Web3 is officially having it’s social moment!
Due to the financial nature of cryptocurrencies, finance apps were the first to flock to Web3, with a significant 46% of apps coming from that industry. Fast forward a few years, and we are now seeing market share being taken away from this sector.
9% of social apps are now dabbling in Web3 with a huge surge in users taking place in Q2 of this year.
Before we get into recent statistics, let’s take a step back and look at Web3 as a whole. It is currently expected to grow from a $400 million industry to $5.5 billion in 2030. Although the future seems unclear and user activity isn’t as consistent as some of the Web2 giants, recent data suggests the trend may be changing.
According to a report on the 4th July from blockchain analytics platform DappRadar, the number of users using Web3 applications reached a record high in the second quarter. The number of daily unique active wallets (dUAW) was approximately 10 million over the quarter, a 40% increase from the first quarter and the highest number ever reached.
The social sector saw the largest percentage growth, with a more than 66% increase in dUAW, driven by apps like Fantasy.top and UXLINK. The blockchain gaming sector also registered more users during the quarter, though its overall share declined slightly compared to other sectors.
For Hydro, this totally changes the game of how we think about online monetization. Creators and users are seeking more equitable models, greater transparency, and increased control over their digital experiences. Web3's decentralized nature offers a potential pathway to address these aspirations.
We even asked our CEO to give his thoughts on this recent surge and he had this to say:
“I am so stoked to be part of this movement! I believe the future of online monetization is inevitably going to be decentralized.”
Where do you see Web3 apps having the most success? And is the current increase in users sustainable?
