Like every novelty, blockchain technology (which brings together cryptocurrencies, the metaverse, and NFTs) comes up against reluctance and refusals… The mere mention of the words blockchain, cryptocurrency or NFT, can cut short a discussion simply because of ignorance and negative media coverage surrounding them. Adoption of Web3 is held back by these fears.
The fear of change has always existed
Changes have always struggled to take hold. By way of comparison, 30 years ago the Internet was of interest only to developers and techies. Eventually it only gained massive adoption when we started talking about real use cases with added value.
The current Web3 situation is similar. But to achieve mass adoption of the ecosystem, it is necessary to:
-simplify and make the ecosystem accessible to as many people as possible; and
-improve its security through the implementation of controls or regulations.
Indeed, fears about cryptocurrencies and NFTs are linked to scams or scandals. For example :
-The fall of the second largest cryptocurrency exchange, FTX.
-The fall in the value of NFTs. Justin Bieber saw his NFT Bored Ape lose more than 90% of its value.
-More and more spectacular and numerous NFT and cryptocurrency hacks.
-In addition, the regulations remain unclear and the complexity of the ecosystem puts off the general public.
And yet Web3 has many advantages
The old Web2 scheme represents an Internet centralized around mastodons. Web giants such as Google, Amazon, Apple and many others offer their services in exchange for users’ personal data, which is used for commercial purposes. However, this system has limits with frequent data leaks, hacks, identity theft or the sale of data without consent.
Web3 is completely decentralized and is not controlled by a central authority, but by its users. This decentralization is itself used for network security: it is complex to attack multiple targets, that is to say all the computers that make up the network (the blockchain).
The information published is also non-modifiable and traceable. Anonymity is also better preserved. Indeed, during cryptocurrency exchanges on decentralized platforms, the only data communicated is a digital wallet number.
In addition, with cryptocurrencies, international money transfers are faster and less expensive than through traditional banking systems. And this, without going through the banks.
NFTs, on the other hand, are not just simple .jpegs, their applications are endless:
-Tamper-proof Certificates of Authenticity
-Monetization of works of art
-Tamper-proof ticketing for shows and sporting events
– Issuance of administrative documents
-Traceability
-VIP access to events
-Property titles
-Medical follow-ups
The metaverse also has many advantages:
-Live shopping 3D
-Virtual conferences
-Job interviews
-Games
-Virtual visits to museums
-Virtual trainings
-School education
Conclusion
The use cases of Web3 are multiple and very advantageous financially and technically for companies, administrations and individuals. There is no doubt that we have entered a new buoyant economic pattern. The Web3 ecosystem is still young, leaders around the world are already considering the possible regulations to be applied to overcome security problems. Moreover, at the end of November, Christine Lagarde called for broader regulation of cryptocurrencies.
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