Security Concerns and High Transaction Costs Top Obstacles to Mainstream Web3 Adoption: Report
Web3 is ripe for mainstream adoption but there are still a few challenges that need to be addressed before onboarding next billion users onto the next generation of internet built on the blockchain technology, as per a recent survey report by Web3Auth.
While a growing number of people are venturing into this decentralized space, security concerns, high transaction costs, and user-friendliness issues present major roadblocks.
The survey, encompassing over 3,300 users, developers, and decision-makers across the globe, revealed that nearly half (48%) perceive security risks as the biggest barrier to mainstream adoption. Additionally, 29% of respondents cited high transaction costs as a major deterrent, a stance shared by Ethereum co-founder Vitalik Buterin.
Further challenges include the inherent complexity of blockchain technology and managing private keys. Another 24% mentioned a lack of user-friendly interfaces, highlighting the need for intuitive design to enhance user experience.
The survey report explored the role of UX in Web3 and how developers are shifting their strategy to include Web2 users. The report cited examples of the largest NFT marketplace, OpenSea, now providing the option to sign up through email and passcode, practically enabling users who don’t have a wallet yet to buy and sell in the marketplace without the hassle of setting up a crypto wallet.
Similarly, popular Web3 gaming projects like SkyMavis’ Axie Infinity and Animoca Brands’ Mocaverse have begun implementing email authentication and embedded wallet interfaces, making these decentralized apps feel more familiar to Web2 users.
Moreover, 79% of developers surveyed plan to implement mobile-responsive features, recognizing the importance of mobile-first
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