How Web3 Technology is Changing Consumer Behavior?

Recently, Evan Cheng, the co-founder and CEO of Mysten Labs, expressed his views on the value of Web3 technology to consumers, how to better understand this technology, and its impact on product development.

Cheng believes that Web3 is essentially a revolution of ownership. In the current Web2 era, many platforms are developed based on the distribution of consumer-generated content, whether this content is created consciously or unconsciously. Consumers often do not realize that they have created valuable assets, and these assets have already been monetized by the platforms.

Centralized platforms act as intermediaries between consumers and content creators, gaining enormous control and profits from this arrangement. This model is unfair and no longer represents a collaborative win-win for all parties. The value of Web3 lies in the ability of consumers to own and control their assets, deciding how to use them, who can use them, and how ownership can be transferred or shared. This will fundamentally change the status quo and shift power.

Smart contracts, as neutral code, can realize this allocation of ownership. They have no emotions and can be designed for profit, but once designed to be transparent and immutable, there is no need to worry about them becoming malicious actors.

Cheng pointed out that there is currently a problem of intermediaries abusing their position in many fields, from social media platforms to real estate transactions. To change this situation, the key is to control the assets themselves and establish a relationship between producers and consumers that does not rely on intermediaries. This is precisely the value of Web3.

In terms of how to attract more users to use Web3 products, Cheng believes the key is to provide a better new product experience that allows users to truly understand the advantages of decentralization and to better control their assets. Education is certainly important, but product experience is even more critical. If consumers can be shown the actual benefits of operating without intermediary tax institutions, their behavior will change.

In addition to removing intermediaries and providing greater control over data and assets, decentralized technology can also offer a higher level of trust. When software is written transparently and reliably, people can trust the code rather than companies or institutions. This will fundamentally change user behavior patterns.

Cheng acknowledged that the industry has not done well enough in conveying the value of Web3. Many people only talk about the concept of "read, write, own", but few can clearly explain the true meaning of "owning". At the same time, there are many bad actors in the field, leading to a chaotic overall environment.

Regarding how developers should build Web3 products, Cheng emphasized not to push the complexity onto consumers. Developers should focus on how to establish direct relationships with consumers, attract users, and convert them into long-term users.

Cheng does not fully agree with the assertion that Web3 has user experience issues. He believes that merely addressing superficial user experience problems does not fundamentally solve the issues of Web3. The key lies in building truly differentiated products that address the problems brought by centralization.

Finally, Cheng suggests that developers need to communicate with consumers and understand their pain points, thinking about how to transform centralized, controllable elements into a process that emphasizes coordination. Sui, as a blockchain platform, is committed to providing developers with tools and examples to help them build truly useful Web3 products.