Place/Date: - August 15th, 2022 at 10:39 am UTC · 3 min read
Source: BIB Meta
Despite the current downturn the crypto market is experiencing, innovations within the Web3 space have not been halted. In fact, projects emerging at a time like this prove that the concept of decentralization in space isn’t dead. While these new projects are doing their best to reaffirm confidence in Web3 and the era of decentralization, it is impossible to ignore the fact that most people lost confidence in Web3’s lofty promises when crypto was bolstered at the beginning of 2021.
By June 2022, those who were averse to the entire crypto and decentralized movement had something to drag crypto evangelists with. Bitcoin had dropped below $21,000, trading below its lowest price since late 2020 and 65% below its all-time high of $69,000. Crypto charts were covered in red as the entire crypto market took a hit. The market cap of the crypto market dropped by $1 trillion. The large loss in value dealt the entire crypto ecosystem a huge blow. Some described it as a carnage followed by layoffs at some of the biggest crypto companies in the world.
From play-to-earn games to virtual lands and NFTs, according to him, as long as Web3 projects are tied to extremely volatile cryptocurrencies having faith in the entire ecosystem will be hard. While Tassi is right, his point only proves the importance of innovation in space.
BIB Meta is a Web3 solution that promises a viable and lasting solution to centralized protocols. Solutions that could just see Web3 become mainstream could stabilize the crypto market’s value, making it a dependable virtual economy.
According to the project’s whitepaper, “When users engage in a particular dimension, they have to access through centralized trading platforms since deposit and withdrawal of assets are essential apropos of trade. This leads to a lengthy and cumbersome process that jeopardizes the user experience.”
User experience is one of the major obstacles standing in the way of adoption in the way of Web3. Crypto alone already has major user experience hurdles embedded in it. From all the jargon people use on social media to the unfamiliar Dapps and DeFi platforms, the barriers to entering the crypto space may seem trivial. Still, they play a very important role in adoption. Privacy issues are also some of the most prevalent red flags in Web3. BIB Meta’s whitepaper says, “In traditional centralized asset trading, users must carry out identity verification which transaction process and records will then be stored in the servers of the centralized institutions.”
A project with almost all proponents of Web3 embedded BIB Meta is bringing true decentralization to the Web3 ecosystem. And with match prediction features that help users earn tokens to an internal NFT marketplace, it is sufficient to say that BIB Meta might just be the beginning of a new Web3 age.
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