Web 3.0 Blockchain Market Overview -
Web 3.0 Blockchain Market Size was valued at USD 2.2 billion in 2021. The Web 3.0 Blockchain market industry is projected to grow from USD 3.2 billion in 2022 to USD 38.6 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 43.6% during the forecast period (2022 - 2030).
Web 3.0 is often associated with blockchain technology, given the potential that blockchain has to enable decentralization and provide a trustless system for exchanging information and value. Blockchain technology has been proposed as a foundational element of Web 3.0, as it can enable a more decentralized internet where individuals and organizations have greater control over their data and digital assets.
Some of the ways that blockchain technology can help enable Web 3.0 include:
Decentralization: With blockchain technology, data can be distributed across a network of computers, rather than being stored in a centralized server. This allows for greater security and transparency, and can help prevent single points of failure.
Trustlessness: Blockchain also enables trustless systems, where parties can engage in transactions without needing to rely on intermediaries to validate the transaction. This can streamline processes and reduce costs, while also increasing security and transparency.
Governance: Blockchain-based systems can also enable distributed governance structures, where users have greater input and control over the rules and policies that govern a network or platform.
Tokenization: Blockchain technology also enables the creation of tokens, which can represent digital assets and act as a medium of exchange within a network or platform.
Overall, blockchain technology is seen as a key enabler of Web 3.0, providing the infrastructure needed to create a more decentralized, democratic, and user-centric internet.
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Key Players
- Polkadot (Web3 Foundation)
- Helium Systems Inc.
- Ocean Protocol Foundation Ltd
- Decentraland
- Biance
- Alchemy Insights, Inc.
Web 3.0 Market Recent Developments
- In May 2020, Web3 Foundation launched the initial version of Polkadot, a sharded protocol that allows decentralized blockchain networks to operate together, seamlessly, and at scale.
- In June 2019, Helium Systems Inc. launched the Helium Blockchain, one of the largest, public, decentralized LoRaWAN networks across the globe.
Web 3.0 Market Report Overview
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2023 to 2030. For this analysis, MRFR segmented the global web 3.0 blockchain market based on blockchain type, application, vertical, and region.
By Blockchain Type
- Public
- Private
- Consortium
- Hybrid
By Application
- Cryptocurrency
- Conversational AI
- Data transaction storage
- Payments
- Smart contracts
- Others
By Vertical
- BFSI
- E-commerce retail
- Media entertainment
- Healthcare pharmaceuticals
- IT telecom
- Others
Blockchain’s Big Bang
The big bang with for enterprises, when it comes blockchain, will not occur until businesses learn to participate in a truly decentralized model. That won’t happen until we move to Web 3.0, and the technologies that support it are mature and scalable. At that point, users won’t have to worry about blockchain protocols, just like today they don’t worry about underlying Internet protocols.
Users and consumers, who in many cases will be their own application and content developers, will just have to worry about their decentralized applications and processes. The rest will just work. We may even get to a point of ‘government for the people by the people’ but that’s for the libertarians to figure out.
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