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As business developers continue to innovate and usher in the new age of the Internet and digital economies, web3 has become an integral part of this evolution.
This article contains a well-curated list of striking web3 statistics suitable for curious minds and business developers on a market study journey.
● The market capitalization of web3 as of 2023 is $28.1 billion.
● With $6.2 billion in market capitalization, Chainlink leads the Web3 ecosystem value train.
● Web3 is projected to be valued at over $80 billion by 2030.
● Social dApps account for 8.9% of Web3 innovations.
● Hive blockchain is widely considered home for truly decentralized web3 social apps.
● With increasing web3 exploits, ethical web3 hackers are in high demand.
Web3 is what some call "the decentralized web" as it is systematically designed to adopt the values and features of cryptocurrencies and blockchain technology to enhance the realities of the web and its digital economies.
A term coined by the co-founder of the Ethereum blockchain, Gavin Wood, has turned into a marketing ploy for many emerging finance and crypto projects. Notwithstanding, major technology players are leading great innovations that are projected to attract outstanding value flows that will change the business playing field.
While various personalities have called web3 nothing more than a "buzzword", it has remained a strong contender in the battle of building the next big digital thing.
On that account, let's look at what has been built and what is being built as we uncover the broad market coverage of the decentralized and incentivized digital ecosystem - web3.
Curated from reputable sources around the web and from icoverage AdMiles(ICAM) market study.
Below are striking web3 statistics to know in 2023:
1. Web3-focused applications account for 2.23% of crypto-industry market capitalization.
9. Web3 through Opensea paid about $3.9 billion to creators in 2022.
10. Despite being still early and small, Web3 paid out an average of $174,000 per creator, while Meta paid out $0.10 per user, Spotify paid out $636 per artist, and YouTube paid out $405 per channel in 2022.
11. Web3 gives individuals a chance to own a piece of the Internet and control their content and data.
12. The creator economy is taking a new shape through tokenized social media and INLEO, built on the Hive blockchain, is taking charge.
14. The xyz domain extensions dominate the Web3 ecosystem.
15. Majority of crypto investors associate web3 with NFTs and blockchain games which both promote the idea of individual "ownership" and "control".
16. The Metaverse is considered an extension of web3 that would lead to a more immersive "video-based" internet experience than text.
Accomplishing web3 through collective building
While individual crypto projects may find delight in being crowned the King or Queen of web3, this goes against everything web3 is about.
The reality is that to accomplish a truly decentralized internet, numerous blockchains will have to consistently work together. Interoperability is at the forefront of this and we can already see major blockchains adopting this design.
At the very basic, web3 is centered around "data", hence, the social front of applications being developed that manage user data like written articles, comments and messages is considered the most important aspect of web3 development as Web2 social networks grow in censorship and data exploits.
The portability of data from one blockchain to another without creating a duplicate but rather a traceable chain of data flow is one of the signs of web3 being actualized in the cryptocurrency ecosystem.