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What is your web3 strategy?
I doubt this is the first time you have been asked this question. Blockchain-based technologies have been on the lips of a growing number of investors on the hunt for the disruptive opportunities they can offer.
But for founders looking to enter the decentralized world, it’s all too easy to get distracted from core business objectives by shiny new buzzwords from outer space.
FOMO is real. You wonder if everyone else is doing x, y or z, so aren’t we?
I understand that pressure. As the founder of an infrastructure project since 2016, I would like to remind you that Web3 is not just a drop-down list of features to be attached to your project. It is the ethics of change that must be the cornerstone of what you want to build.
My message is simple: focus on the basics and don’t let the chanting distract you.
If the people who are the backbone of the community don’t feel good about your project or their involvement, you’re in big trouble.
I would like to provide some insights on how to build a strong project that can tap into the immense power and potential of Web3.
If you don’t solve a problem, you have a problem
A successful Web3 company, project, or DAO starts with a clear vision of the use case (or cases) that equips them to use blockchain in ways never before possible and how to change the game for those problems.
Until you’re satisfied you’ve identified both a well-defined pain point and a compelling solution, you won’t be able to convince users to beat a path to your door.
Once you’ve identified a problem or plan to solve it, dig a little deeper. What action can web3 bring to the party? Blockchain is a powerful disruptor as it provides the missing link.
for instance:
- Will global, permissionless, digital currency coverage change the game?
- Does accessing a shared, open, data layer make your offering more attractive than storing the data in a proprietary database?
- Does being able to co-own users with platform success give you an edge over Web 2 incumbents?
- Can you boost one side (or both sides) of a marketplace with protocol incentives?
- Can Web3 predecessors such as NFTs, on-chain credentials, crowdfunding, and wallet-based identity enable an experimental experience for users?
If the problem you’re solving can benefit from one of these unique Web3 value propositions, you’re probably onto something exciting!
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