How crypto on-ramps can help seize the Web 3.0 opportunity

The move to Web 3.0 represents a seismic shift in the digital landscape.

The opportunities are vast. Users will be empowered to have more control over their own data and be directly incentivized to produce content, provide services and build businesses and other organizations on the internet. It is estimated that Web 3.0 protocols and infrastructure could add $1.75 trillion to the global economy by 2030. 

In our recent whitepaper, Capturing the Web 3.0 Opportunity with Crypto On-Ramp, we break down the challenges and rich potential of this shift, and the essential role crypto on-ramps will play in businesses and consumers enjoying the bright future of Web 3.0.

Here are some key takeaways from the report.

What does Web 3.0 look like? 

Though some definitions may differ around Web 3.0 and the associated metaverse, there are some agreed functions of this new evolution of the internet.

It should be decentralized, provide interoperability between platforms (so you can move your social graph and other data wherever you want) and have a creator-based economy, where consumers are rewarded for the content they produce – with this system incentivizing further contributions.

This iteration of the internet would therefore be made up of users and builders, with no one point of failure and no middlemen. But why is this so attractive?

One of the appeals of the Web 3.0 economy is that it’s easy to participate in. As it stands, you just have to set-up a cryptocurrency-enabled wallet and, depending on the platform, an NFT marketplace account as well.

You can build an organization and immediately receive community funding by launching a decentralized autonomous organization (DAO) or launch a social token, so your followers can reward you for the content you create, whether that’s writing, videos or music.

The Web 3.0 economy also adds a layer of innovation to have consumers interact with service providers or content creators. A good example would be NFTs. You can buy a rare piece of album cover art, but other perks, such as in-person VIP tickets, could be attached to the same NFT. 

But while Web 3.0 could unlock a new era of innovation and growth, there are still barriers to adoption.

Barriers to Web 3.0 adoption

One of the big stumbling blocks to Web 3.0 adoption is the friction and barriers between the traditional financial system and this new economy. 

Despite evidence that a significant number of businesses and consumers are eager to interact and plug into the Web 3.0 economy, many have been thwarted – often through friction and sometimes a complex regulatory environment – from embracing this new iteration of the internet. 

From a technical perspective, this is often described as the crypto on-ramping and off-ramping problem or, in other words, moving from fiat currencies like the US Dollar, British Sterling and the Euro into cryptocurrencies and back again.

Off-ramping is a necessary process for most consumers and businesses. But how can you achieve this when someone is a novice to cryptocurrency and worried about the security and regulatory implications of interacting with the Web 3.0 economy?

Equally, how do companies initiated into the Web 3.0 economy reach those who aren’t?

Bridging the gap to Web 3.0

On-ramp technologies are crucial to bridging the Web 2.0 and Web 3.0 divide. Paysafe’s new Skrill crypto on-ramp service, for example, allows customers to use fiat money to purchase crypto at Web 3.0 crypto wallet applications, such as MetaMask and Trust Wallet.

But crypto off and on-ramping is a new concept, and so it’s important for consumers and merchants to seek out on-ramp offerings from trusted, well-established providers. Only through building trust, will adoption grow.

Global access, too, is essential to realizing the Web 3.0 opportunity, ensuring anyone can tap into its potential. The Skrill crypto on-ramp, for example, provides partners with global access, covering 48 countries and growing, and has industry-leading security, fraud prevention, and full chargeback handling.

But how does it work? It’s simple: Skrill will be presented as a payment method on the respective crypto wallet to purchase the desired cryptocurrency. Paysafe will partner with a liquidity provider to convert the fiat amount to cryptocurrency amount. The purchased cryptocurrency will then be presented in a non-custodian wallet such as Metamask.

While the move to Web 3.0 may feel significant, the right crypto on-ramp services can allow consumers and merchants to take a step into the future, and enjoy its possibilities.

To learn more about our crypto on-ramp service, download Capturing the Web 3.0 Opportunity with Crypto On-Ramp.