The following is a guest post Greg Wiseman, Co-founder and Chief Operating Officer (COO)
Web3 has been getting a lot of attention over the past few years. The promise of a decentralized internet that puts users in control of their own money and data has sparked excitement across tech-savvy communities around the world.
Some forecasts predict that the Web3 market will reach incredible size. $177.58 billion By 2033. however, Despite this growth, the actual adoption rate of Web3 remains low.
A question arises here. What’s blocking this space?
Web3 has departed from its original path.
The original idea for Web3 was revolutionary in its vision. The idea was to put control back in the hands of users, eliminate intermediaries, and build a digital world based on interoperability, permissionless systems, and self-management. Users can independently manage their assets and directly benefit from their data, rather than allowing third parties to potentially exploit them.
However, while some progress has been made towards this goal, Web3 is unlikely to go mainstream when considering decentralized applications that allow users to play games and stake funds without worrying about intermediaries. has not penetrated. There is promise, but in my opinion the implementation is overdue.
Too complex to understand or adopt
One of the biggest barriers to Web3 adoption is its complexity. For beginners, cryptocurrencies and the Web3 platform are difficult to understand and even more difficult to use. For the average user, they simply remain “somewhere”, confusing and inaccessible. And this is a major hurdle for its implementation in daily life. Unless you're already part of the cryptocurrency world, joining feels like trying to navigate a maze.
For example, consider the growing buzz around Layer 2 solutions (L2) such as Base and Arbitrum. The technology is designed to address some of the common pain points associated with Web3 by increasing the scalability and efficiency of blockchain networks and making interactions faster and cheaper. But despite the benefits L2 promises, most users don't know why L2 exists or what makes it stand out.
Just hearing terms like mainnet, L2, gas fees, etc. can leave non-crypto natives scratching their heads wondering why they should care about all these different layers and what are those layers and which ones? You may end up not understanding how you can interact with each other. This lack of understanding and clear accessibility is turning away many potential users.
This can't be helped, as Web3's reputation has taken some hit, mainly because it's often associated with scams, hacks, and get-rich-quick schemes. Additionally, the idea of ​​self-custody, where users are responsible for their own assets, is daunting to most people. Traditional banking has a safety net and customer support, and for many people, it feels safer and easier.
Meanwhile, the world of Web3 is still considered a dangerous western region. The pace of innovation and change is so fast that even those working in this field often struggle to keep up. Naturally, this adds an additional level of complexity for users to work with.
Finally, Web3 has a limited range of use cases. Users cannot do much with their assets other than crypto trading and speculative activities, and that alone is not enough to attract a mainstream audience. To achieve widespread adoption, the field must provide practical and appealing applications that people can use on a daily basis.
So, will Web3 be saved?
For Web3 to break out of its niche and enter the mainstream, it will need to revisit what made Web3 exciting in the first place: use cases built with interoperability, self-custody, and permissionless access in mind. need to focus. However, these concepts need to be integrated into the platform in a way that users are already familiar with.
Imagine you are a customer of a neobank that suddenly starts offering higher yields through an embedded Web3 wallet. Or if a non-crypto app starts offering smart wallet functionality. In this way, the benefits of Web3 will be more accessible to the general public.
It's important here to focus on user experience and simplicity of access. At the moment, Web3 is still clunky and complicated. To appeal to a wider audience, apps need to be as intuitive as the apps we already use every day. This means a better interface, clearer instructions, and an easier onboarding process. Education and marketing are also important in demystifying Web3 and showing people why it's worth their time.
The potential of Web3 is huge, but it is hampered by complexity and lack of practical use cases. For Web3 to really take off, the industry must focus on integrating with existing Web2 platforms and creating real value for everyday users.
