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Why is Nobody Using Web3 Technology?

Web3 technology
Web 3.0

There’s no denying that the Web3 industry is slowly becoming mainstream.

Cryptocurrencies, blockchain, NFTs, DeFi, and the metaverse have actually ended up being household terms, and countless people are expected to get in the crypto market in the coming year.

Nevertheless, the rate of adoption Web3 has actually seen isn’t as quick as one might believe. There’s a significant discrepancy in between the adoption rate of Web3 technologies within the crypto market and beyond it.

While the crypto-savvy audience has followed the market considering that its inception and knows its method around it, the more traditional audience often has a hard time keeping up with brand-new advancements such as Defi and yield farming.

The curious case of the hardware gap

Various factors contribute to this discrepancy. Ruben Merre, the founder and CEO of NGRAVE, believes that one of the most significant factors delaying Web3 adoption is an absence of hardware innovation that allows users to physically connect with and experience Web3

” We still have not reached a place where the ease of use of Web3-related hardware is what the population is used to under the present Web2 structures,” he said in an interview with CryptoSlate. “This is something the market needs to strive towards.”

Merre says that the decentralization that includes Web3 has forced individuals to become responsible for taking their online security into their own hands. Removing that responsibility from third parties and proxies has led to numerous security options catering only to innovative clients, leaving those less tech-savvy behind.

” While Web3 has grown and offered some advantages to users in terms of security, this remains a big difficulty to Web3 adoption– in particular, since a lot of the hardware options which have been available approximately this point are challenging to use,” he discussed. “Normally speaking, there’s massive room for improvement in terms of the innovation that permits you to physically interact with and experience Web3.”

The issue Merre described is often referred to as the “hardware gap” in the Web3 industry. The brand-new tech period has been disproportionately more concentrated on establishing software, with the hardware that needs to accompany it looking more like an afterthought than a purposeful option.

When asked whether he believed that the hardware gap was decreasing the market’s adoption, he said that it was absolutely the case.

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Web 3.0

” I believe that at the moment, Web3 is still quite a challenging concept to most people and the experiences that are to be had with existing hardware are not yet totally fluid.”

His company, NGRAVE, focuses on hardware manufacturing– cryptocurrency wallets, to be precise. NGRAVE’s items are touted as one of the most protected on the marketplace, providing users with an end-to-end option to handle their crypto safely. The company is actively attending to the issue of the hardware gap by supplying users with the hardware tools required to secure their crypto assets– whether these are cryptocurrencies, NFTs, or even their digital identities.

Merre believes that NGRAVE requires to focus on education along with making to secure its place on the market.

” To facilitate this modification and more motivate Web3 adoption, it’s essential that there’s not just a focus on supplying hardware that facilitates good user experience, but likewise on educating people on how to utilize and get the most out of this technology. This is absolutely something we’re focusing on at NGRAVE.”

The significance of education ends up being even higher when taking a look at the speed at which specific segments of the Web3 industries are establishing.

Take, for instance, the metaverse. The enormous rise in popularity it saw in the past year has fast-tracked the lives of millions into the digital world. And with the totality of the metaverse happening on the blockchain, there’s a pushing need for the security and protection that hardware services can only offer.

Merre anticipates that the increased use of the metaverse will lead to an increased interest in NGRAVE and its products. Educated users will be the ones that value security and grab hardware services to protect their possessions.

Nevertheless, this doesn’t mean that business like NGRAVE will close the hardware gap at any time quickly.

“Hardware is hard.”

Last month, Warren Buffett’s Berkshire Hathaway got a $4.2 billion stake in HP– and saw it increase in value by over $650 million in a matter of days. This has led numerous analysts to seriously reevaluate the “hardware space” and alert about the potential ramifications of a hardware shortage in the future.

Merre rather agrees with this outlook, telling CryptoSlate that there has actually been an increased need for hardware following the enormous shift to working from home and hybrid working in the wake of the COVID-19 pandemic. This has actually led to supply decreases, which have considerably affected the rates of hardware and the crypto industry’s capability to provide items.

This issue isn’t unique to the crypto market, either. In 2020, Sundar Pichai, the CEO of Alphabet, stated that Google was dealing with severe problems with its hardware production, especially its Pixel phone. He informed The Verge that hardware production was a multi-tiered, costly procedure that was both labor and cost-intensive.

Why is Nobody Using Web3 Technology? Photo Tech 3
Circuit Board

“Hardware is hard,” he said at the time.

This isn’t a brand-new problem, either. Wired determined problems with hardware production as one of the most significant reasons startups stopped working– practically 5 years earlier.

Even if companies handle to determine the type of hardware their clients require, the demand for a specific item might reduce considerably when it strikes the marketplace. This lag in time can also cause the end cost of the item to spike, impacting its market fit.

Nevertheless, the increase in interest in hardware items, particularly cryptocurrency wallets like the ones offered by NGRAVE, is at its peak. A growing demand for safe hardware, combined with the increasing liquidity of its prospective clients, means that companies like NGRAVE will keep battling to bring more products to market. We are yet to see whether NGRAVE and others can conquer these difficulties and deliver the hardware the industry so desperately needs.

Since much better and easier to use hardware items will ultimately bring more adoption to Web3, Merre stated.