The State of Web3 Economies

The Block Research published a report on the web3 economy about a year ago. Here, we expand on some of the themes covered in that report, first providing updated metrics on general activity and scaling activity and then taking a specific look at NFTs, the metaverse, and DAOs.

While the total crypto market cap is down over 50% from a year ago, it’s important to remember that the same market saw over 10x growth in the 2020-2021 bull run. At some point, that rally was doomed to be unsustainable, with hubris and wretched excess hindering industry progress. On the bright side, washing out bad actors and corrupt businesses is a sign of progress.