Alpha (Beta) Talk #1: Navigating the Web3 Maze - Assets, Access, and 'Blah Blah Blah

The Alpha Collective is proud to present 13 free Alpha Talks over 15 weeks as part of a preview period. The Business of Web3 is more than just crypto, blockchain, metaverse and NFT's, it's about Purpose, DEI&A, Loyalty, Creators and Community.

To find out more and join the collective, visit www.alphacollective.xyz

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Rene (Re-Knee) Huey-Lipton, Alpha Collective's first Alpha (Beta) Talk Speaker, put forth some provocative thoughts regarding the daunting issues we face as we journey into the world of Web 3.0 (or sometimes more like 0.3!) Huey-Lipton sets the stage by echoing the concerns of many "normies" (everyday users) and creators about the transition from Web 2.0 to Web 3.0.

She articulated three major barriers to Web 3.0 adoption: assets, access, and a fundamental understanding of the technology (which she amusingly called the "blah, blah, blah" factor).

Firstly, Huey-Lipton pointed out that Web 3.0 was touted as a platform for creators, but the financial status of the creator economy did not lend itself to this platform's adoption. With only 12% of creators doing it full time and a considerable 46% making less than $1000 annually, the resources required for active participation in Web 3.0 were far from being accessible to the masses.

Secondly, the lack of access to basic internet infrastructure and financial systems was a significant barrier to Web 3.0 adoption. With 22.5% of Americans without home internet and a startling percentage of people who were underbanked or unbanked, the promise of Web 3.0 seemed distant.

Lastly, Huey-Lipton emphasized that understanding of Web 3.0 was still elusive for many. In a study they conducted, 60% of the 500 people surveyed had no idea what Web 3.0 was, and a portion of the 40% who had heard of it only had vague or hostile views about it.

The "blah, blah, blah" factor was a poignant representation of how tech-speak could alienate the very people this technology was supposed to empower. Huey-Lipton argued that the experts were failing to communicate Web 3.0's benefits in a way that resonated with people's everyday experiences. The lack of tangible benefits, much like the metaverse in its first iteration, made it hard for users to connect with the technology.

Huey-Lipton posited an innovative solution, the concept of Universal Basic Crypto (UBC), to bring Web 3.0 closer to the masses. A UBC would give users a starting point for understanding and benefiting from the crypto economy. The idea was to put Web 3.0 in the hands of people, allowing them to explore, experiment, and experience the potential benefits.

Her underlying message was powerful - if Web 3.0 is to be the future, then the push for adoption must address the financial realities, access inequalities, and comprehension gaps faced by ordinary users. It isn't enough to build the technology; we also need to build understanding, trust, and genuine benefits for users.

As we move further into this new era of the Internet, we need to bring the benefits of Web 3.0 to the people, rather than expecting them to scale the steep barriers of understanding, access, and assets. As Huey-Lipton emphatically stated, "we have to build something for us to stand on. Before we can even get there."

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Here were the top takeaways from our first of thirteen free previews:

1. Metaverse Deja Vu: Rene's experience with the earlier metaverse iterations like Second Life has made her skeptical about the latest metaverse hype. She believes that there's currently no compelling reason for the majority of people to adopt Web3 technologies and participate in the metaverse.

2. The Hype vs Reality: Despite major companies like Nike and Adidas investing in the metaverse and NFTs, Rene warns that these represent just a small part of what Web3 could be. The reality of mass adoption is still far from the hype.

3. The Three A's - Assets, Access, and Ambiguity: Rene pinpoints three main barriers to Web3 adoption: lack of assets (especially among creators), limited access (particularly among those financially or technologically underserved), and ambiguity surrounding Web3's benefits.

4. Disparity in the Creator Economy: According to Rene, Web3's promise to empower creators falls short because a significant proportion of creators earn less than what they would need to actively participate in Web3.

5. Economic Inequalities Limit Adoption: Many people are living paycheck to paycheck and are underbanked, preventing them from engaging with Web3, which requires some level of financial stability and access to digital banking.

6. Digital Divide: Access to the internet remains a fundamental issue, impacting people's ability to participate in any online-based system, including Web3.

7. Perception and Understanding of Web3: There's a significant knowledge gap when it comes to Web3. Many people have never heard of it, and those who have often misunderstand it or view it cynically as a tool for the rich to get richer.

8. The Need for Tangible Benefits: Rene argues that Web3 currently lacks clear, tangible benefits for the average user, similar to how Second Life failed to provide real-life value to the majority of users.

9. Simplifying the Concept of Web3: There's a need to explain Web3 in simple terms that highlight its potential benefits. Jargon-heavy explanations only add to the confusion and make adoption less likely.

10. Universal Basic Crypto (UBC): As a potential solution, Rene proposes the idea of a "Universal Basic Crypto," a collaborative initiative by large corporations to provide a form of basic income in cryptocurrency. This would give people first-hand experience with Web3 and demonstrate its potential benefits.

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You can watch the entire Alpha (Beta) Talk here and if you want to be informed about registration for the next 12 - they are on Wednesdays at 3pm EST - join Alpha Collective's Discord Server.

PS If you watch live, you'll be able to mint a PoAP (digital stub) as proof of attendance. The PoAP will give you a chance to win a full membership pass, valued at $2500.