Co-founder and CEO of Saga. Read Rebecca Liao's full executive profile here.
Web3 is arguably one of the most talked-about industries in the world. But despite having a market cap of nearly $3 billion, the industry hasAs we head into the next bull cycle in Web3, we’ll have another shot at it. Having been in the public eye for over a decade without having reached mainstream usage, it could be the last real shot we have.
Here are the top five reasons why Web3 has yet to sustainably break out beyond a small pool of passionate users:Web3 infrastructure is usually slow due to network congestion and terrible developer tooling. Simply put, while Layer 1s, the base infrastructure for Web3, are permissionless and decentralized, they are nowhere near a reliable platform for developers to build on without enormous effort and expenditure.
It is by its very nature an incredibly insular culture in which not even other technology sectors are welcome. There is a language native to Web3, and any expansive thinking is dismissed as insufficiently degen. In many ways, this subculture fears mass adoption because it will mean a safe and closed-off space will become populated by people with different perspectives and cultures.
The volatility and short cycles in the market force developers to aim for half-baked products that, at their best, work but are not meant for broad distribution, and at their worst, are quite buggy and unstable. Greater adoption will kick off feedback loops that will enable more stability and proper product development cycles.
Notice that none of these reasons have anything to do with Web3’s branding problem among the mainstream or the media’s inability to understand the technology. These are issues endemic to the industry that need to be fixed before we can begin the journey of mass adoption. Every technology starts off with use cases that aren’t for the mainstream, but they become adopted because of the marriage of cultural zeitgeist and readiness of the technology.
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