Web3 Revenue Diversification Away from NFTs as L1 Blockchains Shift Developer Investment Strategy
Web3 revenue concentration is shifting dramatically as NFT marketplaces and L1 blockchains experience significant declines while DeFi sectors remain stable. L1 revenue share has fallen from 78% in January to 41% by August 2022, while NFT share grew to 23% and DEX/exchanges surged to 20%. L1 ecosystem funds are expected to subsidize diverse application development categories over the next 12-18 months to stabilize revenue and strengthen ecosystems.
Metrics in this report
10%
YTD change
January to August 2022
20%
point-in-time
of total public web3 project revenue
6.4%
point-in-time
of total public web3 project revenue
57%
YTD change
January to August 2022
41%
point-in-time
of total public web3 project revenue
78%
point-in-time
of total public web3 project revenue
50%
peak-to-current
Bored Apes and CryptoPunks
62%
YTD change
January to August 2022
23%
point-in-time
of total public web3 project revenue
5.9%
point-in-time
of total public web3 project revenue