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Last week we talked about Consumer Web3, and explored some examples that can help this “thing” talk to regular people.

So, following up on this topic, I invite you to dive a bit more into concepts, ideas, and challenges within the Web3 ecosystem that, at the end of the day, aims to bring more people to the space.

Or, in other words, let’s talk about Web3 adoption.

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The history keeps repeating itself:
Overcoming initial barriers to Web3 adoption

Electricity, cars, internet… You name it.

Every groundbreaking technology faces a series of hurdles during its early years. Skepticism (which is natural), negative press, and regulatory pushbacks are common. Web3 is no exception.

While it’s gaining traction, the road to mass adoption is lined with challenges. These barriers are part of the natural adoption curve, testing the technology's resilience and adaptability. And overcoming these hurdles is crucial for long-term success.

And speaking of “long-term”, Blockchain, a core component of Web3, has been around for over a decade (some huge companies have been using it since 2015), which is a lot when it comes to technology.
Based on the “selling point” of transparency and security, Blockchain helped revolutionize various industries. Over time, its applications have expanded waaaaay beyond cryptocurrencies, showing its versatility and potential in sectors like finance and supply chain management - and many of these applications have been discussed in past editions of The Wild West of Web3.

Just as the internet evolved from skepticism to “we need it”, Web3 is gradually gaining acceptance. The growing interest from enterprises and the diversification of applications signal a maturing technology.
This trajectory underscores the importance of persistence and innovation in overcoming initial barriers and achieving widespread adoption.

There are a few others, but based on what I have experienced when dealing with different partners - whether it was a Fortune 500 company or a start-ups - here are some of the main things that usually are considered obstacles for Web3 to really take the next step toward mass adoption:

→ Regulatory Uncertainties: Confusing regulations create hesitation among potential users - especially companies.
Think data protection/sharing, cryptocurrency x balance sheets, and rules that may change depending on different governments’ views on Web3 stuff.

→ Technical Complexities: Initial onboarding can be challenging due to complex technical aspects. On top of that, UXs are often too hard for the regular person to even bother setting up a wallet/account.

→ Security Concerns: As said many times in previous editions: “You're the bank, which is great. But you are the bank, which may be bad”.

→ Scalability Issues: Some popular blockchains may struggle when handling large volumes of transactions efficiently.
(Luckily, there are many solutions for this situation - it’s more about educating companies about this)

→ Lack of Awareness: Many consumers are still unaware of Web3's potential and applications.
At the end of the day, if people/companies can’t see actual benefits, any transition tends to become harder.

If you are already working/building in Web3, you might be thinking:

“But Diego, most/all these problems have solutions… There’s this XYZ tool that solves ABC”.

Yes… But the thing is: how do we make these solutions “talk” to regular people? In other words, how do we make the transition from solving Web3 problems to solving problems with Web3?

On the right track:
Simplifying Web3 for everyday consumers

Thankfully, A LOT of Web3-related projects and brands are actively working to simplify the technology for everyday consumers (and by “consumers” I mean both individuals and businesses).

The perception that Web3 is complex and inaccessible is gradually changing thanks to these initiatives. Various projects aim to make blockchain, NFTs, and decentralized applications (dApps) more user-friendly, thereby facilitating wider adoption.

Every week, I feature some of these projects here, so we all can learn more about initiatives that are, at the very least, trying to make things easier for a broader adoption.

Obviously, some may succeed while some might not reach their full potential, but the important thing is: that there is an incredible amount of effort being put into bringing Web3 to the masses.

Consumer-focused solutions - as mentioned in the previous edition - are a great opportunity within Web3. Simplifying the user experience is key to breaking down barriers.

Want a quick example?

Not long ago I posted on my LinkedIn about a solution that’s using AI+Blockchain to create new online shopping opportunities.

(More about AI+Blockchain in our edition #13)

Last week, I talked about the potential for Telegram in Web3. Well, a (Telegram-based) crypto game has surpassed 300 million users in five months since its launch in March 2024.

“But Diego, I bet 95+% are bots”

I guess we’ll never know the exact number, but even in this scenario, 15 million people accessing/using your game/app/platform is only a distant dream for most projects.

No, I’m not endorsing nor recommending this game - which I haven’t played. The thing here is: whether we like it or not, popular platforms can act as amazing bridges to reach the masses.

Notice that both examples - in different ways - involve businesses AND users at the same time. And both are relatively simple products.

Because let’s be frank: something we don’t need more of in Web3 is complexity 😅 .

More giants are joining the party:
Moonpay+Paypal

Even though “crypto” is probably the most popular Web3-related term, it’s still something not friendly for non-tech audiences.

Setting up a wallet is tricky, dealing with seed phrases is not always safe, and even the process of buying and selling crypto may be hard for the regular folk.

With all that in mind, it’s great to see that MoonPay has partnered with PayPal to allow users in the EU and UK to purchase cryptocurrencies using their PayPal accounts.

This collaboration aims to lower the barriers to crypto adoption by leveraging PayPal's extensive user base and MoonPay's seamless transaction infrastructure. By combining PayPal's reach with MoonPay's robust platform, this initiative could be a game-changer for mainstream crypto adoption.

The partnership is designed to offer a more accessible entry point for individuals interested in cryptocurrencies. Users can now buy a variety of cryptocurrencies such as Bitcoin and Ethereum directly through their PayPal accounts.
More than “just” simplifying the purchasing process, this also enhances security and trust, given PayPal’s reputation and widespread acceptance.

MANY people already have PayPal accounts, so integrating crypto purchases into this familiar platform reduces the learning curve and makes the process more intuitive.
And here we are again: This ease of use is crucial for attracting new users to “our” space, especially those who might be intimidated by the traditional complexities of buying and storing cryptocurrencies.

This move could also encourage other financial services companies to explore similar integrations, further driving mainstream adoption.

Overall, the collaboration between MoonPay and PayPal represents a significant step forward in the effort to make cryptocurrencies more accessible and user-friendly.

Spotlight:
Mastercard Crypto Credential

Mastercard launched the Mastercard Crypto Credential, marking a significant milestone with the introduction of its first peer-to-peer (P2P) pilot transactions.

It is set to streamline and secure the process of cryptocurrency transactions, making it more accessible and trustworthy for users globally.
Basically, by integrating these crypto credentials, Mastercard aims to enhance the safety, efficiency, and transparency of digital asset transactions.

In their own words:

“For the first time, crypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases, instead of the typically long and complex blockchain addresses”

“Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay will be able to send cross-border and domestic transfers across multiple currencies and blockchains”

The primary goal of the Mastercard Crypto Credential is to create a standardized approach to verifying trusted interactions on blockchain networks. This initiative provides a secure framework for transactions and also simplifies the process, reducing the complexities often associated with cryptocurrency exchanges.

The initial rollout of the P2P pilot transactions is being closely monitored and is expected to provide valuable insights into the practical applications of the Crypto Credential. This pilot involves several key partners and blockchain networks, all working together to test the efficacy and reliability of the system.

In short, I believe that Mastercard’s Crypto Credential initiative represents a forward-thinking approach to enhancing the security and usability of cryptocurrency transactions.

Back in edition #27, we explored Visa’s Web3 Loyalty Solution - and it’s amazing to see another huge player launching another initiative.

So, in a few lines, we have seen examples from PayPal, Mastercard, and Telegram → 3 potential bridges to help more people enter Web3 without having to deal with its often annoying complexities.

And I’m sure there’s more to come.

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What do you think?

Are we really close(r) to mass adoption? And by the way: what would you consider “mass adoption?”

See you soon.

#LFGrow
Diego Borgo