Web3 Payments Market Profound Expansion Expected Set to Reach USD 54.52 Billion by 2032

The Web3 payments market is an emerging sector focused on facilitating transactions on decentralized networks and Web3 applications. The development of cryptocurrencies, blockchain technology, DeFi (Decentralized Finance), and NFTs (Non-Fungible Tokens) is driving growth in this market. The global Web3 payments market size was valued at $1.6 billion in 2022 and is projected to grow at a CAGR of 48.20% to reach $54.52 billion by 2032.

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Market Segmentation:

Based on the payment method, the Web3 payments market is segmented into cryptocurrency payments, stablecoin payments, and others. The cryptocurrency payments segment held the largest revenue share in 2022, attributed to the meteoric rise and mainstream adoption of popular cryptocurrencies like Bitcoin and Ethereum. However, stablecoins are expected to grow at the fastest rate over the forecast period owing to their price stability features.

By application, the market is divided into exchanges, wallets, payments, NFTs, decentralized finance, and others. The NFT segment is anticipated to witness the most rapid growth over the forecast period due to the surging trading volumes and adoption of NFTs across gaming, collectibles, and the metaverse space.

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Created on Feb 28th 2024 02:48. Viewed 100 times.

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