The crypto world never stops evolving
Just when you think you've got a handle on things, a new product pops up, and suddenly everyone's talking about it.
This time we are talking about crypto for freelancing. You will probably say, what does freelancing have to do with it, crypto is crypto, but what's the matter?
The Origin
Before getting into the details, let us take you on a little journey!
The crypto landscape has evolved rapidly. Back in the day, when Quasa was just a twinkle in Slava Vasipenok's eye, crypto was still finding its footing. But Slava, being the visionary he was, saw an opportunity to bring order to bring order to the chaos of the remote work market.
Inspired by the concept of crypto + freelancing, he created a simple app for freelancing anywhere in the world. Little did he know that this small project would grow into the global force that QUASA is today, committed to providing accurate and transparent data.
Evolving Challenges
Fast forward to 2024, and the crypto landscape has evolved rapidly. Crypto for freelancing is only a small part of this area, as there are still a certain set of problems here.
There are two major hurdles.
First up, not enough people. While the Web3 space is showing significant progress in key adoption metrics, it still has a long way to go to match the traditional form of the Internet. According to analysts, less than 1% of the population actively uses blockchain solutions, and the retention rate (RR) of applications and sites built on blockchain networks is 5.4%.
For comparison: the traditional Internet (what is commonly called Web2) is used by more than 67% of the population, and the engagement rate in services and applications in this segment is much higher, a good indicator is considered to be 25-40%.
Retention rates (RR) for the most popular blockchain networks since the beginning of 2024. Source: Binance Research based on Token Terminal data
The second major obstacle also consists of two components.
According to Binance Research, there are two distinct market trends that are driving adoption and poor performance of Web3 services. First, there is an extremely high level of speculation, especially in the memecoin space. Demand is temporary and user engagement is short-lived.
Second, investor attention is focused on infrastructure projects. Billions of dollars in venture capital are pouring into projects to build blockchain networks, both new ones and those that run on top of existing ones, or niche projects aimed at optimizing or scaling them.
At the same time, the creation and development of consumer product applications on these networks, which are necessary to attract new users, is relegated to the background. Less than 10% of the most popular existing Web3 applications are adapted for mobile devices. Given the growing prevalence of mobile traffic, this is crucial for attracting new users.
Now, why does this matter?
Building decentralized applications (dApps) for everyday users is fundamental to scaling Web3 and solving the user retention problem. Existing consumer-facing dApps (especially social ones like QUASA) have shown promise in terms of more effective engagement of active users.
Expanding the reach of such applications across multiple distribution channels will be key to achieving broader market penetration, the analysts write, especially as their interaction with traditional internet ecosystems becomes more common.
Here's what you can expect:
A Clutter-Free Experience
The memecoin bubble will burst.
Venture capital for projects to create blockchain networks will dry up.
Designed for You
As we have already said, the era of blockchain for people, not for programmers, is coming.
New Web3 projects aimed at consumer products on blockchain networks will show hundreds and thousands of X. Popular existing Web3 applications will be adapted for mobile devices.
Looking Ahead
At the end of the day, the Web3 space is constantly morphing into something new. Just when you think you've got it all figured out, a fresh trend or innovation comes along to shake things up.
But no matter how the landscape evolves, you can count on QUASA to adapt right along with it, ensuring the accuracy and reliability of our data. We'll keep pushing boundaries, solving new challenges, and rolling out novel solutions — because providing you with a smooth, transparent data experience isn't just a goal, it's ingrained in our DNA.
Learn more about the reasons behind the first freelance cryptocurrency here.
