Engaging the Masses: How Entertainment is Taking Web3 Mainstream
The entertainment industry has been at the forefront of implementing Web3 strategies and has the potential to onboard the masses to blockchain technology. Despite recent challenges in the crypto market, there is still high investment in Web3 as institutions and consumers recognize the potential of decentralization and blockchain technology.
However, there is a growing gap between awareness of Web3 and active adoption. Many people are familiar with crypto or blockchain technology but do not engage with Web3 services due to a lack of technical knowledge or not knowing where to begin. Mainstream adoption of Web3 is likely to happen gradually rather than as a conscious choice, powered by the underlying technology.
One of the fundamental problems Web3 faces is the high barriers to entry, which can make it challenging for curious minds to adopt new technologies. Web3 education remains a major pain point for developers and consumers. While the number of unique addresses deploying smart contracts has grown, the number of active wallets has shrunk, indicating lower engagement even among those already involved in the crypto space.
The Coinbase Institute predicts a 50% increase in Web3 adoption over the next three years. The entertainment industry, with its natural integration of blockchain technology and ability to offer new use cases, makes a strong case for driving this adoption. From creating rich NFT ecosystems to integrating crypto payments and exploring concepts like play-to-earn gaming and the metaverse, entertainment giants, talent agencies, and creative networks are actively finding ways to incorporate Web3 into their existing models.
By leveraging the popularity and reach of the entertainment industry, Web3 can gain wider exposure and attract a larger user base. This organic integration of blockchain technology in entertainment can help bridge the gap between crypto-natives and the mainstream audience, making Web3 more accessible and appealing to a broader population.
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