Only 8% Of People Are Familiar With Web3 – What to do?

People do not Know about Cryptocurrency evolution: a Matter of Concern?

As digital realms evolve, search trends fluctuate, reflecting society's waning or waxing interest in certain concepts. Take, for instance, the concept of the metaverse. Once hailed as the future's shining star, search interest in the metaverse has plummeted by a staggering 92% from its zenith. This sharp decline underscores the fickle nature of such trends^[1].

Crypto, though ubiquitous in conversations, has a different story. An overwhelming 92% of global respondents acknowledge having heard of it. Yet, a paltry 8% confidently claim in-depth familiarity with the intricate world of Web3. Why this disparity?

Web3's predicament might lie in two main areas:

1. Muddled Definitions and Shifting Aims: Web3's very essence seems nebulous to many. Its expansive goals and frequently evolving definitions make it difficult for the layperson to grasp, adding to its obscurity.
2. A Declining Crypto Environment: Despite high anticipations of Web3's ascendancy, real-world results haven't lived up to the hype. Amid a tepid crypto backdrop, Web3's promises haven't quite resonated as expected.

Should we all Know what Web3 nad Metaverse is?

The year 2021, replete with lockdowns, stimulus interventions, and a whirlwind of crypto milestones - from Bitcoin's peak at $68,000 to El Salvador's historic embrace of it as legal tender - stands in stark contrast to today's scenario. That year, animated monkey artworks fetched millions, and the quirky Dogecoin achieved a whopping $88 billion valuation^[2].

Parallel to this was the crescendo around a future digital utopia, dubbed the "metaverse", where daily chores to leisure would pivot to blockchain-based domains. Yet, as data indicates, this cacophony has reduced to a mere murmur. And it isn't just the metaverse; the broader concept of Web3 also grapples with dwindling enthusiasm.

Despite this, a silver lining emerges. A recent survey spotlighted key concerns that align with Web3's objectives:

• 79% yearn for enhanced online identity control.
• 83% rate data privacy as paramount.
• 67% firmly believe in ownership rights over their creations.

While these figures seem promising, they're double-edged. Addressing broad, generalized concerns does not automatically translate to successful Web3 protocols. The crypto realm is testament to how swiftly the tide can turn, especially when token valuations falter.

The rebranding of Facebook to Meta epitomizes these tribulations. Mark Zuckerberg, the CEO, had to reassure stakeholders about the company's unwavering commitment to the metaverse. Despite his assurances, Meta's ventures into the metaverse saw colossal financial setbacks. Although Meta's recent performance showed recovery, it’s critical to remember that its previous lackluster phase directly followed the rebranding – a correlation that raises eyebrows.

While Web3's potential remains undoubted, its current challenges underscore the need for clarity, realistic expectations, and perhaps a more tangible roadmap that resonates with the masses. Only then can we hope for a future where more than just 8% truly understand and embrace the world of Web3.

Web3's Potential Path Forward: Reaching Global Community

While the challenges faced by Web3 and the metaverse are evident, they're not insurmountable. Several technology advancements in the past faced initial skepticism or faltered before achieving mass adoption. So, what could be the potential next steps for Web3?

• Education and Outreach: One of the primary reasons for the unfamiliarity with Web3 is the lack of comprehensive education around its possibilities and benefits. Conducting workshops, webinars, and educational campaigns can be a starting point. If more people understand the underlying principles and advantages of Web3, they might be more inclined to explore it.
• Simplification: A reason many are daunted by Web3 is its inherent complexity. By designing user-friendly interfaces and experiences, and by simplifying jargon-filled explanations, Web3 platforms can attract a wider audience.
• Building Practical Use-Cases: For any technology to gain acceptance, it needs to prove its utility. Web3 developers should focus on building applications that address everyday problems, making its use evident and indispensable.
• Collaboration with Established Entities: If leading tech companies and enterprises, apart from Meta, can find feasible integrations of Web3 into their existing services or products, it would provide the concept with a significant boost. Such collaborations would also lend credibility and trust to Web3 initiatives.
• Regulatory Clarity: One of the deterrents for many, especially institutional investors, is the unclear regulatory environment surrounding blockchain and Web3 technologies. Governments and regulatory bodies need to provide clear guidelines, ensuring safety and fostering growth.
• Addressing Concerns: Like all emerging technologies, Web3 has its critics. Addressing concerns head-on, whether they're about energy consumption, security, or equity, will pave the way for broader acceptance.

In the wake of the 2021 euphoria, it's evident that the road ahead for Web3 is neither straight nor smooth. However, by learning from past technological evolutions, stakeholders can strategize effectively. For example, the internet, in its infancy, was a mysterious concept to many. Yet, as its tangible benefits became clear, and as usability improved, it became an integral part of our lives.

In many ways, Web3 stands where the internet did a few decades ago^[3]. With concerted efforts, strategic pivots, and a relentless focus on value delivery, there's no reason Web3 can't move from the fringes of tech discussions to the center of our digital lives. And in that future, the 8% of today can indeed grow to encompass a vast majority of the global population.