WEB3 STATISTICS 2024: EVERYTHING YOU NEED TO KNOW
Last Updated: September 22, 2024
Familiarity with terms like Web 3.0, Web3, and Decentralized Internet is quite common among many.
While these expressions may seem recent, their foundational ideas trace back to the Internet’s inception.
Web 3.0 has transformed from a mere theory into a tangible reality across multiple sectors, giving rise to numerous companies and platforms at the forefront.
This article will highlight some intriguing Web3 statistics for 2024, exploring how this version of the Internet may reshape our world.
Before delving into Web 3.0, it’s essential to reflect on the Internet’s history to understand how we arrived at this iteration.
About Web 3.0
Defining the next phase in the evolution of the Internet is the essence of Web 3.0.
Centralization is characteristic of Web 1.0 and 2.0. The Internet’s early version, Web 1.0, showcased a centralized entity as a key player, offering content that was mostly read-only.
In contrast, Web 2.0 emphasized community interaction through platforms like social media and content sharing.
This phase is predominantly governed by companies, demonstrating a high level of centralization. Notable examples include Google and Facebook.
In both Web 1.0 and Web 2.0, users were treated as the product, with businesses primarily generating revenue through advertising or product sales directed at their audience.
Nonetheless, the Internet was not intended to function in such a centralized manner.
The original vision by Tim Berners-Lee, the architect of the World Wide Web, proposed an Internet model in which “no central authority is required to publish content… it lacks a single control point, which prevents a single point of failure or a “kill switch,” concepts that don’t hold in these two iterations.
Web 3.0, however, aligns closely with the inventor’s vision, centered around decentralization.
Core technologies such as Blockchain, Decentralized Finance, NFTs, Artificial Intelligence, and the Metaverse are pivotal to Web 3.0, making this version of the Internet genuinely decentralized.
Web3 Statistics for 2024
The Web 3 statistics presented for 2024 have been compiled from diverse studies, articles, and surveys to ensure the information’s accuracy.
Please note: The statistics and findings shared here are continually evolving rather than being static truths.
Web 3.0 Market Capitalization and Growth
Among the fastest-growing sectors is Web 3.0. A leading technology in this domain, Blockchain, stands out as one of today’s most significant and impactful technologies.
Market Research Future reports that the value of web 3.0 blockchain technology is anticipated to exceed 6 billion dollars in 2023.
The overall growth rate of web 3.0 has reached an impressive 44.6%, with expectations for this trend to persist until 2030.
This growth trajectory is poised to disrupt existing systems, potentially displacing them.
Web 3.0’s total market size, encompassing blockchain, NFTs,
Predicted to achieve 81.5 billion dollars by 2030, the Metaverse alongside other technologies is on an upward trajectory.
As of 2021, the banking and financial sector accounted for 33.0% of the overall web 3.0 blockchain market regarding market segments.
Furthermore, expansion is anticipated in 2022 and beyond.
This increase can be linked to advantages such as scalability, speed, and lower transaction costs compared to conventional banking practices, making them particularly appealing to the BFSI sectors.
Significant market segments that are witnessing a growing application of web 3.0 include IT & Telecom, Media & Entertainment, Retail & Ecommerce, and others.
The valuation of the Metaverse is set to reach 678 billion by 2030.
Moreover, it is estimated that by 2026, 2 billion individuals will spend over 1 hour in the Metaverse for shopping, socializing, attending events, or consuming content.
This shift will profoundly alter our methods of communication and information exchange.
Web 3.0 Manpower
The prospects for web 3.0 appear promising. Nevertheless, the sector faces certain challenges moving forward.
A significant shortage of manpower exists for the design and development of projects in this area.
In the previous year, 2021, only approximately 18,500 developers contributed to open-source web 3.0 projects globally, a stark contrast to the vast number of programmers and designers in the web 2.0 space.
Additionally, there is a lack of blockchain and web 3.0 developers needed to support the ongoing advancement of this technology, stemming from a deficiency of sufficiently skilled programmers.
On a brighter note, 60% of all web 3.0 developers entered the field in 2021, suggesting a strong potential for growth in the years to follow, especially in 2022.
Web 3.0 Companies
The emergence of new technologies fosters the development of new companies. In similar fashion, many organizations are concentrating on the foundational technologies of web 3.0, primarily blockchain and the Metaverse.
Leading firms in this domain include Binance, Polkadot, Braintrust, OpenSea, and Immutable, among others.
One notable company, Braintrust, connects skilled individuals with top global organizations, boasting a network of over 700,000 members worldwide.
When considering revenue, the largest is Helium Systems, a United States-based company involved in Internet of Things (IoT) development.
Another example in Metaverse technology is OpenSea, which serves as a peer-to-peer NFT marketplace and stands out as the largest in this sector, valued at 13.3 billion as of January 2022.
In the realm of Metaverse technology, Spatial takes the lead, allowing brands and Content creators to create their own environments to engage audiences and provide information and content.
Cryptocurrencies & Tokens
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Tokens function as currencies within the network, as Web 3.0 is based on blockchain protocols.
A recent survey conducted by Klaviyo indicates that 54% of participants desire a greater acceptance of cryptocurrencies by companies to simplify and streamline transactions.
This, they believe, will boost the adoption of tokens and currencies, likely leading to the replacement of traditional paper money.
In the US, the February Super Bowl recorded an advertising spend of $54 million from the Web 3.0 community, significantly more than the $20 million and $10 million spent in March and April, respectively.
Previously, cryptocurrencies such as Bitcoin and Ethereum have peaked at around $70,000, with expectations of surpassing the $100,000 threshold in the near future.
Bitcoin is recognized as the largest cryptocurrency globally by market value and is considered an asset class.
Public Knowledge and Response to Web 3.0
Despite being a relatively new set of technologies and an iteration of the Internet, blockchain and the metaverse components of Web 3.0 are currently the most widely discussed and popular.
Latest research shows that users of Microsoft’s Work…
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The Trend Index for 2022 indicates that 51% of Generation Z and 48% of Millennials anticipate engaging in part of their work within the Metaverse over the next two years.
Research from the Vice Media Group reveals that this demographic allocates approximately 15% of their discretionary spending to activities within the Metaverse, which is a considerable figure.
It is expected that this percentage will rise in 2023 and the years to follow.
Similarly, 38% of surveyed individuals expressed interest in trying extreme sports in the Metaverse. An increase in Metaverse users is likely to enhance these figures.
Furthermore, a separate study by Vox Media found that a remarkable 87% of respondents would be eager to participate if the virtual experience featured their favorite celebrities.
This study also pointed out that around 77% of the 1,000 participants believe the Metaverse could negatively impact society in various ways.
Concerns were also raised about the influence of the Metaverse on children’s mental health. Interestingly, 46% of respondents indicated they are likely to make purchases in the Metaverse through AR technology.
This creates an opportunity for e-commerce companies and Web 3.0 to significantly influence retail sectors such as fashion and jewelry, according to findings from Productsup.
As anticipated, younger generations show greater enthusiasm for Web 3.0 and actively engage in it through their ownership of cryptocurrencies, NFTs, and participation in the Metaverse, especially when compared to older generations.
For instance, 9% of participants aged between 16 and 44 reported having invested in or purchased cryptocurrency, based on a survey from SCS Agency.
This figure continues to grow consistently, both daily and year-on-year.
According to the same SCS Agency survey, 64% of the 600 participants claimed they are familiar with the Metaverse, and 65% stated that they plan to learn more about its applications in their everyday lives.
Moreover, 81% acknowledged that Web 3.0 and its tools could contribute positively to users’ happiness and well-being.
Conversely, concerns exist regarding the potential for an increase in cybercrime linked to these technologies. A significant 43% of respondents felt that regulations are necessary to ensure a secure online environment.
Web 3.0 And Cybersecurity, Frauds, Scams, etc
With the advent of new technologies, security issues frequently arise.
There have already been several recorded instances of frauds and scams in the realms of Web 3.0, encompassing key technologies such as cryptocurrencies, NFTs, and tokens.
During the second quarter of 2022 alone, over $718 million was lost due to scams related to Web 3.0.
Additionally, numerous recent cyberattacks have targeted major cryptocurrency exchanges, culminating in millions of dollars lost.
For example, a study conducted by the Web 3.0 security firm Beosin found that 48 separate attacks contributed to the significant loss of $718 million, with each attack accounting for more than $100 million.
Since the technologies involved are still relatively new, many Smart Contracts have coding vulnerabilities that cyber attackers can exploit.
Decentralized Finance (De-Fi) remains one of the most affected sectors, representing over 79.2% of total attacks in Q2 2022.
The well-known cryptocurrency platform Ethereum also experienced total losses of $381.35 million last quarter due to various cyber-attacks, frauds, and scams.
While blockchain technology is designed to be tamper-proof and offers resistance against unilateral alterations, other components of the infrastructure, including Smart Contracts and other types of code, do not share this level of immunity.
Impact Of Web 3.0 On Businesses
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Already, businesses worldwide are being impacted by Web 3.0.
The key characteristics of Web 3.0—scalability, speed, and lower transaction costs—align perfectly with the interests of any entrepreneur.
Additionally, these attributes can enhance the quality of a company’s products or services while significantly improving record-keeping and monitoring capabilities.
Customer relationship management, supply chain management, secure transactions, data management, and marketing & advertising are all areas where Web 3.0 can assist businesses.
As this technology is still in its infancy, it holds the potential to develop in ways that could benefit businesses well beyond our current imaginations.
The emergence of numerous new business models is facilitated by Web 3.0.
These models differ entirely from traditional paradigms, focusing on service/products offered within the Web 3.0 framework.
Final Thoughts
Consequently, Web 3.0 is regarded as another phase in the evolution of the Internet, steering us towards a decentralized web envisioned by its creator.
Revolutionary ideas such as blockchain, decentralized ledgers, De-Fi, Metaverse, and NFTs are among the new technologies driving the entire Web 3.0 movement.
These innovations have led to the formation of companies and platforms striving to create a more interconnected, secure, decentralized, and genuinely democratic Internet.
With any novel concepts, however, come challenges.
Despite this, the statistics regarding Web 3.0 highlighted above indicate a promising future worth working towards.
Sources
We appreciate your attention to this article titled: WEB3 STATISTICS 2024: EVERYTHING YOU NEED TO KNOW
The data pertains to 2023 and 2024, with projections extending to 2025 and 2026. Additionally, the forecast is broadened to cover 2027 and 2028.
* This information was taken from various sources around the world, including these countries:
Australia, Canada, USA, UK, UAE, India, Pakistan, Philippines, Indonesia, Nigeria, Tanzania, Kenya, US, United Kingdom, United States of America, Malaysia, U.S., South Africa, New Zealand, Turkey, United Arab Emirates.
Afghanistan, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan.
Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi.
Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island, Cocos (Keeling Islands), Colombia, Comoros, Congo, Cook Islands, Costa Rica, Cote D’Ivoire (Ivory Coast), Croatia (Hrvatska), Cuba, Cyprus, Czech Republic.
Denmark, Djibouti, Dominica, Dominican Republic, East Timor, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, Metropolitan, French Guiana, French Polynesia, French Southern Territories.
Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guinea, Guinea-Bissau, Guyana, Haiti, Heard and McDonald Islands, Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Iraq, Ireland, Israel, Italy.
Jamaica, Japan, Jordan, Kazakhstan, Kenya, Kiribati, North Korea, South Korea, Kuwait, Kyrgyzstan, Laos, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg.
Macau, Macedonia, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia, Moldova, Monaco, Mongolia, Montserrat, Morocco, Mozambique, Myanmar.
Namibia, Nauru, Nepal, Netherlands, Netherlands Antilles, New Caledonia, New Zealand (NZ), Nicaragua, Niger, Nigeria, Niue, Norfolk Island, Northern Mariana Islands, Norway.
Oman, Pakistan, Palau, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Puerto Rico, Qatar, Reunion, Romania, Russia, Rwanda, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and The Grenadines, Samoa, San Marino, Sao Tome and Principe.
Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovakia, Slovenia, Solomon Islands, Somalia, South Africa, South Georgia and South Sandwich Islands, Spain, Sri Lanka, St. Helena, St. Pierre and Miquelon, Sudan, Suriname, Svalbard and Jan Mayen Islands, Swaziland, Sweden, Switzerland, Syria.
Taiwan, Tajikistan, Tanzania, Thailand, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates (UAE), UK (United Kingdom), USA (United States of America, U.S.), US Minor Outlying Islands.
Uruguay, Uzbekistan, Vanuatu, Vatican City State (Holy See), Venezuela, Vietnam, Virgin Islands (British), Virgin Islands (US), Wallis and Futuna Islands, Western Sahara, Yemen, Yugoslavia, Zaire, Zambia, Zimbabwe.
Africa, Antarctica, Asia, Europe, North America, Australia (Oceania), Middle East, South America.
Post Title: WEB3 STATISTICS 2024: EVERYTHING YOU NEED TO KNOW
Last Updated: September 22, 2024
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Publish date : 2024-09-28 01:32:00
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