The SNS Insider report has indicated that the Web 3.0 blockchain market size which was valued at USD 3.59 billion in 2023 is expected to grow to USD 104.04 billion by 2032, growing at a CAGR of 45.47% over the forecast period of 2024-2032.

According to the Web3 report by 2023, there were over 3,000 active dApps, with decentralized finance applications contributing a substantial portion of the market’s value.

The total value locked in DeFi reached an estimated USD 60 billion in 2023, reflecting the rising demand for decentralized financial services.

Additionally, the non-fungible token industry, which has transformed industries like art and gaming, saw sales surpassing in 2023, a notable increase compared to previous years.

Smart contracts have also been pivotal in accelerating Web 3.0 adoption. By 2023, Ethereum, the leading blockchain for smart contracts, processed over 1.5 million smart contract executions daily, demonstrating the widespread use of blockchain-based automation across sectors such as supply chain management, insurance, and healthcare.

Finally, in 2023, venture capital investments in blockchain startups reached USD 30 billion, highlighting the growing interest in Web 3.0 technologies. These investments are expected to drive further innovation and the development of more advanced blockchain solutions in the coming years.

Advertisement