Let's talk about why analytics is a big opportunity in web3.
Global data and analytics software grew from $32 billion in 2011 to $216 billion in 2021 (source) - nearly 6x. Analytics in web3 has equal or more potential, and we're still very early.
A dream datasource
The blockchain is data engineer's dream datasource.
Blockchains provide data that is public, structured and accurate. I can go to Etherscan and look up what an address owns. I can view the transactions to and from that address.
The cryptocurrency market is valued at $1.6 million.
There are few markets in the world that are as large as this. Despite the sell off from the last few days, this is a big market that will continue to grow.
SO many segments
There are so many niches to pick in web3.
Choose from: NFTs, DeFi, Crypto Trading, Web3 Analytics. Help customers choose an NFT. If that's not your thing, help customers find the best yields on DeFi. Don't like trading? No problem - build analytics for web3 applications.
Solving pain points
Existing players are solving problems that are simple but painful. Let's look at a few examples:
- Dune Analytics lets you query the blockchain with SQL.
- Moby has a feed of the latest mints so you can find the next big NFT.
- The Graph allows users to build and publish open APIs that query protocols like Ethereum or IPFS.
Analytics is early, but growing fast
If you want to build in web3, consider a data or analytics product.