An untapped opportunity: Why UX UI matters for the future of Crypto and Web3
Despite still falling under the category of emerging tech, crypto is no longer in its infancy. Having already seen nearly a decade of innovation, crypto is arguably on the verge of taking that next step towards mainstream adoption.
Yet, one of the biggest challenges Web3 and crypto continue to face is being accessible and easy to use at scale.
Purchasing and trading cryptocurrency remains incredibly complex for the average user, from regulation clarity and security to the many steps it takes to get started.
It can be difficult for those who aren’t already embedded in the crypto ecosystem to know where to start. What’s a hardware wallet? A private key? Which cryptocurrency wallets are safe to use?
As more and more users are onboarded into the world of Web3, thoughtful UI and UX will continue to play a significant role in making crypto more accessible.
In this article, we’ll explore why UX UI is so important and how companies building the future of Web3 can keep working towards creating a great user experience for everyone with interest in these exciting technologies.
What is UI and UX?
From where we shop, to the apps we download, to even the movies we watch, UI and UX affect virtually every decision we make online and while on our phones. But what exactly do they mean? And how do they relate to the world of Web3?
UI, short for user interface, simply refers to the graphical layout of an application. UX, short for user experience, refers to the overall experience of an app or product. UI and UX go hand in hand in the sense that they shape the products and services we use daily.
A confusing or overly complicated UI can lead to a poor UX. A poor user experience can lead to users growing frustrated and, more importantly, giving up on trying crypto entirely. Thoughtful product design, psychology, and education all play an essential role in creating a world-class UI and UX.
Unfortunately, for many cryptocurrency and Web3 companies, UI and UX remain an afterthought.
How UI and UX affect cryptocurrency and Blockchain adoption
Crypto is inherently complex
Because of the inherent complexities of cryptocurrency and the Blockchain in general, Web3 companies need to invest in creating a user experience that meets users where they are at.
For many, cryptocurrency represents an opportunity to completely transform the current financial system and open the door to exciting alternative investments. Unfortunately, the UI and UX do not yet meet the standards needed for wide-scale use.
For example, virtually anyone can log onto their traditional bank account and quickly understand their current net worth, download bank statements, and so forth. But the same can’t always be said about using even some of the most popular cryptocurrency exchanges today, not to mention crypto wallets.
While there has been significant UI UX improvement over the years, much of the improvements have been tailored to users who already have experience in cryptocurrency and Web3.
Crypto UI UX: First impressions matter
First impressions matter. Whether you’re building a cryptocurrency exchange, cryptocurrency wallet, a DeFi protocol, users likely won’t stick around if your application is overly confusing or complicated.
A clear and easy-to-understand design helps new users understand the process from A-Z. While many factors go into effective product design, understanding the pain points and challenges of a wide range of crypto users is crucial.
As Parcl works to make real estate investing more accessible to everyone, the team has gone to great lengths to ensure we do our part in making a strong first impression. This begins with incorporating best practices for UI and UX that makes the entire user experience accessible and engaging from start to finish.
Accessibility for all
For mainstream adoption to continue, Web3 companies must consider the many facets of crypto users. Some new cryptocurrency users come from the gaming world. Others may consider themselves more traditional investors looking to expand their portfolio. Other may get overwhelmed with overly complex technical terms or jargon.
With many platforms and crypto products used today, new users often find the process complicated, frustrating, and often borderline unusable, ultimately pushing them away.
There’s a reason the likes of Robinhood were able to take the world of stock trading by storm. Robinhood’s easy-to-use interface and fantastic user experience made it easy for virtually anyone to begin buying stocks.
Accounting for a wide variety of users helps ensure that every pain point and challenge is addressed and makes crypto more accessible.
Onboarding and education remain crucial for crypto and Web3
With an expected one billion cryptocurrency users projected by the end of 2022, there are still many who have yet to make the leap in learning the ropes of crypto, which makes the gap between interest in cryptocurrency and UI design and UX one of the most exciting opportunities for companies who put the user first.
As our founder and CEO Trevor Bacon shared previously:
“We are incredibly bullish on the crypto ecosystem — particularly the builders in the space who continue to innovate at an impressive pace. We believe that for the crypto industry to reach its potential, it needs to broaden its aperture to more everyday people. This means easier-to-use wallets and more intuitive user-facing applications. Real estate is something that is present within every person’s daily experience, and given this ubiquity, we believe real estate can be the catalyst to mass crypto adoption.”
Companies looking to build the future of Web3 must continue to invest in UI UX and take wider education efforts seriously. It’s not enough to rely on the exciting potential of emerging tech.
Crypto and the world of Web3 have come a long way over the past decade, but the industry is still just getting started in many ways. We hope today’s builders continue to put users first and work towards making crypto more accessible to everyone.
Originally published on Parcl.co