how much is the Italian market worth?

2023 year of strong transformation for the web3 world, with the development of the regulatory framework and encouraging market and adoption numbers. After a period of relative stability, in fact, the cryptocurrency market has recorded a recovery (+110% compared to 2022), thanks also to the development of spot ETFs on Bitcoin. About 3 million users in world uses every day 15,000 applications decentralized (DApp), +75% in the last year. And the decentralized finance (DeFi) ecosystem has maintained stable investments around 45 billion dollars, relevant even if far from the 160 billion in April 2022, before the collapse of Terra-Moon and the subsequent “cryptowinter”.

Blockchain: projects are growing around the world

In this context, companies and PAs from all over the world continued the development of blockchain-based projects: there are 297 new cases in 2023, +19% compared to 2022, cwhich bring the total number of projects registered by the company to over 1300 2016 to date. 31% of the top global demand-side enterprises in the Fortune Global 500 have implemented at least one blockchain-based project in recent years: 153 demand-side enterprises in total have developed 336 projects between proof of concept, pilot and operational. These are some of the results of the research'Blockchain & Web3 Observatory of the School of Management of the Polytechnic of Milan*, presented during the conference entitled “Web3: Why, What and When?”.

“The 2023 was a characterizing yearor by a lack of media attention on the world of Blockchain, but the sector is not at all remained stationary – explains Valeria Portale, Director of the Blockchain & Web3 Observatory –. Indeed, starting from the cumbersome legacy of instability and scandals, such as those of Terra-Luna and FTX, we have witnessed a phase of purification and maturation of the sector: questionable speculative practices have been reduced, a more conscious evolution of technology has been promoted , greater attention was given to ethical aspects and sustainable development. At the same time, the idea of ​​web3 continued to make headway, a new model of the web characterized by equity and inclusiveness, based on key concepts such as transparency, decentralization and active user involvement, which could represent an profound economic and social change”.

Projects in particular are growing strongly Blockchain for business (+58%), the majority, equal to 36% of the total, with 106 new cases between token solutions and smart contracts to optimize business processes. In line with 2022 the projects of Decentralized web, in which Blockchain serves to develop services close to the Web3 paradigm, with 96 new cases equal to 32%. The new projects based on the exchange of value, the so-called, are also stable Internet of Value (between cryptocurrencies, stablecoins and Central Bank Digital Currency): in 2023 there are 95 cases, 32% of the total.

The Italian market is worth 38 million euros

As far as our country is concerned, the 2023 sees substantial stability of Blockchain projects, with investments equal to 38 million euros (down 10%). But players have shifted focus from the immediate launch of small-scale projects, which in 2022 had primarily been related to the creation of NFTs, to larger prototypes and pilots. 39% of investments concern the sector financial and insuranceo, which remains predominant, while the importance of PA projects increases, to 14%, and agrifood, 10%, followed by fashion (7%).


Cryptocurrencies in Italy

Furthermore, research carried out in collaboration with BVA Doxa shows that they are beyond that 3.6 million Italians that they declare they currently own cryptocurrencies or tokens. A third (32%) purchased them through a cryptocurrency exchange, 17% with a direct purchase wallet service. 38% of Italians prefer to expose themselves financially to these instruments only indirectly through traditional trading services and banking apps.

Among those who own crypto-assets, 37% stores your assets using exchange services, with Coinbase, and Binance, which remain the main ones (in 55% of cases). In line with 2022, however, 36% of users use non-custodial software wallets and 8% hardware wallets. Users who hold cryptocurrencies or tokens on generic financial trading services or on banking apps are increasing (38%, compared to 23% in 2022), probably also due to the increase in supply. Penetration, however, is more limited NFTs, play-to-earn games and DeFi applications, adopted by 8%, 8% and 5% of respondents respectively.