Web3 Companies Converging to Web2 Valuation Multiples Across Categories

Analysis of top 100 public Web3 projects reveals that certain categories (NFT Marketplaces, DEXs, lenders, yield aggregators) are increasingly trading at valuation multiples comparable to Web2 counterparts, with revenue growth now correlating to market multiples similarly to traditional software companies. L1 blockchains remain outliers with thousand-fold multiples, reflecting investor expectations for massive ecosystem growth. This convergence suggests Web3 is maturing and will likely shift focus toward revenue metrics as a primary valuation driver.