Verdict, a brand owned by research and analysis firm GlobalData, reported a substantial increase in web3-related patent publications in 2023. According to their data, there was a staggering rise of 190 patents compared to previous years.
Their analysis focused on patents related to technologies enabling web3, including blockchain, cryptocurrency, decentralized applications (dApps), and non-fungible tokens (NFTs). Despite a general decrease in interest in web3, patent activity remained high.
GlobalData highlighted that many patent applications were still pending due to the open-source nature of web3 technologies. Open-source software, which encourages collaboration and provides publicly available code, often operates under permissive licenses with fewer restrictions on redistribution or modification.
The surge in patents between 2018 and 2020 was attributed to the development of middleware projects, like bridges facilitating crypto transfers, as per GlobalData’s findings.
Hiring in the web3 sector also saw significant growth in 2022, aligning with the rise in patent publications. Online job postings related to web3 increased by over 2,000% between Q4 2021 and Q3 2022, though there was a notable decrease in the latter half of 2022.
The technology, banking, and payments services sectors saw the highest number of web3-related job postings, but GlobalData observed such postings across nearly every industry. Cryptocurrency and blockchain companies like Coinbase, Circle, and Consensys led the way in web3-related hiring.
Estimating global spending on blockchain technology is challenging due to its segmented nature. However, GlobalData predicts that the global blockchain market will reach $291 billion by 2030, indicating a compound annual growth rate (CAGR) of 57% from 2023.
