World Wide Web3 | Is mass adoption of NFTs possible?
NFTs have taken the world by storm (Wow, tell me you’re a 90s baby without telling me you’re a 90s baby). These resources give you access to digital experiences, exclusive content and member benefits – and it doesn’t stop there! NFTs are used to authenticate luxury goods, reserve hotel rooms, and even AirDrop guarantees. But is this really enough for the masses to adopt NFTs?
The definition of mass is “a large body of people” and the definition of adoption is “to take up and practice or use adopted a moderate tone.” So mass adoption is getting a large group of people to take up and practice a particular habit. Ok, but how is it measured? By societal standards, when the average person takes on that “practice,” that’s when you’ve reached mass adoption. But with Web3 technology being quite new and somewhat complicated, how will this be possible?
Your first thought might be that we can use big brands and influencers to increase the use of NFTs, which is a good conclusion. Thanks to social media, we interact with brands and consume content from our favorite celebrities on a daily basis. From clothing trends right down to the type of exercise we do—I didn’t forget when you all signed up for pilates after Lori Harvey mentioned it online—big brands and the celebrities they endorse have a big effect on our everyday decisions. So it makes sense to use them as an avenue to inform the masses about NFTs and onboard the next generation. Unfortunately, they definitely tried and ultimately failed.
You see, Web2 brands are dropping NFT projects the exact same way they’ve been launching projects for years, but that method doesn’t work in the Web3 space. The result? A failed project, wasted marketing dollars and a tarnished reputation. Web2 companies are trying to jump on the NFT trend as they fear missing out on funds, but they haven’t done proper research regarding the Web3 space. How is it possible to influence the masses to join Web3 if you don’t know much about it and/or you don’t hire people who are informed enough to carry out your Web3 projects accordingly? The answer is: IT IS NOT POSSIBLE.
When it comes to celebrities and influencers, they do no better than the Web2 brands. Someone is hired to post about NFT projects on social media without understanding what the project is OR if it is a scam. Others are paid to be the “face” of NFT projects but have no idea what an NFT even is, and finally, some try to drop NFTs on their own but don’t have the right team to to perform, so it ends up being a rug cover. Influencers see this as another brand campaign that they can promote just to collect a bag, but they don’t understand the consequences of being associated with a project that ends up deceiving their consumers. It reduces the trust they have in the public AND leaves a bad taste in the mouths of those in the Web3 community at the moment.
Okay, so we can’t trust big brands and celebrities, so what’s next? Your second thought might be to focus on lowering the entry barrier to Web3 so that it is accessible to all groups of people. When we say access, we mean making it as easy as possible for people to reach this new technology, aka make it mobile friendly. With that in mind, Web3 sites are now more accessible via mobile, and some have even created apps. It is not only easy access to the website that consumers need, they also need to be able to purchase NFTs seamlessly. Downloading a wallet, buying ETH and then transferring it to your wallet may seem offensive to the average consumer. To combat this problem, NFT marketplaces and even certain blockchains allow you to buy NFTs with just your email and credit card.
So now you can access websites directly from your phone and use your credit card to make purchases, but what about transaction fees, also known as gas fees? The market is not in the best shape at the moment and gas taxes are so high that they can cost more than the NFT itself. What is the solution? Some blockchains allow little or no gas fees compared to ETH. NFT marketplaces are also doing their part to expand access to NFTs by suspending minting fees for a certain amount of time or offering a wider range of blockchains that have cheaper gas fees. But will this be enough?
My thoughts are…lowering the barrier to entry is one aspect of the momentum in mass adoption, but what will really take it over the edge is EDUCATION. There is no way you can access the mobile friendly website if you don’t even know what it is and how to use it. There is basic information that must be understood in order to understand and navigate the Web3 site. Yet you don’t see a lot of education happening – a lot of launching projects, but very little who, what where, when and why. The main consumers see the marketing of NFTs but have no idea what it is and what is going on, so they consider it bad due to lack of understanding and choose not to participate.
I know you’re probably asking yourself, “So why isn’t anyone educating people?” Web2 companies barely understand the space themselves, so instead of dealing with the headache of educating consumers, they’d rather just market to current Web3 natives. Companies already in the Web3 space have an active consumer base that understands the technology, so they don’t feel the need to educate themselves. Where does that leave the general consumer? They are left to their own devices as they try to figure out the complicated technology. This is why I’m so optimistic about creating content like this column—it’s to educate people because no one else is. If we don’t take the time to educate our community, no one will and we will be left behind. Can mass adoption of NFTs happen? YES, but it will take us to make it happen.
