- Web3, which combines the ideas of blockchain technology-based platforms and token-based economics, is still lacking mass adoption.
- Platforms must work on educating users, spreading awareness, and asking the government to make laws to attract users.
Can Platforms Boost Web3 And Crypto Adoption
Although the crypto space has come into the spotlight and roamed freely in daylight compared to its early days in the dark web dungeon, it is still far from coming into the mainstream. Several users have realized the potential of blockchain technology and have the means to adopt it; however, the majority are still cast out and not part of it.
Lack of education regarding the crypto space can be a major reason for people not adopting it. Still, the misconception regarding the security and volatility of cryptocurrencies rules over people, and they fear investing their money. Although true, and accepting that there have been several cases of hacks and price swings, it is also true in any other industry, and proper awareness among people will give them strong feet.
There are no definite regulations around cryptocurrencies, which makes people wonder about their legitimacy and whether they will fall into a legal trap while using them. Law bodies around the world are themselves wondering about the commodity and trying their best to make laws to govern it. Some cases of the Securities and Exchange Commission (SEC) of the USA v/s crypto firms have led to people going even farther from cryptocurrencies.
Although several countries, like the UK, have laid out drafts regarding the promotion of cryptocurrencies and associated incentives, there are still no definite laws, as seen in the stock market. The sooner governments consider the capability of blockchain technology and work on drafts adopting it, the more users will have trust in it and the inclination to use it.
The platform can attract a large number of users by providing a creative, yet simple user experience. The crypto industry holds the misconception of being home to just tech savvy and knowledge of coding. Platforms should work on eliminating them by letting users enjoy a Web3 UX familiar to them in Web2-based applications, which calls for making the blockchain technology transparent for the end users.
Regarding security, users are presently familiar with using simple passwords, which they can easily reset if they forget. Remembering a 12- to 24-word seed phrase could be quite challenging, which the platforms can overcome by developing a hybrid model. They can also provide better security through two-factor authentication and other hardware solutions.
Coders, programmers, and crypto professionals are the key people to take the technology forward, and platforms should make them adopt the platforms as well. Economic incentives and rewards can motivate them to work hard and think creatively. Although Web3 cannot offer a regular payment in the form of a salary, as the present Web2 giants do, they can develop a lucrative reward model. Conducting regular hackathons with hefty prizes can also help coders open the closed bridges of their brains to walk over, win prizes, and continue researching in the same direction.
Presently, blockchain technology is not just limited to cryptocurrencies but has found several use cases in decentralized finance (DeFi), Non-Fungible Tokens (NFTs), the metaverse, and others. Metaverse, the unified virtual space for all, is already heavily researched by giants like Google, Meta (formerly Facebook), and Apple, which have invested billions of dollars in the space.
Conclusion
Gaming platforms are early adopters of the play-2-earn model, where users not only play for relaxation and fun but are earning money through the time and energy spent. Except for the cavemen, people are constantly seeing the words cryptocurrency, blockchain, bitcoin, metaverse, Web3, and others around them but are not prompted to research and invest in them. The reason may be underlying risks, lack of awareness, and regulations, which, if platforms need to see mass adoption of Web3, they must work collectively to oust.
