aaron vick is a multi-x founder, former CEO, best-selling author, process and workflow nerd, and Web3-focused early stage/growth consultant.

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

Of course, it is a common phenomenon that people are attracted to negative or sensational news, and the Web3 space is no exception. Highly publicized failures and setbacks have cast a negative spotlight that has obscured the larger and continued progress and development occurring within the Web3 ecosystem.

What is attention bias?

Attention bias refers to the tendency for people to pay more attention (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 itself in the form of news outlets prioritizing certain stories or angles over others, as well as individual consumer preferences for certain types of content. For example, there may be a tendency for people to pay more attention to negative or sensational news, such as stories about conflict, disaster, or crime.

This approach can create a distorted perception of reality, as it may not accurately reflect the full range and complexity of events and issues that occur 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 underestimating others. This can create a distorted understanding of the field as a whole and can lead to missed opportunities or unbalanced investments in certain areas.

Attention bias can have a significant impact on the way people understand and engage with the world around them. It is important to be aware of this bias and strive for a more balanced and nuanced perspective. However, it is important to keep perspective and recognize that any new and rapidly evolving industry is bound to face 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 attract the most attention, the Web3 community continues to work to build the infrastructure and foundation necessary for a more decentralized and interoperable Internet of the future.

changing the focus

As a macro thinker, I want others to rise above the mist of evildoers to see clear skies and space being prepared for launch. For example, Polygon (formerly MATIC) spent most of 2022 supporting new frameworks within major brands like Starbucks, Disney, Reddit, Meta, Nike, Disney, and Coca-Cola to expand Web3 technology to more consumers. Polygon, a Layer 2 protocol that provides a scalable ecosystem for interfacing with dApps, has been 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 “provides emerging artists with the web3 tools and skills they need to excel and advance their music careers in this digital economy,” Raja Rajamannar, Mastercard’s director of marketing and communications, told TechCrunch.

How does Web3 improve the Internet?

Web3 technologies, such as blockchain and decentralized protocols, have the potential to bring significant improvements to the Internet. One of the key ways we’re doing this is through decentralization. Decentralization is the distribution of power and control among a larger number of participants instead of 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 Web3 is improving the Internet is through interoperability, which enables more seamless and efficient exchange of data and value between 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 also promote 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 assets 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 vast benefits for individuals, businesses, and society at large.

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 laying the foundation for a more decentralized and interoperable Internet of the future. From big brands like Starbucks, Nike, and Coca-Cola to emerging artists and musicians, the potential for Web3 to improve and transform the Internet is enormous. It is crucial to keep this in mind and not let attention bias obscure larger and continued efforts to build a better online future for all.

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