Web3 Has Negative Attention Bias, But Good Things Are Happening

Aaron Vick is a multi-x founder, former CEO, best-selling author, process and workflow nerd, and early-stage/growth advisor focused on Web3.

Attention bias has set in Web3 with the ever-expanding bad news proliferating in mass media from token crashes like LUNA, crypto exchanges crumbling such as FTX, and bad actors attempting to profit from the early adopters. Even with a $3.9 billion loss in 2022, the space continues to push forward and build the foundations needed to integrate and elevate the future of the internet.

Of course, it’s a common phenomenon for individuals to be drawn to negative or sensationalized news, and the Web3 space is no exception. The highly publicized failures and setbacks have placed a negative spotlight that has obscured the larger, ongoing progress and development happening within the Web3 ecosystem.

What Is Attention Bias?

Attention bias refers to the tendency for individuals to pay more attention to (or give more weight to) certain types of information over others. This can occur at the level of individual perception, as well as at the level of collective attention and discourse within a society.

In the context of world news, attention bias can manifest in the form of media outlets prioritizing certain stories or angles over others, as well as in the preferences of individual consumers for certain types of content. For example, there may be a tendency for people to pay more attention to negative or sensationalized news, such as stories about conflict, disaster or crime.

This focus can create a distorted perception of reality, as it may not accurately reflect the full range and complexity of events and issues occurring on a global scale. As a result, there may be a tendency to focus on a narrow range of technologies or trends while ignoring or undervaluing others. This can create a distorted understanding of the field as a whole and may lead to missed opportunities or unbalanced investments in certain areas.

Attention bias can have significant impacts on how people understand and engage with the world around them. It is important to be aware of this bias and to strive for a more balanced and nuanced perspective. However, it is important to maintain perspective and recognize that any new and rapidly evolving industry is bound to encounter challenges. The Web3 space is no exception, but it is also crucial to recognize that these challenges are opportunities for growth and learning. Despite the negative events that may garner the most attention, the Web3 community continues to work toward building the infrastructure and foundations necessary for a more decentralized and interoperable future internet.

Changing The Spotlight

As a macro thinker, I want others to rise above the fog of evildoers to see the clear skies and how the space is prepared for launch. For example, Polygon (formerly MATIC) spent the majority of 2022 supporting new frameworks within major brands such as Starbucks, Disney, Reddit, Meta, Nike, Disney and Coca-Cola to expand Web3 technology to more consumers. Polygon, a Layer 2 protocol providing a scalable ecosystem to interact with dApps, has consistently committed to transforming the Web3 experience for over two years, and you can see its long-term commitment to the space.

Most recently, Mastercard announced a Web3 incubator that “is providing emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy,” Raja Rajamannar, chief marketing and communications officer at Mastercard, told TechCrunch.

How Does Web3 Enhance The Internet?

Web3 technologies, such as blockchain and decentralized protocols, have the potential to bring significant enhancements to the internet. One of the key ways in which we are doing this is through decentralization. Decentralization is the distribution of power and control among a larger number of participants rather than concentration in the hands of a few. This decentralized architecture can increase the resilience of the internet, making it less vulnerable to single points of failure or attacks. It can also increase security by providing multiple layers of protection and making it more difficult for bad actors to compromise the system. Additionally, decentralization can promote greater autonomy for internet users and communities, giving them more control over their online experiences and data.

Another way in which Web3 is enhancing the internet is through interoperability, which enables a more seamless and efficient exchange of data and value across different systems, platforms and protocols. This can facilitate the development of new applications and services that span multiple domains, opening up new opportunities for innovation and collaboration.

Web3 technologies are also promoting greater trust and accountability through the use of cryptographic techniques and decentralized consensus mechanisms. These can improve the security and reliability of internet transactions and interactions, as well as reduce the need for intermediaries or centralized authorities.

Finally, Web3 has the potential to extend the reach and benefits of the internet to more people, particularly in underrepresented or underserved communities. This can be achieved through the use of digital assests and decentralized content networks, which can enable greater financial inclusion and access to information and knowledge.

Overall, the integration of Web3 into the internet is creating a more open, decentralized and trustworthy online environment, with wide-ranging benefits for individuals, businesses and society as a whole.

Despite the challenges and setbacks that the Web3 space has faced, it is important to recognize and celebrate the progress that has been made. There are many examples of companies and organizations within the Web3 ecosystem that have made significant contributions and demonstrated a long-term commitment to building the foundations for a more decentralized and interoperable future internet. From major brands like Starbucks, Nike and Coca-Cola to emerging artists and musicians, the potential for Web3 to enhance and transform the internet is vast. It is crucial to keep this in mind and not let attention bias obscure the larger, ongoing efforts to build a better online future for all.

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