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Whether we like it or not, Web3 needs Web2 creators to build it

Web3 evolution: Li Gong, partner of Youbi Capital, said that Web2 people can unlock growth hacking without violating transparency and decentralization.

Emerging industries still need to dramatically improve their code quality, work ethic, and ability to find market fit – all of which Web2 leaders are shaping by joining Web3 of.

Now, Web3 is the decision maker that welcomes the platform that has previously built hundreds of millions of users. For example, the former vice president of Google serves as the chief product officer of Coinbase. Lyft’s former CFO works at OpenSea, an NFT marketplace.

This is good for maturity, but according to critics, it’s bad for the spirit of Web3. Some critics worry that these leaders are not bold enough. Or, they will bring the worst elements of today’s platform to tomorrow’s platform. In my opinion, these newcomers can unlock growth hacking without violating transparency and decentralization. Let’s explore.

Web3: Why the leaders of Web2 are changing their stance

There is no doubt that the interest in blockchain and cryptocurrencies Attitudes are changing with the times. Fewer crypto scams, greater company diversity, and notable career opportunities suggest an industry that is looking for a foothold. Founders are following smart money as top VCs set their sights on Web3.

Why not? I would say Web3 is probably a better place for founders. The right projects can attract faster timelines, higher valuations, and more funding than Web2. Also, the space is less crowded. With credentials from the Web2 world, leaders can leverage existing networks to compete.

Also, these Web2 leaders want to be at the forefront. They are frustrated with corporate red tape and want to call the shots. Plus, they weren’t impressed by the reaction of tech veterans.

Earlier this year, four former Facebook employees joined forces to create a startup focused on Web3 and blockchain infrastructure. They point out that Facebook is not the right place to realize their ambitions because the company cannot aggressively adopt next-generation technologies. Clearly, Big Tech’s efforts were seen as too little, too late. For those hungry for change, Web2 leaders see today as the perfect opportunity to help create the Internet of tomorrow.

Web3 evolution: Web2 people can unlock growth hacks without infringing on transparency and decentralizationWeb3 evolution: Web2 people can unlock growth hacks without infringing on transparency and decentralization

Growth techniques to attract and maintain the community

This evolution is the most important for Web3 development Exciting. These leaders, creators and entrepreneurs know how to create user-first ecosystems. They bring sophisticated networking and acquisition strategies to attract and maintain communities. Likewise, they create engagement, organically encouraging others to join. These are important growth tips that our space lacks.

Lifestyle app Gritti is a good example. The team behind this money-making platform previously built a Web2 running application with over 100 million users. This means they have built a huge network among marathon organizers, sports brands and influencers. As such, these relationships create an excellent competitive moat that keeps Gritti well ahead of its competition.

It is worth noting that years of experience and resources in the Web2 field also provide Gritti with a unique channel to acquire customers, whether through online/offline running events or decentralized running community. By contrast, most of the marketing efforts for the vast majority of Web3 projects are still limited to Telegram and Discord.

Gritti’s ability to engage diverse audiences also furthers its value proposition to the brand, creating a virtuous cycle of engagement and strong user retention. Going forward, Gritti is ready to use its learnings in Web2 for a brighter Web3.

Improve usability to make Web3 mainstream

Likewise, Web2 leaders will design Expertise brought to Web3. Currently, transferring assets from one crypto wallet to another can give users migraine headaches. This is because most applications assume knowledge of a crypto wallet or blockchain address and operate accordingly. To become mainstream, user experience must adapt to the masses. Therefore, Web3 must learn from the usability of Web2.

In terms of user experience, our industry must make it easy for new users to onboard. Ideally, this would require a similar user experience to Web2. Email login, simple user interface and intuitive platform navigation. The idea is that the platform creators made Web3 as comfortable and seamless as possible.

Meanwhile, in terms of infrastructure, Metaverse must be open and composable to decentralized application (dApp) builders. Each module must connect to the next and work together to provide an overall experience. This is easier said than done.

In terms of infrastructure, this is a daunting task that requires ecosystem leadership and coordination. Again, such management and technical characteristics define the leader of Web2. Here, more brainpower leads to more agility and problem-solving skills. Not to mention, the faster this space can come to consensus and work together, the faster people can enter the virtual world and live their digital lives.

Web3 gets stronger with Web2

These leaders provide Web3 with validation, Product-market fit and C-level insight. Web3, in turn, offers an opportunity to experiment in a field that is growing 40% annually. Both sides benefit from the other. At the same time, concerns about how these leaders are bringing the worst elements of today’s tech giants into them are unfounded. This is because the Web3 ecosystem only needs to look at the code to determine if the platform is decentralized. For example, if data ownership is not enabled, users will not join. It’s that simple.

The broader question at this point is for those jumping from the old tech world: Are you joining for the right reasons? For example, founder, are your interests aligned from Web2 to Web3? Or are you just chasing money? If it’s the latter, you need to remember that this is a new field with new rules.

If you don’t understand your stuff – from smart contracts to SocialFi, you’re going to struggle. Again, monetization is very different from Web2. Take a look at token economics. Do you understand the mindset of the Web3 community? Can you create enough incentives for users to join and start trading the token of your choice? It all remains to be seen.

Therefore, when joining from Web2 to Web3, interests must be aligned. The success of the project depends on it. So, thought leaders and founders, do your homework and align with the mission before taking the plunge. Combined with the right projects and backers, it’s self-evident how far Web2’s seasoned technology leaders will take our nascent industry.

About the author

Web3 evolution: Web2 people can unlock growth hacks without infringing on transparency and decentralization

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Li Gong is a partner of Youbi Capital. Over the past four years, Mr. Li has been involved in about 200 transactions. Leading investments include Metalcore, Bling Financial, Defiant and more. She is also an active member of several Decentralized Autonomous Organizations (DAOs) including theLAO and Own.fund, and serves as a Kernel researcher.

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