The Importance of Web3 Education
The crypto bull run of the last few years brought crypto into the spotlight, adding crypto slang to the cultural lexicon while bringing tons of new investors and capital into the space. Though this was a watershed moment in the history of crypto adoption, the subsequent crypto winter and bear market currently being experienced has highlighted the need for Web3 education.
The glaring drawbacks of using a centralized web aren’t being solved until web3 becomes more mainstream, but that is inevitable at this point. Thus the question remains, when will this happen? And what projects will survive to lead the Web3 revolution?
Large scale crypto adoption has been aided by huge bull cycles in the sector, but just as profit can encourage adoption, down markets can prevent it, furthering the need for education and fundamental understanding of the various ways Web3 is being used to improve our digital lives. Much like a teenager going through growing pains, the market is exploring uncharted territory, and the speculative nature of crypto has led many to misunderstand or undervalue the widespread changes Web3 will bring to the future of digital commerce. The NFT space is a perfect example of this, as highly speculative investment in digital art with sky high valuations and endless rugpulls has led many to completely reject NFT, even though the underlying technology of NFT might be the single most promising aspect in the entire Web3 space.
The workforce of the future
Despite challenges in the sector, the market is expected to reach annual growth rates exceeding 40% from 2021–2026, with revenues expected to top $1 billion for the global banking sector. Additionally, there are over 84 million registered blockchain wallets, up from just 11 million in 2016. Just like any new disruptive emerging technology, this will result in brand new areas of job growth and job creation as more and more companies adopt blockchain in some way.
This large demand for a talented Web3 workforce may be slowed unless large scale crypto education takes place. The market is still reactionary, with overall sentiment following market capitalization. Instead we need to look further into the future, and what Web3 can mean to so many who haven’t begun to utilize its advantages. The economics of Web3 will stabilize as revenue expectations become more clear and market volatility decreases, but the future of Web3 cannot and should not rely completely on market momentum and speculation.
Web3 resources are limited
With every new project promising to revolutionize Web3, much of the information regarding development comes from biased sources. Though it is important for Web3 projects to share their own published articles, white papers, and press releases to explain their vision and tech, the promise of Web3 is decentralization, and this needs to extend to media, news and education as well.
This is an issue that goes beyond Web3. As the world becomes globalized, the power of the mainstream media and leading social platforms to choose what information is and isn’t allowed brings up issues of censorship and misinformation. When money is involved, objectivity can be skewed, but the power of Web3 is the community driven aspect.
Educate your community
MassBit approaches this dilemma by first creating clear and transparent updates and roadmaps regarding progress as well as hiccups encountered. Additionally, MassBit offers a variety of marketing programs to encourage community members to contribute to Web3 education. In the same way user reviews of a product on a retail website can offer unbiased feedback, Web3 communities need to be encouraged to educate new users and to share their experience and expertise in every aspect of Web3.
MassBit incentivizes community members to write independently about MassBit. Independent user opinion and feedback is the transparency every fundamentally sound project should strive for. In return, as the project develops, contributors are recognized within the community, can earn various incentives through community driven programs, and get exposure as the project grows.
Creating trust in Web3 shouldn’t be reliant fully on the economics of the current market. Sure broad market trends help to understand Web3 growth, investment and adoption, but with the ever increasing need for decentralization, all Web3 enthusiasts, developers and entrepreneurs should look to find new ways to educate the masses about the fundamental technology driving this revolution.