Only 8% of people are familiar with Web3

Key Takeaways

• Google search interest in the metaverse is down 92% from its peak, highlighting the fall from grace for the concept
• 92% of respondents globally said that they have heard of crypto, but only 8% considered themselves to be very familiar with the concept of Web3
• Web3 often has trouble defining exactly what it is, with abstract and shifting goals frequently changing with time
• Collapse of token economy and pullback in wider crypto space has curtailed enthusiasm
• Web3 is not the metaverse, but there are valuable lessons to be had for tokens with regard to lofty goals and abstract descriptions 

Lockdowns, stimulus packages, social distancing – the year 2021 could not seem more different when looking back on it today. 

The same holds true within crypto. The year saw Bitcoin sail past $68,000, El Salvador declare the orange coin as legal tender, cartoon monkey pictures sold for millions of dollars, and a doggy token by the name of Dogecoin at a valuation of $88 billion.

Among the hysteria, a virtual world was touted more and more as the future. A future world where everybody could work, hang out and more, built on top of blockchain rails. They called it the “metaverse”. The only problem is, that clamour has become a whisper, as data for the search term “metaverse” on Google shows below, which is down 92% from its peak. 

Web3 has also pulled back

While the metaverse may be low hanging fruit to target, the more ubiquitous- and somewhat related – concept of Web3 has also struggled to maintain the excitement levels of the pandemic. 

Despite lofty predictions that Web3 was on the verge of a parabolic rise, in a recent survey conducted by YouGov and Consensys, the results suggested this was nowhere near. While 92% of respondents globally said that they have heard of crypto, only 8% considered themselves to be very familiar with the concept of Web3. 

With so many aware of crypto yet so few familiar with what Web3 is, it may suggest two things. The first, quite simply, is that Web3 has had trouble catching on; the results not delivering on the lofty promises, the protocols struggling to deliver utility amid a declining crypto environment. 

The second is a long-running criticism of Web3; namely, it has trouble defining exactly what it is, at least without venturing into an overly abstract realm. 

Interestingly, the…