The rapid growth of blockchain technology in modern society is undeniable. It seems everywhere a consumer looks, their favorite brand, company, or service is rolling out a collection of NFTs or metaverse-based offerings. Even mainstream sports organizations are beginning to partner with cryptocurrency exchanges. Cornerstones of contemporary culture are struggling to ignore the rise of blockchain technology.
Yet one obstacle remains to the widespread adoption of Web3 values: accessibility. Whether it is the information available to understand their investment or the viability of crypto in conventional businesses, the masses are still often precluded from getting involved in what some consider the future of finance. Individuals such as Bob Kramich, the founder of BEASY, are getting to grips with what it could take for the widespread use of new technology. He has identified the specific obstacles to the universal adoption of blockchain and how those in the space can work to circumvent them.
The barrier to mainstream adoption
Firstly, one potential problem is that prospective purchasers of digital assets such as NFTs widely believe they must engage in cryptocurrency to invest. In the eyes of advocates, crypto still experiences broad misconceptions and negative associations in some public circles.
“Blockchain is complicated,” Kramich said. “There are more than 3,000 cryptocurrencies with a market cap of around $3T. Yet there are only 15 currencies with a collective market cap of more than $80T. Converting these users of fiat currencies into digital asset adopters, or converting fiat market liquidity into NFT market liquidity, is the problem that should be addressed to bring the next 1B users into the digital IP commerce era.”
Hope on the horizon
Despite efforts to fast-track new adopters into blockchain fluency, a slow and steady shift in wider society exists.
“Some recent compelling events have given us the impression that real change is taking place,” Kramich stated. “The pandemic showed the need for humans to conduct commerce and network trustingly without seeing each other face-to-face. Elsewhere, the NBA Top Shot game and Dapper Labs have achieved success, encouraging blockchain’s mainstream prospects.”
Finding a solution
What enthusiasts believe is required is the kind of technological solution students will be highlighting in history textbooks for years to come. The barrier to entry is thought to be accessibility, and making blockchain markets accessible is the objective of some individuals in the space.
“New ventures in the community can make it easy for individual entrepreneurs or businesses to create NFTs or digital assets and sell them from their website or on marketplaces such as OpenSea,” Kramich summarized. “On the supply side, creators could add official NFT benefactors and contributors and determine their share of royalties. A solution of this kind would add virality and contribute to network effects and more rapid adoption.”
Bridging the knowledge gap for those engaged in fiat money-based business but who recognize the opportunity posed by blockchain technology is the aim of new proposals. Those working towards a solution believe sellers should be able to diversify their portfolios and sell digital assets like any other product. Providers would no longer be required to understand a whole new world of technology before considering entry into the market.
Solutions to the inaccessibility problem could provide benefits to the demand side as well as to supply. The hurdles that online retailers face exist in equal measure for potential buyers, like the requirement for a crypto account. Future innovations could be significantly influential in the growth of the digital IP commerce community.
“For consumers, solutions could enable existing fans of all ages to procure digital assets without purchasing or using a cryptocurrency,” Kramich outlined. “Every enterprise’s existing customer or fan base could transform into an NFT serviceable obtainable market (SOM).”
If Web3 adopters can overcome inaccessibility, it could be era-defining for an entirely new wave of digital asset consumers. The average digital citizen’s understanding of cryptocurrency and NFTs may be on the verge of transformation.