The Crunchbase Web3 Tracker

Follow Web3 news and funding trends with our daily updated dashboard on startups and investment in the Web3, crypto and blockchain sectors, based on Crunchbase’s comprehensive data.

Last updated: 06/24/2024

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The Web3 Tracker is a one-stop shop for following Web3 trends, news and data about venture funding and leading investors in the sector.

Web3 refers to the next evolution of the internet primarily built on blockchain technology. While the concept has been around for just under a decade and didn’t enter mainstream usage until a few years ago, the Web3 sector has attracted more than $100 billion in investment, Crunchbase data shows.

Web3: A brief history

Whereas Web 1.0 represents the early days of the internet and its static, heavy content-related nature, Web 2.0 was the maturation of that into a more user-generated network that brought about more utility, sharing and interactivity.

Web3 could be the most significant step yet. The term was coined by Ethereum co-founder Gavin Wood in 2014 and refers to moving the internet toward decentralized technologies with the promise of increased transparency and accessibility. Proponents say the shift toward Web3 will make the internet open to more innovative technologies and shift power away from large tech companies.

Frequently Asked Questions

What is Web3?

Web3 is an umbrella term used to describe a new iteration of the Internet that’s primarily built on blockchain technology.

Web3 vs Web2: What’s the difference?

While the Internet of today—or Web2—primarily focuses on user generated content, social networking and cloud computing, Web3’s core focus is on decentralization, transparency and accessibility. The technology ushering in this new era was created in response to the centralized nature of the Internet and the perception that a handful of large corporations control what is and isn’t allowed on the web. Web3 proponents say it puts the power back into the hands of users and creates a more open, transparent and accessible Internet ecosystem.

What are examples of Web3 companies?

A few examples of Web3 companies in the U.S. include Alchemy, a developer platform that helps companies build reliable decentralized applications; Polygon, a platform for Ethereum scaling and infrastructure development; and Chainlink, a startup that’s focused on making it easier for traditional data sources, such as APIs, to connect with blockchain technology.

What are the highest-funded startups in the Web3 ecosystem?

The top three Web3 startups by total funding are Block.one, with $4.1 billion raised; Bitstocks Trading Limited, with £1.5 billion ($1.8 billion) raised; and FTX Exchange, with $1.7 billion raised.

Which startups in the Web3 ecosystem have the highest valuations?

The top three startups in the Web3 ecosystem with the highest valuations are FTX Exchange, valued at $32 billion; Blockchain.com, valued at $14 billion; and OpenSea, valued at $13.3 billion.

What is an example of a Web3 technology?

While Web3 isn’t a technology, there have been innovations created based on what the concept represents: a decentralized internet. An NFT, or non-fungible token, is an example of one such innovation. NFTs allow individuals to claim ownership over digital art and other assets. For example, if you’re an artist, you can turn an art piece into an NFT and sell it on a marketplace like OpenSea. To purchase the NFT, an individual might pay you 5 Ether for ownership rights. Your newly acquired Ether coins could then increase (or decrease) in value based on demand and market conditions. 

What is a cryptocurrency?

A cryptocurrency is a digital currency that’s tradeable and uses cryptography to secure transactions. To create more transparency, these transactions are primarily stored on the blockchain, making them completely traceable. 

There are a wide variety of cryptocurrencies, each with its own use case. For example, Bitcoin is considered a store of value. Stellar Lumens (also known as XLM), the token created by the Stellar Development Foundation, was created to help individuals transfer money quickly. These cryptocurrencies, and many like them, can be used for things like investing and making purchases. 

Note: please do your research before investing in any cryptocurrency or digital asset.

Is Web3 the same as cryptocurrency?

No. Web3 is the name used to describe the innovations that blockchain technology has given rise to. Cryptocurrency is the digital currency used within the blockchain ecosystem. 

For the nontechnical person, how does Web3 work?

To understand how Web3 works, first you need to know the basics of blockchain technology. The blockchain is a distributed database, or ledger, that’s not owned by any one entity (decentralization). It stores information, such as cryptocurrency transactions, in a digital format that can’t be edited or deleted (transparency). This information is stored in a “block” that connects to other blocks when it reaches storage capacity limits, creating a chain. Hence the name blockchain. 

With the transparent and decentralized nature of the blockchain, developers are now building a new wave of innovative applications that leverage this technology; what is now known as Web3.

I’m a journalist/researcher/student. Can I cite Crunchbase’s Web3 Tracker in my work?

Yes. Our Web3 Tracker is a public resource. We do ask that you please cite Crunchbase as the data source and include a link to the Web3 Tracker when possible. For additional press inquiries, email press@crunchbase.com.

I want to update my company’s information on Crunchbase. How do I get in touch with the Crunchbase team?

Please reach out to support@crunchbase.com if your company’s data needs to be updated or if something is missing.

Where can I read more Web3 news?

Recent Unicorn Fundings Ranked by most recent funding date

The Sandbox $1B
Monad $1B
Humanity Protocol $1B
TaxBit $1B
LayerZero Labs $3B

Top-Valued Web3 Startups Ranked by valuation

JD Finance $20B
Discord $15B
OpenSea $13B
Dunamu $12B
Alchemy $10B

Recent Web3 Funding Ranked by latest funding round

Verida $30M
Renzo $25M
First Digital Trade $25M
Honeypot Finance $20M
Arthur Inc $100M

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