 job statistics

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In the web3 world, many companies compete to hire the most qualified candidates. As a result, candidates are usually in a better position to negotiate a higher salary and benefits. Here are some interesting web3 job statistics:

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From 2020 to 2021, jobs with titles having the words Ethereum, bitcoin, blockchain, and cryptocurrency witnessed a 395% increase.

Source: LinkedIn

28. Blockchain was the number one in-demand skill, leaving behind skills like machine learning (ML) and artificial intelligence (AI) in 2020.

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Source: LinkedIn

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Source: LinkedIn

30. The average salary of a blockchain developer in the US in October 2023 was $101,705 per year.

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Besides this average salary, blockchain developers earn an estimated additional pay of $7,547 per year, resulting in a total pay of $109,251 annually.

Source: Glassdoor

Brands entering the web3 ecosystem

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Some of the most popular brands on web2 are slowly inching towards web3, marking their digital te­rritory, and finding every potential opportunity to leverage the power of AI. Here’s how famous brands use blockchain and web3.

31. Starbucks Odyssey re­wards members with web3.

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Starbucks has gone one step further by providing loyal customers with an opportunity to earn and buy digital collectible assets.
This makes Starbucks one of the pioneers in ble­nding non-fungible tokens (NFTs) with a rewards sche­me, which makes use­r engagement spe­cial.

Source: Starbucks Stories and News

32. Nike has its web3 platform called .Swoosh.

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Since its inception, Nike has been a trendsetter, and the company has lived up to that expectation with its entrance into the web3 space.Swoosh, a blockchain-based web3 platform, allows users to participate in Nike’s shoe design process. The platform even works as a marketplace for users to buy digital jerseys and shoes. 

Source: SmartCompany 

Wrapping up

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Even though web3 is still in its infancy, the future looks promising. 

From the rise of NFTs, blockchain, machine learning, DeFi, and the entrance of companies like Nike and Starbucks, web3 is impacting users, companies, and the world as a whole.

All these numbers point to a very specific trend: Web3 is the future of the web, and the earlier you adopt this approach, the quicker you will benefit.

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Priya Jain
Data Analyst
Priya is a Data Analyst for Invezz, an accomplished writer and data enthusiast who transforms complex statistical insights into compelling articles that inform and engage readers.... read more.