Follow On Google News

Why Web 3.0 needs more users than investors?

16 Jul 2022 By : Rohit Khandelwal
Southeast Asia’s Lar

To promote Web 3.0's development, projects must concentrate on creating products that attract non-crypto customers.

Over the past two years, funding and interest in Web 3.0 apps have skyrocketed around the globe. These funds have been invested both directly through venture capital (VC) and now through decentralized autonomous organizations (DAOs), as well as indirectly through institutional purchases of cryptocurrencies, which have driven up token prices and strengthened the crypto-based financial assets of Web 3.0 projects.

This growth was fueled by composability, or the ability to combine many services into a single, distinctive product. With the industry adopting intrinsically associated solutions, the growth of a more complete set of DeFi building blocks is enabling options that were previously not available.

Although we may expect additional resources pouring into the Web 3.0 sector over time, it is becoming more and more obvious that there is no (financial) resource scarcity. It does, however, lack goods that may be used by, are acceptable for, and appealing to a mass market.

Web 3.0 and cryptocurrencies are now mostly used by younger people and individuals with advanced technological skills, two traditional early adopter populations. That is to be expected with any modern and problematic technology. The same was true in the past for computers as well as Web 2.0 and social media. Only college-aged students were allowed to use Facebook when it was originally launched.

In order to keep Web 3.0 growing in size, adoption, and value, more emphasis must be put on developing products that the average individual can find value in every day of their lives.

Replacement of Web 2.0 

Web 3.0 outperforms Web 2.0 in many important ways, making it more appealing to a wider range of users. The fact that many Web 3.0 initiatives are "alternatives to Web 2.0 platforms" has benefitted them significantly. 

Web 2.0 advertising is usually annoying because they are inserted into the online content we are reading and because the methods used to serve targeted ads violate our privacy. Web 3.0 will fix these issues as well as establish a new digital economy and restore author content rights.

The Brave browser is working to make its platform more equitable for its users by replacing the Web 2.0 ad-based income model with a more private, open, and just one.

Brave advertisements show on the system notification tray rather than on any website. Your personal information is kept secret since ads aren't picked locally but rather use huge databases of your personal information.

Additionally, if you choose to, you can fully unsubscribe from Brave advertisements. If you want to participate, consumers receive 70% of what the advertiser spent, making the system far more equitable, private, and open.

Other applications, like Session messenger, take advantage of decentralization to offer far better privacy than centralized messengers. The session can provide better privacy and anonymity than any centralized competition in an entirely trustless manner because of its network of staked service nodes.

These types of apps are crucial to bringing mainstream users online in the Web 3.0 era and all have a few things in common: they're simple to use, regardless of your interest in cryptocurrencies, they have evident advantages, and they don't demand a big financial commitment. Web 3.0 will fix these issues as well as establish a new digital economy and restore author content rights.

Web3 won't overtake Web2 in popularity until it is more user-friendly.

Investments in Web 3.0

Web3 idea has led to the establishment of enormous investment funds. These investments are heavily focused on protocol-level development. As an illustration, the blockchain startup ConsenSys collected $450 million from investors including Microsoft, Temasek, and SoftBank. Such substantial expenditures are a sign of confidence in the future of Web3.

 Investments are being made to improve Web 3.0 payment processing as well. According to recent news reports from Coingabbar,  MoonPay and Unstoppable Domains will collaborate to process Web3 payments.

Additionally, there is also an application-level investment, which is used to create Web3 platforms and applications. An important area of investment is determining who will manage and develop these apps since doing so will enable Web3-based businesses to grow.

Facebook and other big tech giants are attempting to shape the idea of the metaverse to guarantee that "interactions that happen in the future continue to happen on platforms that they can control." However, this goes against the core idea of Web3  and there is still a delicate balance to be found between Big Tech's engagement in Web3 and the financial sources coming from them throughout the development phase.

It is hard to predict how quickly Web3 will advance and what the World Wide Web of the future will look like as a result of venture capitalists and Big Tech's investments.

What is evident is that Big Tech is taking this transformation seriously and many powerful voices support the idealistic vision of an internet that puts users in the driver's seat.

Ultimate Need of Users

Users are ultimately important in driving value in technology. What's the use of having technology if no one is using it, in the end? Users are necessary for Web 3.0 to continue to be one of the fastest-growing sectors worldwide. Even if your application is decentralized and built on an open-source protocol, you still need a marketing plan to attract users. 

Despite all the advantages, building completely decentralized apps is far more difficult than building their centralized equivalents. This issue will be resolved with more users since products with users develop faster. As their popularity has grown, other initiatives have discovered the same thing: everything goes more swiftly.

Reaching a sufficient number of users should be the next step for Web 3.0 as soon as possible. This will not only encourage further development and expansion of the apps themselves, but it will also draw new investment into the market, resulting in more growth and resources.

The ownerless future of the internet is attracting a lot of investment but we should support and promote initiatives that will bring new mainstream audiences to the fascinating concept of Web 3.0 if we want the wheels to keep turning.

WHAT'S YOUR OPINION?