The number of web3 related patent publications soared 190 in 2023 according to research and analysis company GlobalData’s patent data base.
The chart below tracked patents relating to web3 enabling technologies like blockchain, cryptocurrency, dApps and NFTs.
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In its 2024 thematic intelligence report into web3, GlobalData noted that patent activity related to web3 remained high despite the theme’s overall interest reducing.
GlobalData also reported that many patent applications were still pending due to the open-source nature of many web3 related technologies.
Since open-source software requires a widescale collaborative effort and a publicly available code, many open-source technologies are distributed under a permissive license meaning that there are fewer restrictions on how that software can be redistributed or modified.
Web3’s initial rise in patents between 2018 and 2020 could be explained by the development of middleware projects, such as bridges for crypto transfers according to GlobalData’s report.
Hiring in web3 also grew dramatically in 2022 alongside this rising number of patent publications.
Between Q4 2021 and Q3 2022, web3 related online job postings increased over 2,000% according to GlobalData’s jobs data base.
Despite this significant increase, web3 active job postings did decrease dramatically during the last half of 2022.
The sectors with the biggest number of job postings were technology, banking and payments services, but GlobalData noted that web3 related job postings were found in nearly every sector.
At a company level, web3 related hiring was led by cryptocurrency and blockchain companies such as Coinbase, Circle and Consensys.
While estimating total global blockchain spending is difficult due to the technology’s segmented nature, GlobalData forecasts that the global blockchain market will reach a value of $291bn in 2030.
If accurate, this means that the global blockchain market will achieve a CAGR of 57% from 2023.
