Web3 Challenges

Before you get too excited and launch Web3 marketing campaigns, it’s also important to understand the current challenges surrounding it. This will help you further assess how soon the technology will arrive and impact your business.

Only 25% of US adults are familiar with NFTs and only 7% are actively using them despite their novelty. This indicates that mass adoption is a long way off and it will take further development and awareness for the technology to catch on.

Buying and selling NFTs requires cryptocurrency which requires crypto wallets. There are no mainstream platforms that cater to non-crypto users interested in NFTs. This provides further barriers, especially for people who are not familiar with the crypto world.

Creators interested in making and selling NFTs have a hard time finding a platform to easily and quickly achieve their goals. DTC boomed when Shopify built a platform where users can create their own branded online store and sell their products without writing a single line of code. Some platforms have attempted to create an NFT buy-and-sell experience that resembles online shopping but they are still in their infancy.

For the average buyer or creator to get into the NFT space, they need to be familiar with the language. Terms like DAOs, NFTs, decentralized, etc. can get confusing pretty fast and users spend weeks and months researching these topics.

Creating NFTs and DAOs (decentralized autonomous organizations) requires significant technical knowledge. Users must understand how to deploy smart contracts. This can be very technical for a majority of users and presents a barrier to truly immersing in the experience.

Despite these challenges, the development of Web 3.0 is in full swing as developers race to create platforms to make it more accessible to average users. Novel and Dime are emerging platforms that offer no-code creation, minting, and selling of NFTs.