Web3 Needs to Slow Down to Make Meaningful Progress in 2024
Despite the recent surge in Bitcoin prices and the overall market cap of cryptocurrencies, the crypto industry still faces significant barriers to adoption. To make meaningful progress in 2024, the industry needs to take a step back and slow down.
The fast-paced nature of the industry often leads to a focus on new technologies and ideas, leaving behind established and proven utilities. While Metaverse-focused utilities like NFTs and web3 gaming generate interest, they are not effective drivers for mainstream adoption.
Instead, the industry should prioritize more tangible utilities such as established payment systems and real-world assets (RWAs). These utilities are more familiar to mainstream users and provide a solid foundation for institutional and mass adoption.
Sustainable Business Models and User Education
In 2024, sustainable business models will take precedence over tokenomics and trendy narratives. Projects that deliver value creation and revenue generation will triumph over those with empty promises.
User education is also crucial for mainstream adoption. The industry needs to improve product UI/UX and focus on security to build trust among users. Decentralization alone is not enough; accessibility and ease of use should be prioritized.
Web2.5 Products as Bridges to Web3
Web2.5 products and services, which combine decentralization with battle-tested efficiency from Web2, will play a key role in driving critical use cases and larger-scale adoption. These products act as bridges for mainstream users into the web3 ecosystem.
Improving infrastructure security is another priority for the industry. Scams and exploits are still prevalent, highlighting the need for better security measures.
Hot Take: Celebrating Regression for Progress in 2024
While it may seem counterintuitive, the “progression through regression” approach in 2024 will bring the web3 industry closer to significant breakthroughs and mainstream adoption. Slowing down, focusing on established utilities, and prioritizing sustainable business models will pave the way for a more mature and accessible crypto industry.
About the Author: Veronica Wong
Veronica Wong is the CEO and co-founder of SafePal, a comprehensive decentralized crypto wallet suite. With over 10 million users, SafePal aims to solve security, UI/UX issues, and cross-chain interoperability for crypto users. Veronica has a decade of experience in Fortune 500 companies and is committed to driving the adoption of cryptocurrencies while ensuring user safety and convenience.
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