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Web3Macro

Web3 Infrastructure Q3’22 Revenue

Sami Kassab, Mihai GrigoreOct 3, 2022 ⋅ 11 min read

Key Insights

  • Overall revenue generated by the Web3 infrastructure sector declined 67% QoQ to $5.6 million, with Filecoin and Pocket accounting for 91% of the overall revenue.
  • When excluding both Filecoin and Pocket, the sector cumulatively generated $505,000 in revenue in Q3’22, up 8% QoQ.
  • Growth avenues include social media, creator, and metaverse-gaming economies enabled by maturing Web3 infrastructure, adoption from Web2 service providers, and institutional capital supporting the supply-side expansion of Web3 infrastructure.

This report sheds light on the (demand-side) revenue of nine prominent Web3 infrastructure protocols alongside four subsectors: file storage, computation, wireless connectivity, and blockchain data. The overall revenue of the Web3 infrastructure sector is computed by calculating the revenue generated by each of the nine protocols with publicly measurable revenue data.

web3 infrastructure sector revenue and valuations

Q3'22 has been challenging for the Web3 infrastructure sector. Although the sector’s fully diluted market cap slightly declined by 2%, the overall revenue generated declined by a staggering 67% QoQ from $16.8 million to $5.6 million.

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Sami Kassab
Old_Samster

Sami Kassab is an Enterprise Research Analyst focusing primarily on Web3 Infrastructure and Bitcoin. Sami previously spent 5 years as an Aerospace Engineer designing aircraft engines and missile & defense systems.

Mihai Grigore
tech_metrics

Mihai is Director of Research at Messari. Mihai leads Protocol Research, covering base layers, mid-layer infrastructure, DeFi, and consumer apps. Prior to joining Messari, Mihai was a tech entrepreneur and worked in AI at UBS and Swiss Re in Zurich. His background is in computer science and math. Mihai holds a PhD in information systems from ETH Zurich, Switzerland

Mentioned Assets
Outline
  • Key Insights
  • Revenue Calculation Methodology
  • Subsector Revenue Breakdown
  • File Storage
  • Computation
  • Wireless Connectivity
  • Blockchain Data
  • Final Thoughts
Authors
Sami Kassab
Sami Kassab is an Enterprise Research Analyst focusing primarily on Web3 Infrastructure and Bitcoin. Sami previously spent 5 years as an Aerospace Engineer designing aircraft engines and missile & defense systems.
Mihai Grigore
Mihai is Director of Research at Messari. Mihai leads Protocol Research, covering base layers, mid-layer infrastructure, DeFi, and consumer apps. Prior to joining Messari, Mihai was a tech entrepreneur and worked in AI at UBS and Swiss Re in Zurich. His background is in computer science and math. Mihai holds a PhD in information systems from ETH Zurich, Switzerland
Mentioned Assets