Why you shouldn’t be afraid of web3 and NFTs

Like anything new, blockchain technology (combining cryptocurrencies, metaverse, and NFTs) is met with reluctance and rejection… The mere mention of the words blockchain, cryptocurrency, or NFT, can truncate a discussion simply out of ignorance and negative media coverage that surrounds. Adoption of Web3 is being held back by these concerns.

The fear of change has always existed

Changes have always struggled to take hold. By way of comparison, 30 years ago the Internet was only interested in developers and engineers. It finally only gained massive adoption when we started talking about real use cases with added value.

Web3’s current situation is similar. But to achieve mass ecosystem adoption, you need 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 related to scams or scandals. For instance :

-The fall of the second largest cryptocurrency exchange, FTX.

-The fall in the value of NFTs. Justin Bieber saw his NFT Bored Ape lose over 90% of its value.

-More and more spectacular and numerous NFT and cryptocurrency hacks.

Furthermore, regulations remain unclear and the complexity of the ecosystem discourages the general public.

Yet Web3 has many advantages

The old Web2 scheme represents a centralized Internet 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 limitations with frequent data leaks, hacks, identity theft or data selling without consent.

Web3 is fully 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, i.e. all the computers that make up the network (the blockchain).

The information published is also non-modifiable and traceable. Anonymity is also better preserved. In fact, when trading cryptocurrencies on decentralized platforms, the only data communicated is a digital wallet number.

Also, with cryptocurrencies, international money transfers are faster and cheaper than with traditional banking systems. And this, without going through the banks.

NFTs, on the other hand, are not simple .jpegs, their applications are endless:

– Tamper-proof Certificates of Authenticity
-Monetization of works of art
– Tamper-proof ticketing for shows and sporting events
– Issue of administrative deeds
-Traceability
-VIP access to events
-Property Titles
-Medical follow-ups

The metaverse also has many advantages:

-3D live shopping
-Virtual conferences
-Job interview
-Games
-Virtual visits to museums
-Virtual trainings
-School education

Conclusion

The use cases of Web3 are many and very economically and technically advantageous for companies, administrations and individuals. There is no doubt that we have entered a vibrant new economic model. The Web3 ecosystem is still young, leaders from all over the world are already evaluating possible regulations to apply to overcome security problems. Also, in late November, Christine Lagarde called for broader regulation of cryptocurrencies.

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Avatar of Mrs RAIBALDI
RAIBALDI

Passionate about art and Web 3 Very active in the ecosystem since 2021, especially on social networks with the writing of Web 3 articles, press releases on NFT collection launches and participation in ecosystem events. In July 2022 Ms RAIBALDI was ranked among the 333 global influencers of the web 3 LinkedIn.

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