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The Web3 Promise
I’ve been working with crypto since 2015-2016, witnessing the ups and downs of an industry finding its footing.
That was nearly a decade ago, and we still haven’t come far. The industry remains a mess, from centralized exchanges (CEX) to decentralized exchanges (DEX), to all the cool things we can build.
I often wonder why I was accepted for the Forbes Legacy Pass. I had zero expectation of being accepted so I just wrote exactly how I felt about Web3 and the critical need for a decentralized web.
Whats at stake?
We are currently being held hostage by big tech. The fact that we have allowed three or four large companies control everything we do down to the use of AI. This is where things start to get messy.
Lets use Google as an example. Google is integrating their AI model Gemeni into all of their products. While this might be helpful at first, it will quickly change how we use the web within the next two years. Google is returing very accuracte AI results when we search, it won’t be long until having a website is pointless. Why browse to a website when AI can simply return information from your website and provide it a user.
There will be less and less users browsing websites as the need to do so becomes obsolute. We are truly stairing down the barrel of a gun.
This will change how we shop, browse, and interact with the web as we currently know it.
The Only Solution
Decentrlization is essential if we want to have a say in any of this. Web3 is a decentrilized web that can take on the threat from big tech and AI. Quality content, products, and services will be reconigized not by algorithms (although I do forsee a decentilized “Google” coming in the not so distant future) but by me and you. Web3 is the promise of returning the web to users not big tech. If we fail to move to a decentrilized web, we risk losing our indepence and ability to innovate. There is simply to much at stake for us to emprace decentilization.
If this is true, why hasn’t Web3 seen mass adoption?
Well this is where things get frustrating as all hell. As opposed to building a decentrilized web that appeals to everyone, we have made the barrier to entry far to complex. The technology behind Web3 is facinating and very lucrative.
I enjoy making money as much as the next person but this should be why we use Web3. Let’s break down some common issues:
- Venture Capital by and large VCs have plagued Crypto markets as soon they realized it was a cash cow. These snakes in suits are backing projects that have some value and using this playbook:
- Identiy a project to back that is worth: $100,00.000
- Dump and an excessive amount of money into the project. The $100,000.00 project is now worth $1,000,000.00.
- Generate buzz and go through another round of inventments.
- After this round, more VCs have poured money into the project which is now valued at $10,000,000.00.
- Now that the project has some big investors behind it, it will attract another round of investments.
- The second round of investments is usually where things really get crazy. The project is now valued at $50,000,00.00. Note the underlying project hasn’t fundementaly changed. Money is on marketing, and hiring cheap digital labor. Everyone from Marketing to Development has a tenues grasp on the technology they are working with. This is perfectly fine as the project doesn’t have to be great anymore, it just needs to make money.
- There will likely be one more round because greed is inherit to these suits. Now the project is worth close to $75,000,000.00 despite the fact the project hasn’t changed and is still worth the initial $100,000.00.
- Time to Cash in - Now that the value of a project has been inflated preventing retail investors from ever getting their foot in the door, the slow release of tokens can begin. The VC’s own the majority of them and since the project is valued at $75,000,000.00 and has recieved industry buzz. People are pouring money into projects they don’t understand aside from the hope of making money. Unforturnetly this will never happen as coins/tokens are being purchased at prices far above what the value of the project is.
- Now the VC’s can sit back and watch as the price of the tokens/coins they control baloon.
- Identiy a project to back that is worth: $100,00.000
In summary this con has devistated Crypto markets and is destryoying Web3. Projects are being realeased before they are actually finised as the race to pay back the VC’s is now the sole priority for the project. What we are left with is a Web3 that priotizes ROI over users. The fatal flaw that has kept Web3 from ever having a chance at taking off.
This is unfortuantly just one of the large issues plaguing Web3.
What else is wrong with Web3?
We have this idea that using the same tools and techniques that drive Web2 will work for Web3. This is a fatal flaw akin to putting sqaure wheels on your car. It just doesn’t work and what makes this issue even worse is the quality of the projects following this paradigmn. Web3 is littered with poorly developed websites and dapps. Built by the cheapest labor a company can hire in order to rush projects out the door before the competition.
What happends when a project is rushed?
- Branding is not thought through.
- Go to market is a race not well thought out process.
- Development is lackluster, leaving users frustred with broken projects and a user experience that was never planned or even discussed.
- Complex technical jargon is fun to those of us who understand it. This represents a small segement of users, the vast majoiry of potential users have no idea what all the technical jargon means. It’s very difficult for projects to take off when the vast majority of users have no idea how to use a product.
- Development for the sake of development. This really gets my blood pumping as this practice is moving us back to Web1. Is it cool we can build amazing things? Yes of course but is actually necessary for the project? My bet is its not. Only develop what is necessary for the project to work, introduce features when necessary not because you can.
The list goes on but for the most part these are some of the biggest issues plaguing Web3 and preventing mass adoption.
So what do we do?
Well this should be a no brainer. Slow down and make sure your project is built for the user and not the product or service. Web3 is for users, negletcing them in favor of building cool stuff your product is detremintal. Our goal is create a web that reduces friction between the user and project they are interacting with. Even the most advanced game changing project will fail if its to complex and difficult for a user.
Do you have an example of a good project?
i’m so glad you asked. Lets take a look at some amazing projects that are doing things correctly. We’re going to break down what they are doing to help you create a project that moves Web3 forward not backwards.
Issues:
- Web3 Perception
I recently completed my Marketing Mini-MBA, where Web3 was consistently mocked—not just by students, but also by industry leaders. It’s embarrassing to have Web3 ridiculed by classmates and instructors alike.
Are they right to laugh?
Yes! Web3 is genuinely problematic, and I believe others must recognize this. While I appreciate the rapid pace of innovation and the influx of new projects, there are significant issues. With over 40 wallets and no easy central access point for Web3 content, users have become second-class citizens—a frightening development.
Remember “Users”?? Those people who use your project.
Users were once paramount; when treated well, they returned to your website. Web3 has taken the opposite approach: build as quickly as possible, using unnecessary tools, disregarding performance, and forgetting that not all users have 60-inch 4K screens with fiber internet.
We’re launching impressive products, but the user experience is lacking. I challenge you to ask someone unfamiliar with crypto to open a Web3 site and try to decipher its purpose.
While I may understand it, our goal should be to grow the industry, not just cater to the few who already grasp these concepts.
I’ll conclude with some key points:
The right tool for the job
I’m sure most people think I hate React or Next.js as I complain about it so often. I will concede that I often complain to much without providing a solution to the issue. This is where things tend to get a bit complex as picking the correct tool for the job is paramount to a successful project.
Over the past four months I have explored and built my website using the following platforms:
- Next.js
- Astro
- Gastby
- Svelt
- NunJucks
- WordPress
- Craft
- Webflow
- Stemic
I have mixed and matched the following headless CMS products with all core JavaScript frameworks:
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Tina CMS
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Sanity.io
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WordPress
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Contenful
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Storyblok
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Butter
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Some projects do require it, but from my observations, it’s necessary for about 45% or fewer.
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Accessibility: We’ve failed to make Web3 inclusive, repeating the mistakes of Web2:
- Font sizes are too small.
- Contrast between elements is insufficient.
- ARIA roles are neglected.
- The dismissive attitude that “blind people aren’t trading crypto or using Web3” exemplifies the mentality that has hindered Web3’s progress for five years.
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“Performance doesn’t matter.”
- This statement is shocking. I could write a book on the importance of performance.
- Performance is crucial—if anyone tells you otherwise, end the conversation.
What I loved about Web2 is that we pushed web development forward. Desktop become responsive sites, we made so much progress. Now we seem fine with React and Tailwinds.
We need sites that put the user first and challenge the industry. Every Web3 front end is a carbon copy of the next. This is becoming the issue with Web3 sites connecting to wallets. The service provided it subpar, nobody seems to care. We have you’re money, we are the cool new project and you’ll get an airdrop.