Bear Market Can’t Stop Web3 Developers From Building the Future
The ongoing crypto bear market has hit NFTs hard, with trading volume down 41% in Q2 2023 according to Alchemy. But despite this NFT slump, it’s not all doom and gloom for Web3. Nearly 6 million new smart contracts were still deployed last quarter across various blockchains. This shows that even amid the bear gloom, developers remain focused on building real utility and use cases to advance decentralized technologies.
According to a recent CoinDesk article, while NFT trading volume sank 41% in Q2 2023, nearly 6 million smart contracts were still deployed across various blockchains.
This shows that despite the NFT bear market, developer interest in building Web3 projects remains strong. The data comes from Alchemy’s Q2 Web3 Development Report, which tracks key metrics like smart contract deployments and Ethereum SDK installations.
It’s reasonable to infer that developers see future potential in Web3 even if current NFT demand is low. They are likely building the infrastructure and use cases needed for the next stage of adoption. Areas like gaming, social media, digital fashion and more are being built out.
So the NFT winter does not signal a Web3 winter overall. Builder activity is alive and well, as developers focus on real-world utility to bring decentralized technologies mainstream. The foundations are still being laid for Web3’s expansion despite market conditions.