What keeps Web3 from world adoption?
94% of adults around the world are aware of blockchain tokens, but only 3.9% of them are actually owners. Bringing blockchain technology and Web3 to the mass is still a big question due to many reasons.
First and foremost is the regulation. Many countries around the world are banning tokens just because they don’t know how to regulate them properly. China, one of the biggest token markets on earth, is getting very strict against tokens recently. This makes people around the world worry about the prospect of Bitcoin and other tokens. Blockchain technology needs a global framework which makes most of the people feel “safe” to engage with it. It is hard to predict when but with its growth rate, regulation for blockchain space will materialize within 5 years.
There are still not many use cases for blockchain tokens besides speculating values. There is no reason for many people to own tokens if they don’t know how to deal with them. There are many stores or even nations, like El Salvador, accepting Bitcoin. But due to the huge price fluctuation, using these assets for daily transactions does not make much sense. The emergence and growth of stable coin or central bank digital coin (CBDC) seems to solve the price fluctuation problem by pegging value to fiat currencies. But this removes the beauty of decentralization which is why blockchain technology was born.
Customer education is the next challenging thing. After more than 10 years, creating a wallet and purchasing some Bitcoins are still a big problem to most people. To bring blockchain technology to the masses, people need to understand more about tokens and feel comfortable to buy and store them. Without education, blockchain tokens are still games of tech savvies. We are all still in the early days of the blockchain and decentralization era. As such, reaching widespread adoption is a big problem that needs to be solved.