Ten of the top 30 web3 cities in the world are located in Europe, demonstrating that the region is quickly becoming dominant in web3 technology. Massive funding inflows to European-based web3 startups are also a major factor in this dominance, according to Rockaway Blockchain Fund, a European venture capital firm, in recent statements ahead of their Gateway to Cosmos Conference and Hackathon web3 event in Prague.
Cryptocurrency, DeFi, and NFTs, as well as artificial intelligence, IoT, and machine learning, are among the web3 fields expected to see rapid growth in the region.
“A range of countries are competing to offer the most friendly operational environment for crypto enterprises, with a Q1 report from Coinclub ranking Germany as top of the list of operators to set up shop,” read the statement.
According to Web3.career statistics, London, Berlin, Amsterdam, Zurich, and Tallinn are among the best web3 cities in terms of job listing counts. London is ranked fourth with 992 job listings, Berlin is ranked sixth with 737 job listings, Amsterdam is ranked 18th with 130, and Zurich is ranked 22nd with 96 job listings.
Europe is seeing growth in the web3 industry, not just in terms of job postings, but also in startup funding. Since the beginning of the year, the EU-Startups website has documented tens of EU-based web3 startups that have successfully raised venture capital funding rounds. Staex, Creandum, Kleoverse, Klima, and Aisti are a few examples. Other factors include a regulatory framework designed to promote the growth of this technology, though this may slow specific crypto developments.
“Europe continues to set the agenda when it comes to innovation in Web3,” said Chief investment officer at Rockaway Blockchain Fund Dusan Kovacic. “With the EU’s MiCA regulation set to provide a clear and consistent crypto regulatory framework, the region will continue to establish its place as a leading global hub for web3 companies to establish operations.”
The Cosmos Conference and Hackathon in Prague will also seek to build on these developments by providing regional developers with the necessary avenues, training, resources, and tools to network and improve their web3 developer talent and skills.
According to the Rockaway Blockchain Fund, the EU region is expected to benefit from the global expansion of the web3 industry. For example, the global web3 developer ecosystem has grown significantly in the last 12 months, with the number of monthly active developers increasing by 75%. Since 2020, daily active addresses have increased by 65 percent per year.
Furthermore, funding for general technology startups has increased by more than 150 percent year over year, with more than $110 billion invested in them this year alone. This accounts for 18% of global venture capital investment. This year, the Central and Eastern European (CEE) countries alone secured a record 5.4 billion Euros in funding for tech startups, representing a 2.4-fold increase over 2020 data. Overall growth in startup company funding will thus be critical to web3 expansion.