The boom of cryptocurrencies has opened doors of decentralized space to the world. People are familiarizing themselves with all the new technological concepts as blockchain becomes the new talk of the town. While all of these concepts are very novel to the baby boomers and millennials, GenZ has been somewhat successful in taking these concepts head-on and experimenting with what’s happening in the space.
What will it take for people to digest and adopt Web 3.0?
Everything new that enters the market is compared to the previous alternative along with what the new product has to offer. People have become extremely comfortable with how google works and how every website that offers anything at all is easy to access. So, why move at all?
A while ago people were shown how Facebook can steal the data of millions to benefit organizations. This situation raised concerns in the minds of everyone including what can be done to avoid all this. This is also one of the reasons why people started shifting from Whatsapp to a more privacy friendly alternative like Telegram or Signal. Stats show that the active users of Signal grew from 0.5 million in December 2019 to 40 million in January 2021.
This concern of privacy along with the will to find platforms that suit the needs of masses signals how people can be welcoming of this new innovation to come.
Apart from privacy the following are the features that would definitely attract a sea of users in the near future:
- Middlemen costs
People have already started to sort their finances by bringing them out of the traditional crooked fed controlled system to the decentralized space, it is only a matter of a few years when people will also learn how digital superpowers like Facebook and Google can be manipulative.
E-commerce and service selling platforms:
E-commerce and service selling platforms like Upwork take up huge cuts for simply letting users interact with one another. Due to the monopoly, people are bound to use these platforms. Decentralized web can kick out the costs associated with middlemen and very transparently bring in a system where users would pay the network fee to carry out their tasks without the fear of having a BlackBox centralized party in the middle.
The recent boom of NFTs also suggests that there will be a lot more platforms solely dedicated to NFTs and their sale.
Most of the musical artists around the world have similar views regarding Spotify and other platforms which aren’t transparent about how much they make from an artist that brings millions of users to Spotify while only paying him a very small chunk that is nothing but embarrassing. Musicians are becoming more and more aware of this problem and not only diving into the NFT space, but also are open to the idea of decentralized streaming services.
There is no denying the fact that blockchain has brought state of the art products while talking about decentralized finance. DeFi alone is one of the biggest motivations for people to become a part of the new decentralized web community.
Although the decentralized web is nothing but greenery for users we still have to face the fact that huge centralized parties have their ways to manipulate users into using their platform. So, adoption can only be possible through awareness and realization of the advantages that this new innovation will bring to the end-users.