“Web 3.0 and the Growing Crypto User Base: A Report from Crypto.com”

Web 3.0 Market Size Expected to Reach Over 500 Million Users by 2023

Recent data from Crypto.com’s market sizing report shows that the number of cryptocurrency users is projected to surpass 500 million by 2023, with an estimated 34% increase from 2022.

Ether (ETH) and Bitcoin (BTC) continue to dominate the market, with ownership of both tokens rising significantly by the end of 2023. ETH ownership is expected to reach 124 million users, while BTC ownership is projected to reach 296 million people.

Crypto.com’s unique methodology, which combines on-chain data with various parameters, is used to accurately track the number of global cryptocurrency owners. This highlights the growing popularity and adoption of web 3.0 blockchain projects, with a significant increase in users expected in the coming years.

The Rise of Web 3.0 and Cryptocurrency Adoption in 2023

The year 2023 saw significant growth in the global cryptocurrency user base, despite challenging market conditions. This increase of 34% was fueled by various factors, including the ongoing efforts of Western central banks to control inflation, conflicts in Europe and the Middle East, and the long-term effects of the pandemic.

The implementation of Ethereum’s Shanghai upgrade played a crucial role in driving the network’s activity and boosting the value of ETH. Additionally, the introduction of non-fungible token functionality on the Bitcoin blockchain through BRC-20 tokens and Bitcoin ordinals also contributed to the high demand for Bitcoin block space.

Furthermore, the anticipation of the approval of several Bitcoin exchange-traded funds in the United States led to a surge in Bitcoin acquisition and wallet usage in 2023. This trend was particularly evident in the fourth quarter of the year.

The Impact of Web 3.0 and Blockchain Projects on the Market

As the market size of web 3.0 continues to grow, the concept of ownership is being revolutionized by the use of tokens. With the development of web 3.0, companies are exploring new ways to leverage blockchain technology and enhance their services.

For instance, LG’s upgrade from webOS 3.5 to 4.0 showcases the potential of web 3.0 in improving user experience and expanding market reach. This shift towards web 3.0 is also reflected in the increasing market cap of the technology and the rise of various blockchain projects in 2022.

It is worth noting that web 3.0 and blockchain are closely intertwined, with blockchain often being referred to as the foundation of web 3.0. As the technology continues to evolve, the question of whether blockchain is synonymous with web 3.0 remains a topic of debate.

Crypto.com incorporates data from 23 cryptocurrency exchanges in its on-chain data extraction. The report also reveals that 40% of Bitcoin holders also possess ETH, while 42% of cryptocurrency users do not have any BTC or ETH in their portfolios.

A prior report from Bitfinex in December 2023 predicts the global cryptocurrency user base to surge to an estimated 950 million individuals by the conclusion of 2024.

With the rise of web 3.0, the market size for tokens and blockchain projects is expected to expand significantly. As web 3.0 development companies continue to upgrade from LG WebOS 3.5 to 4.0, the market cap for web 3.0 is projected to rise. Additionally, the integration of blockchain technology in web 3.0 is a key factor in its growth and development, making it a crucial aspect of the future of the internet.