Why now is the time to start building in Web3
Things you might expect to find if you type ‘motivational’ into Google:
A video of David Goggins yelling ‘STAY HARD’, on and off, for 1hr and 21 mins.
An ex-navy admiral telling you to make your bed every morning.
A photo of Gary Vee, wearing a head mounted mic, paired with a misattributed Ghandi quote.
(We made that last one up, but honestly, we wouldn’t be surprised if it existed).
If these options work for you, more power to you!
If you need something that’s a little more Web3 specific, try this linked article.
Here’s the gist of its message:
Right now, we’re in a crypto winter - prices are down and the broad market hype surrounding Web3, has all but disappeared.
This makes it the perfect time to start building.
...it might feel counter intuitive, but it’s true.
Most opportunities are born in downtrends, not bull runs.
Ok, what's the advantage?
You get to pressure test your product, while the stakes are low.
Much like a holiday town - when winter hits, the (crypto) tourists leave in droves, while the locals stay behind.
These 'crypto locals' - the ones have been in the space for years - will typically have more patience and accrued knowledge than your average user.
They’ve been here before, they know what works, and they can help you fine tune your product.
When markets pick back up, and new customers start to flood the market - you’ll have a polished product, ready for folks to rave about.
How it’s different to last time / why that matters:
2018's downturn was a result of a loss of confidence in the crypto market.
2022's downturn was a result of a loss of confidence in all markets.
Rising inflation, increased cost-of-living, a spiraling stock market, and fears of a recession - these things weren't a factor in 2018.
Ok...but how is that better?
As a whole, it's not. But when we look only at the 'then and now' of the crypto market - there's a whole lot more trust and sustained investment in the present day crypto space.
Legacy Web2 companies, like Meta (formerly Facebook) and Twitter, are committed to integrating Web3 functionality into their products over the coming decade - while venture capital firms, like A16Z, continue to pour billions into the space.
This long term institutional commitment didn't exist in 2018.
It does now, and it's a good signal of future demand.
What to aim for (if you're looking to build):
Utility.
Sounds painfully obvious (and it is): make sure your product does something of real value for those that use it.
Unfortunately, in Web3, making a lot of money from a product that lacks utility is very doable.
Don’t get seduced by this seemingly easy road. It’s a flawed approach.
Hype can carry you through a bull market, but it won’t last in a downtrend. If you want to create a product that has real legs, you need to give your users every reason to stick around.
Create something your users won't want to live without - and you're golden.
Again, painfully obvious - but often ignored.
Here’s a stupidly simple hack:
Web3 has an ease of use problem.
If you can take existing products / concepts that are already in demand, and make them easier to use - you’ll be head and shoulders above most.
The combination of utility and silky smooth user experience are expected in Web2 products, but not yet in Web3.
Take advantage of this low hanging fruit while you can.
(It won't be around forever).