SuperEx丨Analyze the trends of the Web3 industry from the perspective of data.

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Web3 applications and investments are showing strong growth globally. This article will analyze the trends in the Web3 industry for 2024 using the latest industry data.

1. Web3 Market Size and Growth Outlook

According to a report by market research firm DappRadar, the global Web3 market is expected to exceed $500 billion in total value by 2024, with decentralized finance (DeFi) and non-fungible tokens (NFTs) remaining the two major pillars of the market. Specifically, in 2023, the global Web3 market capitalization was approximately $350 billion, marking a 25% year-over-year increase. This growth indicates that Web3 applications are gradually gaining broader recognition and adoption.

The DeFi sector continues to be a highlight within the Web3 industry. According to data from DeFi Pulse, the total value locked (TVL) in global DeFi reached $110 billion in 2023, and is expected to exceed $250 billion by 2025. This reflects the increasing maturity of decentralized finance applications, with more users and capital flowing into this space, driving its rapid development.

Meanwhile, while the NFT market has experienced a round of price corrections, its application scenarios continue to expand with the cross-industry integration of art, entertainment, and gaming. According to statistics from NonFungible, the NFT market’s trading volume is expected to recover to $30 billion in 2024, with digital art and in-game items remaining the core drivers.

2. Changes in User Behavior and the Growth of Decentralized Applications

One of the core philosophies of Web3 is to empower users to take control of their own data and assets, which has led to the rapid growth of decentralized applications (DApps). According to DappRadar, the number of active DApp users globally is expected to surpass 30 million by 2024, marking the shift of Web3 applications from early-stage experimentation within tech circles to mass-market adoption.

Particularly in the areas of decentralized social (DeSo) and decentralized finance (DeFi), user activity continues to rise. Take decentralized social platform Mastodon as an example: in 2023, its daily active users exceeded 10 million. Despite facing major challenges from dominant platforms like Facebook and Twitter, decentralized social platforms have attracted a large number of privacy-conscious users by offering enhanced privacy protection and data ownership experiences.

Additionally, Web3 gaming (GameFi) is also experiencing rapid growth. According to data from Newzoo, the global Web3 gaming market is expected to reach $12 billion in 2024, with user numbers projected to reach 150 million. This growth is largely driven by blockchain-based games and the development of the Metaverse, where more game developers and players are building and participating in virtual worlds. The tradeability of NFTs and user-generated content (UGC) are providing new business models and value streams.

3. Investment Boom and Capital Inflow

As Web3 matures, venture capital has also started to pour in. According to PitchBook, in 2023, the total amount of venture capital (VC) invested in Web3 industries was about $15 billion, with around 40% of this funding flowing into decentralized finance (DeFi) and decentralized infrastructure. In 2024, Web3 investment is expected to continue growing, with estimates projecting it to reach $20 billion, as investors show increasing interest in decentralized autonomous organizations (DAOs), Layer 2 scaling solutions, and Web3 infrastructure development.

For example, in 2023, two of the largest blockchain projects globally — Ethereum’s Layer 2 scaling solutions, Optimism and Arbitrum — secured about $300 million in funding, underscoring the critical role of Layer 2 technologies in the Web3 ecosystem. Layer 2 solutions address scalability issues faced by public blockchains like Ethereum, significantly improving transaction speed and reducing costs, making them essential for large-scale blockchain applications.

4. Continued Innovation in DeFi

Decentralized finance (DeFi) remains one of the most attractive sectors in Web3. DeFi offers unparalleled openness and transparency compared to traditional financial systems, providing users around the world with more affordable and efficient financial services. According to CoinGecko, the global DeFi market transaction volume surpassed $3 trillion in 2023, with stablecoin transactions accounting for about 70% of this volume. The widespread adoption of DeFi protocols has driven the rapid growth of decentralized exchanges (DEXs), with platforms like Uniswap and SushiSwap seeing continuous increases in trading volume.

In 2024, DeFi innovation is expected to deepen, particularly in the areas of synthetic assets and cross-chain interoperability. Synthetic asset protocols, such as Synthetix, are driving the digital integration of virtual assets with real-world assets (such as gold and stocks), allowing users to trade these synthetic assets on DeFi platforms without relying on traditional financial intermediaries.

Cross-chain technology is also a key factor in DeFi’s development. With the maturation of multiple public blockchains, such as Cosmos and Polkadot, cross-chain protocols are becoming increasingly common, enabling data and asset flows between different blockchains. It is expected that by 2025, cross-chain protocols will become an essential component of the DeFi ecosystem, with cross-chain transaction volumes expected to exceed $500 billion.

5. Ongoing Improvement of Web3 Infrastructure

The growth of Web3 not only depends on innovation in decentralized applications but also requires robust infrastructure support. In 2024, the construction of Web3 infrastructure is expected to accelerate further. According to Statista, the global market size for Web3 infrastructure reached $20 billion in 2023 and is projected to grow to $70 billion by 2027. Key areas such as cloud storage, decentralized identity management, and data privacy protection are expected to see explosive growth in demand.

In particular, Web3 innovations in data privacy and user identity management allow users to control their digital identities and personal data. Decentralized identity (DID) is becoming an important solution for privacy protection and identity verification. According to IDC, by 2025, over 50% of global enterprises are expected to adopt decentralized identity solutions, further driving Web3 adoption across industries.

Conclusion

In 2024, the Web3 industry is entering a critical phase of transformation. With the market size continuing to expand, changes in user behavior, and a steady influx of investment capital, the outlook for sectors like decentralized finance, Web3 gaming, and NFTs remains positive. At the same time, the improvement of Web3 infrastructure and the gradual clarification of regulatory policies will provide a solid foundation for sustained innovation and compliant development in the industry.

Looking ahead, Web3 will not only represent a technological revolution but also drive a broader transformation of the internet ecosystem. The concept of decentralization will become mainstream, with user privacy protection and data sovereignty emerging as key directions for the future of the internet. As technology continues to evolve and application scenarios diversify, Web3 is poised to become the driving force behind the next generation of the internet, empowering global users and businesses to embrace a more open and decentralized digital future.