Contents
Top projects solve problems around speed, access, wallet safety and smart contract security for a seamless Web3 experience.
In this article: Hide
- Blockchain integration
- Scalability and performance
- User experience
- security and exploits
- Regulations and local laws
- Interoperability and standards
- Community and engagement
- Economic model and sustainability
- Accessibility and onboarding
- Evolving technology
Over the years, the Web3 project has grown on most blockchains, including Ethereum. The blockchain industry has grown to an estimated $7.4 billion combined with trading, DeFi, gaming, NFTs, and more.
With the advent of Web3, the question “What is blockchain good for?” has finally been answered by creating an immutable standard for not only identity but also ownership. The use of wallets has also become commonplace in the Web3 space.
Here are the top 10 obstacles to Web3 development and some possible solutions.
Blockchain Integration
All projects should use blockchain calls to integrate their apps. Over the past few years, blockchain integration not only required effort on the part of the development team, but also required the end-user to set up a wallet.
Blockchain integration is the first challenge, which is being solved by multiple platforms. Some, like WAX, offer account creation that doubles as a wallet. Some companies offer ready-made code to build blockchain access into your app. Projects like Ignitions take an expert-led approach, curating the needs of app teams without in-house blockchain expertise.
Scalability and Performance
Blockchain projects faced limitations almost immediately. Not all networks can perform enough transactions. Ethereum managed to run a high-profile project, but it soon hit its trading cap and incurred high fees. But the Web3 project wanted broader adoption, and they couldn’t afford to lose users because they had to pay hundreds of dollars. Scalability projects started to emerge, with a focus on Polygon and ImmutableX, which allowed Ethereum projects to run without a gas war. Avalanche, BSC, and others also provided apps, offering better pricing and scalable transaction numbers.
User Experience
End-users of cryptocurrencies, NFTs, Web3 and games have often faced excessive liability for their holdings. Projects have started to emerge that use the new wallet technology to provide a more seamless user experience. Web2 ID-like email wallets, account abstractions, or multi-party wallets improve the user experience.
Security and Exploits
Another risk for both the project and users is theft or misuse that damages the revenue and value of NFTs. This issue was resolved by an account abstraction, or keeping some of his NFTs and assets in-game. This eliminates the need to link wallets or heavily use NFT transfers for each gameplay. No common standard exists for Web3 security yet, and the project audits smart contracts on a case-by-case basis.
Regulations and Local Laws
In the Web3 space, it has become easier to avoid claims of issuing tokens that also act as a type of security. Most gaming tokens have utility and not all are traded on the open market. Despite this, not all games are available in all regions. The game could solve part of the problem by offering DEX trading or access to his native marketplace within the game so that the player can extract value. Some game projects also require his KYC which is a standard procedure if there is monetizable value.
Interoperability and Standards
Play-to-Earn games and NFT projects spread rapidly and choose the most available blockchain. This left the Web3 space with multiple sub-areas based on the blockchain community. Asset compatibility has become an issue, especially for projects using his USDT and other crypto tokens. Bridging was one of the first solutions, but it was open to hacks and exploits. Many more new projects are trying to launch on multiple chains, offering access to DEX trading and marketplaces. However, the problem of niche chains with no ecosystem overlap remains, and some communities are isolated.
Community and Engagement
Web3 games, NFT projects and apps face the challenge of building a player base or fan base and sustaining a community. Some Web3 games can maintain great engagement through a fun-first approach and regular quests and tasks. Other approaches include regular tournaments and open lobbies for competition. Communities that rely solely on price action or on overly promoted NFTs are often unstable and lose supporters.
Economic Models and Sustainability
First generation P2E games were plagued by the spirit of the Gold Rush, resulting in massive token generation and eventual price crashes. The project faced the challenge of introducing a more sustainable tokenization model. The game has added limited prize pools, ticketed tournaments, and various writing mechanisms to support property value and make prizes meaningful.
Accessibility and Onboarding
Also, the first P2E games often required players to acquire ETH or other tokens, go to exchanges, and make large purchases. The new project aimed for free access, with a game-first approach and a free-to-earn model. User-friendly onboarding is key for new Web3 games.
Evolving Technology
Tools for building tokenized apps and games are constantly evolving. Simple wallet access and basic transactions are no longer enough. Players want real-time transactions and a smooth, integrated experience. Teams will also access new building opportunities using high-speed RPCs, blockchain data services, and APIs. Changes in the Web3 ecosystem mean that new competitors are constantly entering the space, with potentially faster and better products.
Both old platforms and new startups are trying to address the top 10 toughest problems. Projects like Ignitions offer expert-led, curated experiences, while others leave open source resources and community training for every project. AI-powered tools are also trending, offering Web3 queries, data collection, oracle services, and more.
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