Opinion: The web3 community’s solidarity fostered its growth, but now it is causing its demise.
Disclaimer: The opinions expressed in this article are solely those of the author and do not necessarily reflect the views and opinions of crypto.news’ editorial team.
The slow adoption of Web3 serves as a wake-up call to those in the industry who have grand dreams. Statistics have a funny way of working. Experts often oversimplify the concept of web3 to prove its growing acceptance and awareness. For example, they might say, “More than 90% of people have heard of crypto, hooray!” While this may be true, a deeper dive reveals that only 8% of people have a solid understanding of web3.
According to A16z, web3 is predicted to reach one billion active users by 2031, which is roughly the same speed as the internet’s growth in its first 15 years. However, if we examine the current crypto growth, it seems to be driven more by bull runs and FOMO (fear of missing out) rather than genuine adoption. The web3 community may be partially to blame for this.
The web3 community, made up of crypto enthusiasts, initially played a crucial role in the growth of web3. Being part of this community meant being at the forefront of technology. However, the community’s current state is marked by elitism. An excessive focus on technical issues has discouraged newcomers who lack the same level of technical expertise.
We have become so obsessed with technical discussions and innovations that we have overlooked the importance of accessibility and user experience. Instead of prioritizing collaboration and adoption, we are launching numerous L1/L2 protocols that often address the same issues repeatedly.
While web3 supporters call for more everyday people to enter the crypto and web3 world, their actions do not align with their words. The lack of trust, transparency, and a sense of “greater seclusion” make it difficult to promote web3 to a broader audience.
Our community is predominantly made up of anonymous individuals on platforms like X-Twitter and Discord. While this is not inherently wrong, an unwavering focus on blockchain’s anonymity does not resonate with ordinary people who have concerns about safety, scams, and the fear of losing their hard-earned money. Security cannot exist in conditions of total anonymity.
In addition, the expensive conferences and meetups that primarily cater to the tech-savvy community further deepen the issue. While web3 natives attend industry meetups in large numbers, there is a noticeable absence of events aimed at newcomers.
At present, we lack evangelists who can expand our audience reach. While figures like Vitalik Buterin are inspiring, we need many more individuals like him to truly grow the community.
Instead of prioritizing innovation or building innovation for adoption, our community needs to rethink its approach and prioritize mass adoption. Average users do not necessarily need to understand all the technical aspects of blockchain. They simply need convenient web3 solutions that work and solve real-life problems.
Technology is only meaningful when it is being used. Therefore, let’s focus on modernizing outdated global money transfer systems and addressing real-world challenges rather than solely focusing on future possibilities. Rather than seeking to replace SWIFT, we should aim to integrate our innovations into its existing framework.
By collaborating with payment giants like Visa and Mastercard, we can develop solutions that reach billions of users. We should also engage with governments to demystify web3 and showcase its ability to address pressing issues.
Achieving adoption through proper product-market fit, user-friendliness, and accessibility is crucial. The next few years will be crucial for web3 as we move past the initial hype stage and enter the adoption phase. We face a critical choice: either we cater to billions or risk web3 becoming nothing more than a fever dream.
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Bakhrom Saydulloev
Bakhrom Saydulloev is a C-level executive and product lead with over 13 years of experience in Fintech. He is currently responsible for product development at Mercuryo, a global payments infrastructure platform that provides financial services for fiat and crypto businesses through API integration. Bakhrom has a background in computer science and entrepreneurship, having completed his Master’s degree at the University of Warwick and further studies at Harvard. This background has been instrumental in his role as a product specialist and business development expert.
