- The vast majority of web3 projects, still rely on Telegram and Discord for most of their marketing efforts.
- It is essential to create a user experience that appeals to the masses in order for web3 to become mainstream.
- In order to succeed in web3, founders need to understand web3.
The web3 sector is maturing rapidly. Next-gen technology, funding interests, and emerging platforms are causing this sector to grow 40% every year. It is no surprise then that thought leaders, founders, and entrepreneurs are making the switch from web2 to web3.
In fact, this is even happening at the executive level: Pravjit Tiwana left his position as general manager of Amazon Web Services’ Edge Services to become the chief technology officer of Gemini. In June, AirBnB’s former human resources director joined Polygon Studios as its CEO, while the former head of YouTube’s gaming division is now the CEO of Polygon Studios.
Emerging sectors are facing a double-edged sword due to the influx of corporate brainpower and experience. Growth hacks and infrastructure oversight can help guide web3 ecosystems on the one hand. In contrast, mismatched interests and fundamental knowledge gaps can undo such benefits.
3 Key Focuses
- Growth of the community is the first factor.
There are many web2 teams who have created platforms focused on creating a positive user experience. Additionally, they know how to build community growth that can be organic. As an example, the team behind Gritti established a web2 running app with more than 100 million users prior to launching the move-to-earn platform. In other words, they already have a large network among marathon organizers, athletic brands, and influencers.
In addition, Gritti has years of experience and resources in the web2 space, which enables it to acquire customers through a variety of channels, such as decentralized running communities or online/offline running events. The vast majority of web3 projects, however, still rely on Telegram and Discord for most of their marketing efforts.
- Design experience is the second factor.
A web3 platform operates based on the assumption that crypto wallets and blockchain addresses are understood.
It is essential to create a user experience that appeals to the masses in order for web3 to become mainstream. In order to make web3 as easy and seamless as possible to onboard everyone, platform creators should create an email login, an intuitive user interface, and easy platform navigation.
- Internal management is the third factor.
In contrast to web2, web3 has a more straightforward definition of internal roles, and working frameworks are used to achieve results. As a result, web2 leaders are typically defined by their managerial proficiency. Because projects are less hierarchical in web2, and workers are often entirely remote, team management is not as efficient as it could be.
- Alignment comes first.
In order to succeed in web3, founders need to understand web3. If not, poor products will destroy the ecosystem. So, do your homework. Tokenomics is particularly important in this regard. Tokens provide a low-cost means of capital and a user engagement incentive if they are done well. On the other hand, projects that fail face resource strain in a global marketplace.
- As for the second, it relates to old ways of thinking.
Web2’s business model relies on centralized data ownership. Those coming from traditional social media or banking players may need to undergo reeducation before fully embracing decentralization. The only way to succeed in this paradigm shift is to stay focused on the future – and not look backwards.
Like it or not, Web3 will be part of our everyday life. It is better to dive in right away, learn thing or two and maybe take advantage of new fast-growing technology in terms of job opportunities or maybe entrepreneurship.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.