What comes next for web3?

  1. Scale back where possible
  2. Keep customers in the loop
  3. Build in public
  4. Focus on slow, concentrated growth

Scale back where possible

There are a few different areas you can scale back in, depending on your company’s size and position in the market.

Keep customers in the loop

Protecting an existing customer base during a bear market is one of the most difficult things for a small startup to get right. Lost customers are hard to win back, and more likely to spread FUD about your project. Oftentimes customers are much more forgiving and lenient when it comes to unexpected delays and changes in plans than you’d expect — as long as you’re open in your communication with them.

Build in public

One of the easiest ways to remain accountable to your customer base is to simply build in public, as much as possible. Be transparent in your setbacks as well as your successes, share screenshots of what you’re working on, and start fostering community growth. There’s a fine line between keeping people in the loop and spamming them, however — if you don’t have anything new to report, don’t lean too heavily into engagement farming. Remember, this is the time you’re supposed to start proving to your customers that they were right to put their faith in you. Your earliest supporters can turn into lifelong fans when you treat them like people and not product.

Focus on slow, concentrated growth

Whatever projections you made for user growth during the bull market need to be updated. New founders are going to experience a period of whiplash as they transition from a wild west gold rush mentality with customers flocking to literally any random new project they could to one where it’s much harder to win customers over. Your marketing strategy might need an overhaul. Now is not the time for billboards and other extraneous adspends. Instead, this approach requires more time spent doing market research to identify potential customers.

Looking toward the future

No matter the state of the market overall, I continue to remain bullish on many of the projects coming out of the web3 space, especially the ones that have been quietly building this whole time. I’m excited for new hardware advancements that are coming to the AR/VR side of things, which is an area of interoperability with NFTs that has been sorely undervalued by investors and builders alike, but which should be on everyone’s radar as new hardware starts to hit the market. Some things need to be built that don’t necessarily provide direct value to a company but are rather public goods for all that help improve the space. There is a continuing need to implement guardrails for those new to the crypto space in the form of better tools, better protocols, and better documentation. As always, user education remains in dire need of assistance in this space.

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