Why are web3 projects struggling to be successful?

It has been almost 2 decades since we had the first cryptocurrency was launched. During the first few years, we did not have the awareness, but later when this technology started picking up, many people started buying BTC and till today it is one of the top cryptocurrencies that is also very popular. This will continue to be popular in the coming years too. People holding BTC from the beginning would become a multi-millionaire, and the other blockchains that were born during the early days are also having the same dream, but things are not in favor of them.

Many people have invested a significant amount of money in the past, expecting the altcoins to reach a high value. Some people invested only in BTC, while others thought that after BTC, it would be wise to invest in some of the altcoins. During the early days, there were only a few popular blockchains. Gradually as the years passed, the number of blockchains and cryptocurrencies started increasing. Today we have so many blockchains, and some blockchains even have a better technology and speed.

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The only challenge with these blockchains is that there is no great project or innovation on them. When they launch, they opt for the regular projects common to blockchains, but they don't consider creating a unique project or dApp that is not yet available in the web3 world. Converting a project from Web 2 to Web 3 is a bit challenging. It can work out well for some projects, but not all projects are good for that. When we had the NFT craze, many games started emerging and people started using NFTs as their game assets and they could not survive as it was hard to build a game on top of blockchain and keep it sustaining.

To start with, it was a good experience, but later, when the player base started increasing and the games started progress, the other challenges started surfacing. The projects that emerged after the NFT craze started keeping all their assets inside the game and use them only when there is a need for trading. They also allow trading inside the game itself. Later, the gaming projects started using blockchain only for asset handling and all other game related aspects were taken away from the game. This is how it started evolving.

I took gaming projects as one example, but in general, projects learn only from experience. They start building without any prior experience because the technology is pretty new, and slowly and gradually learn new things and adapt. I wouldn't say that all projects are struggling because there are so many projects in the web3 world that has changed the way we look at web now. This technology is a revolution and it has great potential for sure.

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