Crypto caution
While the world of Web3 might sound exciting, and signing up for a Coinbase or OpenSea account is pretty straightforward, there is plenty to be wary of before diving in.
Cryptocurrencies are hugely volatile and had endured massive crashes in value at the time of writing this piece. While it is perfectly plausible some or all of the value of various cryptocurrencies will be restored over time, it is always worth remembering that the value of both cryptocurrencies and NFTs can fall significantly and quickly and you may never again see the money you have put into certain products.
Cryptocurrencies are also susceptible to security breaches with stories of thefts occurring with increasing frequency. Also, if a user is unable to access their crypto wallet, which can be an app or physical USB key-like device, their holdings will be unrecoverable, lost forever.
The web3isgoinggreat.com website outlines the various issues facing the Web3 transition, and this includes the potentially huge environmental toll that comes from powering the technology that Web3 is based on.