Why do people flock to Web3 and why you might want to do the same
Overpriced JEPGs, risky meme coin investments, so much tech jargon, and so many hoops to jump before you see any value from Web3.
But why are so many people obsessed with it?
What’s the deal?
Why do people go to Web3?
- Diversification of savings and investments. People see crypto assets as a hedge against fiat currency and traditional stock investments.
- Autocratic government. In countries where absolute power over a state is concentrated in the hands of few. People see crypto as a way to take back some control over their financial future
- Poor or unstable economies. Axie Infinity is a blockchain-based play-to-earn game that exploded in popularity in developing nations such as the Philippines and is now seen as a viable way to earn a leaving.
- Make a living from creative work. Thanks to NFT tech now creatives are able to monetize their talent to reach a mass audience and create a financially viable direct relationship with their fans.
- Job. Web3 is a booming job market with a big financial back from venture capital and private investors and with not enough talent. As a plus, the culture in Web3 companies is remote-first and super casual.
Why do people stay?
- Universal login. No multiple emails and passwords. You use your crypto wallet to log in on every Web3 app with a click or two.
- One place for all your digital assets. Your crypto wallet acts as a digital backpack where you can carry all your digital assets across industries
- Universal access. NFTs are used as a form of a ticket for physical and digital spaces
- Open-source. Being open-source attracts a lot of talented developers that drive innovation exponentially
- Quadratic funding. This is a more democratic and scalable form of matching funding for public goods, i.e. any projects valuable to large groups of people and accessible to the general public.
- Secondary market. There are kids on the Internet making millions reselling NFTs. The learning curve is quite steep but it seems that the reward is worth it
- On-chain royalties. For the first time, creatives can earn royalties from the work indefinitely without a complicated set-up.
Did you find a use case that might be worth your time?