Crypto Wallets from Web 3 Companies – Making The Leap to Web 3

Crypto adoption has been on a steady incline for many years. If we flashback to the early 2010s, you’d be hard-pressed to find people that knew what cryptocurrency was, let alone understood how it worked. While we’re not at full adoption, the world is now definitely more familiar with crypto, with over 90% of Americans demonstrating at least a very basic understanding.

Even when looking at centralized finance, 55 of the world’s top 100 banks are currently investing in crypto as a core part of their future strategy. It seems like everywhere we look, people are becoming aware of cryptocurrency and what it can be used for. But, what next? 

After becoming aware of cryptocurrency, people face a sharp knowledge barrier if they want to actually get involved. Most of the time, people’s very first step when joining the world of cryptocurrency is to open a crypto wallet. For crypto natives, this is an obvious and easy process. For those that aren’t familiar with this world, the idea of a virtual wallet might be something completely alien.

With this barrier firmly in place, many people never dip their toes into cryptocurrency. This could be one of the reasons that among the 14% of the US population that own crypto, the vast majority have grown up with technology and are under the age of 35. If we are to achieve mass adoption of crypto, we need to make the process of creating and using a wallet as intuitive as possible.

In this article, we’ll turn to the world of crypto wallets, demonstrating how Web 3 companies are bringing people on-chain and familiarizing non-natives with this world faster than ever before.

Let’s jump right into it.

How To Provide Easy Onboarding To Crypto

Onboarding new users to the world of blockchain isn’t as easy as one might expect. Not only is blockchain a completely new technology for many people, but the idea of a digital wallet is still something incomprehensible. In order to bridge this gap, time is, without a doubt, the best solution.

But, if we’re looking for rapid adoption, there are other solutions that we can turn to. Smoothing out the onboarding process is all about flattening the learning curve and removing any barriers to entry.

The following methods have quickly become the go-to methods of accelerating adoption within this industry, each being represented best by a Web 3 project that’s pioneering it:

• The Web 3 App Method
• The All-In-One Approach
• Education-First Approach

Let’s break these down further.

The Web 3 App Method

At this stage, you’d be hard-pressed to find a person that doesn’t know what an app is. Considering that almost 50% of US citizens have an iPhone with a direct connection to the app store, it’s not rare to find a range of applications on someone’s phone. This is a technology that people are incredibly familiar with. It’s intuitive, simple, and recognizable to everyone.

This technological system provides a fantastic baseline for Web 3 businesses to then onboard new users. For example, the Sweat Economy application has been running for over five years. In that time, it received universally good feedback and currently has over 100 million users that have downloaded the app.

By all measurements, this app is a total success in the world of Web 2. The principal behind the app was giving users Sweat tokens after completing a certain number of steps each day. For every 1,000 steps, they would receive one token. This token could then be spent or exchanged on services, gift cards, or cash payments. 

Sweat then decided to push their app even further, taking it into the world of Web 3 by launching the SWEAT cryptocurrency. Just like within the Web 2 system, users were rewarded with SWEAT for completing a certain number of steps. These tokens could then equally be exchanged, sold, traded, or put to use.

Sweat Economy was able to rapidly onboard a huge number of its users from Web 2 to Web 3 by using comparable terms and offering an easy way to create a wallet. Instead of having to create an online wallet and link it to an account, Sweat Economy made a wallet app that connects directly to the main app users were already interacting with. 

Web 2 users that weren’t familiar with cryptocurrency could just download the app, make their Sweat Wallet, and have it instantly connect to the main app. The easy movement from the familiar system to Web 3 was expertly pulled off. Without having to do much extra work, Sweat onboarded millions of users on-chain.

Perhaps without even knowing it, Sweat Economy users were suddenly toying the line between the worlds of Web 2 and Web 3.

The All-In-One Approach

Another intuitive way that Web 3 companies have attempted to simplify the onboarding process is to make the process as simple as possible. AAG recently released its MetaOne Wallet. This system is designed as a digital passport, containing absolutely everything that a user is going to need to exist in a digital world. From cryptocurrency to a method of exploring Web 3 intuitively, it has absolutely everything.

Much of the marketing around MetaOne revolves around it being as simple as possible. You can download the MetaOne app on the App Store and Google Play Store, providing a familiar onboarding route. Beyond this, users are able to sign up with an email and password, creating a log-in system that’s common in Web 2 but very uncommon in Web 3.

If we look at the difference between Coinbase Wallet and MetaOne, Coinbase requires users to sign in with a 12-word phrase. For many Web 2 users, this seems overwhelming and could turn them off from creating an account to start with. Allowing users to create an account from the app provides an easy method of onboarding, with classic username and password access hitting home with the non-native crypto audience.

MetaOne wallet also attempts to pander to beginners by providing a completely secure platform. Every single project that’s placed on the MetaOne dApp Store Ecosystem is heavily vetted by the platform itself. This means that users that are only just getting up to speed with this system can play around in a completely secure environment.

Lowering the learning curve and helping to transition fiat users on-chain with ease, MetaOne wallet is another example of a Web 3 solution to accessible onboarding.

Education-First Approach

Finally, we turn to the solution that’s simplest yet still provides a great method of self-onboarding. Unlike other projects, this is more of a general approach – helping new users exist within blockchain systems through education. While there are university-level courses now designated to blockchain, here we’re discussing online courses, articles, and modules that are available to participate in and read.

For example, Binance – a world-leading centralized crypto exchange – offers the Binance Academy. In this portal, they frequently publish in-depth documents and guides that move people through the fundamentals of blockchain. They offer lessons specifically for beginners that want to learn more and get started.

These lessons take out all of the most complex aspects of blockchain and just focus on easy-access information. Their lessons on wallets walk users through the process of creating a digital wallet and explain their importance.

While not as intuitive or innovative as the two previous solutions, we’d be remiss to overlook the power of education. 

Final Thoughts

If we want to see cryptocurrency adoption at scale, Web 3 businesses need to turn to new and innovative solutions to bring people on-chain. Both AAG’s MetaOne Wallet and Sweat Economy are fantastic examples of using a simple solution to bring people on-chain as quickly as possible.

Both projects rely on user familiarity, making sure to structure the onboarding around tech that a sample user would already be familiar with. From there, their ability to open a wallet and make the leap toward cryptocurrency is rapidly accelerated.

While education will continue to be a fantastic way of helping people to learn more about this industry, pathways that cross the borders of Web 2 and Web 3 are the very best solution that we currently have available to us.

We won’t be surprised if the next few years are filled with projects mirroring the efforts of the aforementioned Sweat Economy and MetaOne Wallet. For easy, rapid, and initiative adoption, sticking to what the audience already knows really is the best option.