Web3 is ripe for mainstream adoption, but there are still a few challenges that need to be addressed before the next billion users gain access to the next generation internet built on blockchain technology, according to a recent research report from Web3Auth.
As a growing number of people venture into this decentralized space, security concerns, high transaction fees, and usability issues are major obstacles.
The survey, which included more than 3,300 users, developers and decision makers around the world, found that almost half (48%) consider security risks to be the biggest barrier to mainstream adoption. Additionally, 29% of respondents cited high transaction fees as a major deterrent, a view shared by Ethereum co-founder Vitalik Buterin.
Other challenges include the inherent complexity of blockchain technology and private key management. Another 24% cited a lack of user-friendly interfaces, highlighting the need for intuitive design to improve the user experience.
Source: Web3Auth
Research into the role of UX in the adoption of Web3
The research report examined the role of UX in Web3 and how developers are shifting their strategy to engage Web2 users. The report cited examples of the largest NFT marketplace, OpenSea, which now offers the ability to sign up via email and passcode, virtually allowing users who don’t yet have a wallet to buy and sell on the marketplace without the hassle of setting up a cryptocurrency. wallet.
Likewise, popular Web3 gaming projects like SkyMavis’ Axie Infinity and Animoca Brands’ Mocaverse have started implementing email authentication and embedded wallet interfaces, making these decentralized apps feel more familiar to Web2 users.
Additionally, 79% of developers surveyed plan to implement mobile-responsive features, recognizing the importance of mobile-first user behavior.
Developing countries are more open to Web3 than developed countries
A large majority of the population, around 92%, is already aware of crypto, although only 24% are familiar with the concept of web3. The report noted:
“Attitudes towards cryptocurrency vary globally, with notable differences between wealthier countries in Europe and Asia, such as Japan and South Korea, and developing countries in Southeast Asia, South America and Africa. Wealthier countries tend to be skeptical of cryptocurrency, often associating it with negative concepts such as scams, money laundering and speculation. As a result, they adopt a cautious and reserved attitude towards its adoption.”
The majority of Web3 users access dApps on Android devices
68% of Web3 users access dApps from Android devices, while most applications are currently designed for computer screens. 79% of developers recognize this gap and plan to implement mobile-responsive features.
Despite a third of crypto usage taking place in gaming (1.2 million daily active wallets), a survey from the Game Developer Conference reported that more than 75% of game developers are not interested in blockchain.
Commenting on the report, Zhen Yu Yong, CEO of Web3Auth, emphasized the need for accessibility:
“When you build a city, the first step is to widen roads and build more highways. Likewise, I believe that once we make Web3 accessible and connect it to our existing digital lives, the floodgates of Web3 traffic will open to a mass audience. ”
