While the utility of blockchain, the fundamental technology behind web3, has been recognized, there are still various issues and the practical societal implementation has not progressed significantly yet.
A public chain with numerous unspecified operators carries risks such as hacking and hard forks.
Slow & Expensive
Some chains have the drawback of slow processing speeds and high transaction fees.
Due to the lack of clarity regarding the operators and responsibility of the chain, there are legal and technical uncertainties.
The use of cryptocurrencies for value exchange on the blockchain carries the risk of complexity in acquisition methods and price fluctuations.