Web3 Needs a Better User Experience
- Crypto, Web3, and DeFi have failed to change the narrative after last year’s market collapse.
- Total value locked (TVL) in all DeFi protocols is lower than before.
- The user experience (UX) of Web3 is poor, making it difficult for regular users to get into.
- Tech firms need to develop better onboarding frameworks to improve the UX.
Account Abstraction Is on the Way
- Account abstraction, through the ERC-4337 upgrade, will make wallets and Web3 accounts more user-friendly.
- Decentralized identities can be created using phone numbers, allowing for easier onboarding and security.
- Companies should build on existing behavior and mental models to integrate decentralized products into users’ lives.
NFTs Made a Terrible First Impression
- NFTs are a fringe technology for a small group of enthusiasts.
- Traditional media only focused on the speculative value of NFTs.
- Disillusioned users labeled NFTs as a scam when they no longer brought unreasonable profits.
- NFTs have countless use cases and can disrupt various industries.
We Need Regulatory Clarity, Says Redeem Co-Founder
- Reactive enforcement and lack of communication in regulatory actions are concerns for Rush.
- Blockchain-related assets are in a gray zone in many countries.
- Clear regulatory clarity is needed to make the industry healthier in the long run.
- Regulatory clarity is lacking, especially in the United States.
Hot Take
The challenges faced by Web3, including poor user experience and regulatory uncertainty, can be overcome with better onboarding frameworks, user-friendly upgrades like account abstraction, and a shift in perception regarding NFTs. The industry needs to prioritize improving the user experience, providing regulatory clarity, and showcasing the true potential of Web3 technology to gain traction and mainstream adoption. With the right solutions in place, Web3 can overcome its current obstacles and thrive in the future.
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