DePINs Identified as Web3's Next Major Use Case in MV Global Report

Decentralized physical infrastructure networks (DePINs) are highlighted as the next significant use case in Web3, according to a recent report by MV Global. The report emphasizes DePINs' potential to attract a large number of new users to the cryptocurrency space, driven by real-world applications across various sectors such as communications, energy, and data storage. MV Global notes that the DePIN ecosystem includes over 1,000 projects with a combined market capitalization exceeding $50 billion. The firm points out that DePINs are effectively addressing major challenges like high infrastructure costs and are poised for substantial growth with the integration of token incentives and onchain governance. Key emerging projects include Destra.network, Chirp, and Andrena, with significant developments also noted in decentralized energy solutions and marketplaces. The report also forecasts a booming market for decentralized data storage, expected to reach $128 billion by 2028, fueled by demand from AI applications.