Fascinating Web3 Statistics You Ought to Know

While the vast majority of Americans struggle with the meaning of Web3, seven in ten US Internet users also say that they don’t feel in control over how Web2 websites use their data. This suggests that users would like more autonomy, but ignorance is still an issue.

Stats further reveal that 54% of Americans never heard of the term Web3, while only 22% know what NFT stands for, which further elaborates the lack of awareness and understanding of emerging technologies.

In contrast, only 10% of them believe Web3 will make their lives worse. Regarding the worries about the growth of Web3, cybercrime and scams becoming more common is the biggest concern among users, cited by 33% of them.

Additionally, 31% of users are worried about their older devices becoming obsolete, 27% are concerned that the Internet may become even more addictive, and 25% think protecting their privacy online may become even harder.

The stats also point to 24% of users concerned that there might be even more ads on the Internet and 21% who worry that Web3 might make it easier for criminals and terrorists to communicate with each other.

Even though Web3 and crypto go hand in hand, statistics show that cryptocurrencies have gone mainstream. While just over one in ten Americans has even heard of Web3, more than half of Americans own or have considered buying crypto. This is likely because most consider crypto to be just another investment vehicle rather than viewing it as a technological novelty.

Furthermore, data from the best crypto exchanges reveals that the demographics of crypto investors closely match the demographics of the US population. Namely, 57% of US crypto investors are white, 15% of them are black and 20% are Hispanic.

On the other hand, Web3 statistics show that crypto investors are predominantly male, with men accounting for a 70% share of all crypto investors in the USA.

Finally, by age, data reveals that Gen Xers and older Millennials are most likely to invest in cryptocurrencies. Specifically, 47% of US crypto investors are aged between 35 and 54, 44% are between 18 and 34, and only 9% of all crypto investors in the USA are older than 55.

Although the list of Web3 cryptocurrencies is ever-expanding, and the number of cryptocurrencies in circulation has long exceeded the 20,000 mark, this market is dominated by only a handful of cryptos.

For many Americans, the term cryptocurrency is synonymous with Bitcoin, which is still the most recognizable crypto in the US. Interestingly, Dogecoin is the second most recognizable crypto with 39% awareness, ahead of Ether, which is recognized by only 33% of Americans, although it is widely considered an important building block of Web3.

Litecoin and Binance coin round up the top five most recognizable cryptocurrencies, with 24% and 20% awareness, respectively.

Stats show that the North America market accounts for the largest share of 34.8 % of the revenue mentioned above. By end use, the BFSI sector generated the largest share of 31.1% of the revenue, while by application, cryptocurrencies account for the lion’s share of 29.7%.

Even though the Web3 market is already a billion dollar industry, the latest projections estimate that the market will grow rapidly in the next few years. The predictions are that the Web3 market will grow at a CAGR of 46.7% from 2023 until the end of the decade, and reach a figure of $49.10 billion in 2030.

In comparison, the global crypto market cap is steadily over the $1.5 trillion mark, exactly $1.54 trillion at the moment of writing.

Naturally, Bitcoin is the cryptocurrency with the largest market capitalization of $800 billion, followed by Ethereum, whose market cap is $262 billion.

The stats also show that Polkadot is the crypto with the highest market cap of $8.1 billion among the Web3-specific crypto coins and tokens. Chainlink is right behind it with a similar market cap of $8 billion.

In the last few years, Web3 development studios received hundreds of millions of dollars in game deals. Some of the most notable investments include:

• Animoca Brands raised $359 million, with Sequoia being the key investor

• Limit Break got a $200 million game deal where the key investor was Paradigm

• Fenix Games raised $150 million in funding, with the key investment coming from Cypher Capital

The latest projections reveal that the blockchain gaming sector has the potential to generate more than $70 billion by 2030.

Web3 is still in development, and it is developing rapidly. The list of Web3 companies working with technologies like blockchain and crypto is ever-expanding and, at the moment of writing, stands at 22,111. The total amount of funding all Web3 startups raised collectively is $88 billion.

Moreover, data reveals that currently, there are exactly 91 Web3 unicorns (Web3 projects valued at more than $1 billion). The highest-valued Web3 startup is OpenSea, with a valuation of $13 billion, followed by Dunamu, which is valued at $12 billion.

The latest stats reveal that less than a third, or 6,279, of these developers are full-time Web3 developers, or commit code to Web3 projects more than ten days a month.

In addition, there are another 10,550 Web3 developers who commit code to Web3 projects less than ten days a month, and 2,450 Web3 developers who contribute code only once in a three-month rolling window.

The Web3 ecosystem with the largest number of full-time developers is Ethereum, with 1,889, followed by Polkadot, with 621.

Data shows that the average number of daily unique active wallets using decentralized apps in 2021 was 1.58 million, and in 2022, it averaged at 2.37 million, exhibiting significant growth.

By category, DApps classified as high-risk saw the biggest increase of 291% in DUAW, which read an average of 145k in 2022. Social DApps also grew substantially, by 208%, and this category of DApps averaged at 46k DUAW on average.

That said, games is undeniably the category of DApps which contributed the most to the recent Web3 growth. Between 2021 and 2022, the average number of DUAW playing Web3 games increased by 86% and reached a considerable figure of 1.15 million. Unsurprisingly, this category of DApps has the largest number of daily unique active wallets on average.

DeFi DApps is the second-most popular category, averaging 652k DUAW in 2022. This category of DApps only grew its average dUAW by 2% throughout the year.

The total number of transactions made in the gaming sector of Web3 that year was 7.44 billion, or 94.17% higher than the year before, according to the latest Web3 gaming statistics.

The second largest sector by daily activity in Web3 is decentralized finance, accounting for 28% of all blockchain activity in 2022. Historical data illustrates that in the previous year, 2021, the DeFi sector was the dominant one, responsible for 41% of all blockchain activity, while the gaming sector was trailing with 39%, before overtaking it the year after.

After experiencing an increase of 85.78%, Splinterlands remained the most popular Web3 game, averaging 217,914 monthly unique active wallets in 2022.

While games remain the most dominant category of DApps, the latest Web3 statistics show that their dominance has diminished compared to 2022. In the third quarter of 2023, the games sector accounted for 35% of all blockchain activity, the DeFi sector for 24%, while the NFT and social sectors accounted for 12% and 11% of all blockchain activity, respectively.

Furthermore, according to the most recent stats, the most played Web3 game in Q3 2023 is Alien World, with 527,000 quarterly unique active wallets. Sweat Economy is the second most popular blockchain game, with 385,000, while Splinterlands has dropped to the number three spot, with 148,000 QUAW.