To say that the internet has come a long way in the last fifty years would be an understatement.
Much of this rapid development has happened at the hands of tech conglomerates, who have turned the internet into a means to provide centralised content services to users in exchange for their time, money, or personal data.
The value chain is thus owned and controlled by a select few despite the vast contributions of many, and unfortunately, this is the lasting legacy that Web1 and Web2 have left behind.
Introduced to the world in 2008, blockchain has ushered in a new chapter for the internet, one that is decentralised, user-led, and creator-focused, laying the foundation for what we have come to know as Web3.
Almost 15 years on, crypto and blockchain are no longer considered to be mysterious, new-fangled technological innovations, especially since the industry’s bull run in 2019. Combined with the introduction of a whole asset class, we are seeing an explosion of new business models, communities, and perhaps, a more inclusive financial ecosystem for all.
With the crypto industry estimated to reach over US$82 billion in market size by 2030, there’s little wonder why everyone is trying to claim a piece of the pie. However, as the market grows increasingly saturated with Web2’s biggest players entering the fold, the questions of where and how to begin can be daunting.
Also Read: The race of Web3 and crypto infrastructure vs big tech
Whether you are building a Web3-native venture or equipping an existing business with Web3 enablements, here is some advice for aspiring entrepreneurs.
Start with a minimum viable product (MVP)
From Airbnb and Uber to Slack and Zoom, many world-famous unicorns began as MVPs. The same principle applies to Web3. It is easy to become overwhelmed with overly ambitious goals for what the project is intended to achieve in the long term, causing founders to lose track of what they should be doing now to establish early relevance in the Web3 realm.
This begins with conceptualising what your MVP might be. Boil it down, strip it of its fripperies, and scrutinise it as if you were the user.
If you have something valuable that helps you focus on your long-term vision, keep at it. Let this small but meaningful endeavour be your north star and guide you into the world of Web3. The torrential pace of the industry will undoubtedly move your project forward, and you will be surprised at the iterations and improvements your initial idea will go through in just a year.
After all, Rome was not built in a day.
Craft a clear problem statement
As it is, there are several problems inherent to our current internet architecture that only a decentralised solution like blockchain can solve. However, the early days of “meme coins,” buzzwords, and speculative valuation based purely on initial hype are over. With so many trying to break into Web3, one needs a concrete selling point to rally the community, garner attention, and build excitement amidst the noise.
At the same time, it is no longer enough to just keep your head down and build. To sell your solution to others, you must also communicate your startup’s value proposition in the most digestible and concrete terms possible. Simply stating that you will “decentralise” or “gamify” something does not mean much until you can explain why doing so will solve a long-standing industry pain point.
Learn as you go — in true Web3 style
Many ask if they should attend a Web3-specific course at some institution before venturing into the space themselves. In reality, no textbook, manual, or school can fully prepare you for this exciting yet turbulent journey.
Also Read: Global Web3 companies on why Asia Pacific is the future of the industry
Even if there were, it would be rendered obsolete within six months of its release, given how quickly the industry is evolving. What is truly invaluable, rather, is to simply be in the industry, gain hands-on experience, and learn lessons on your own terms.
It’s not easy, but it’ll be worth it
Starting a business is tough, and starting a business in a nascent space such as Web3 is even harder. The three steps I’ve shared above might seem daunting, but if one has enough grit and conviction, their efforts will bear fruit, not just for themselves and their ventures but also for the broader Web3 ecosystem.
Lastly, you do not have to do it alone. Get to know the business models and communities adjacent to what you aim to grow and identify what problem of theirs you can help solve.
At RockX, while the team works hard on our own staking products, we are always on the lookout for opportunities to collaborate with other players to build solutions that advance the overall crypto asset management landscape.
While we’re still in a relatively bearish environment, previous crypto cycles have proven that many great projects will gain their core customer base during the heart of the crypto winter. So take heart, keep calm, and build on!
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