How Web3 Technology is Changing Consumer Behavior?

Recently, Evan Cheng, co-founder and CEO of Mysten Labs, conducted an in-depth discussion on the value of Web3 technology to consumers, how to interpret this technology, and its impact on product development.

Cheng believes that Web3 is essentially a revolution about asset ownership. On the internet, every action we take generates valuable assets, but in the Web2 era, these assets are often controlled and monetized by platforms. The core of Web3 is to allow users to genuinely own and control the assets they create, reducing reliance on intermediaries and platforms, fundamentally changing the status quo and shifting power.

Smart contracts, as neutral code, can achieve transparent and immutable asset operations, avoiding malicious behavior from intermediaries. This decentralized model can be applied in various fields such as social media, supply chains, and real estate, reducing rent-seeking phenomena and allowing producers and consumers to establish direct relationships.

To attract more ordinary users, the key lies in providing a better product experience that allows users to truly realize the benefits of decentralization. In addition to asset control, trust is also a major value of Web3. Transparent and reliable code can become a gateway that users trust, eliminating the need to rely on large tech companies.

When developing Web3 products, developers need to focus on how to establish direct relationships with users, rather than pushing complexity onto them. They should consider how to attract users' attention, how to convert them into long-term users, and other related issues.

Overall, Web3 needs to change the way people think, shifting from centralized control to coordinated collaboration. Developers should communicate with consumers to understand pain points and use Web3 tools to build truly useful products. This is a challenging yet opportunity-filled field.