Whatever happened to Web3?

Not long ago, every conference was stuffed with speakers pontificating about NFTs, tokenized economies, and digital wallets. We were promised that

• Web3 is ownership.

• Web3 is freedom.

• Decentralization is the future.

In 2022, Web3 was the dominant topic at the SXSW annual gathering of thought leaders. In 2023, there was barely a mention. When was the last time you used a Web3 function? That’s what I thought.

The rapid disinterest in Web3 is reflected in these Google Trend charts:

NFTs

Web3

Metaverse

We can’t overlook the fact that millions of dollars were invested in these ideas and those investments aren’t going to fade into the night. Will there be a time for Web3? Should marketers still pay attention?

I think so, and today I’ll tell you why.

First let’s look at the challenges facing Web3 development and adoption (at least from my point of view). The following points are GENERALIZATIONS. There are exceptions, of course, so don’t beat me up.

1. Disconnected from business value

Let’s start with the fact that too much focus has been on the sizzle without the steak.

An example. My biggest Web3 annoyance has been POAPs (Proof of Attendance Protocol). This is a simple NFT that is generally a memento from an event. A symbol that you attended something.

In my own community, every time we had an event, somebody was sure to suggest that I create a POAP. The conversation would go like this:

Read this story from Mark Schaefer — and all the best stories on Medium.