Why WEB3 Is Battling To Gain Relevance & Market Share

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18 Apr 2024

Are You Leveraging Good Data?
Many new Crypto enthusiasts are entering the SocialFi space in an attempt to learn and earn. As with everything in life, there is that which is useless and that which is useful. If you are someone who tends to think for themselves, you will note that much of what you will find on Crypto-based platforms is noise. Useless garbage. Sadly, users will continue to consume and endorse this garbage.
In my opinion, this is one of the greatest barriers to WEB3 adoption. Why? Because it has no value. Many will support the idea that it does have value because it generates impressions, and therefore, ad revenue. Not actually, the impressions will remain capped at insignificant levels. If you want your platform to grow, support, and endorse quality data. When users are benefiting from the content being published, a true increase happens.
Why will I, as a user, choose a WEB3-based platform in favor of a legacy-based WEB2 platform? The obvious answer is that firstly, I want to earn Cryptocurrency for my interactions, and secondly, I want access to beneficial information regarding Crypto. If I want to see posts of random people’s breakfasts and selfies, I would be better off going to Facebook. This is where many WEB3 developers miss the boat completely.
They criticize Facebook and then begin implementing the same model. You are offering the same garbage. WEB3’s true selling point is that it facilitates, endorses, and promotes a unique caliber of content. Do you know why MSM has lost so many viewers and subscribers… because it has no value. Why does it have no value? Because its content has no benefit whatsoever. It disempowers and simply facilitates structured narratives.
Why have we seen such a boom in the Crypto space over the past decade? Because people have realized that it is beneficial to their financial futures. When a data-driven platform offers an “exclusive” opportunity, it explodes. Month after month and year after year, platforms experience stagnation regarding their monthly active users and never consider that perhaps the problem is linked to their values, and that which they endorse.
Those who ask the difficult questions, get the answers. When you can provide and prove the beneficial aspects of your platform, you ensure growth. When you copy an existing model, you simply endorse WEB2 legacy-based platforms. Crypto has inherent elements that make it superior to the existing system. WEB3 has to provide a similar dynamic. However, what we tend to see in this space is the lack of a backbone.
Singularity Of Purpose
Generally speaking, most WEB3 projects have no backbone. They keep bending to meet the market instead of leading the market forward with conviction. It is this lack of conviction that is unable to “arrest” and attract a viable user base. Constant rebranding is interpreted as a lack of identity. Simultaneously, it communicates no real intent. It’s like a guy who goes to a party and then proceeds to make moves on everything with a skirt.
The women watch this unfold and immediately realize that there is no real intent. They realize that the guy has no objective… he’s willing to settle for whoever responds to his advancements. Constant rebranding and readjusting of focus communicates that you are willing to take what you can get. Whatever brings in the numbers… right? Wrong! This is a recipe for failure.
Find a singularity of purpose, and then execute it with excellence. There’s very little conviction and so very little adoption. Being unable to consider this dynamic is what keeps these projects at arm’s length. It’s easier to just keep rebranding… and updating your whitepaper. It’s a lot more difficult to find true purpose and then to advance come what may. Unfortunately, this is how true success stories unfold.
The proof is in the pudding. This is perhaps a bitter pill to swallow. However, those who have secured significant success and adoption all share this common trait. It’s interesting to note how many Crypto projects have rebranded since 2017… and multiple times at that. Furthermore, they continue to drop, regarding market cap ranking, and ultimately, market dominance. In other words, a slow bleed into irrelevancy.

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On the other hand, projects that offer value and utility, which have also chosen to stick to their guns are clawing their way up the market cap ladder. WEB3 success stories will in time display the same singularity of purpose. I remember Uptrennd. Constantly “evolving”. However, in reality, it was constantly sinking… until, eventually, it was no more. Wow, they had an ad revenue model and everything.

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Yes, they did. They also had low-quality content. The earning capacity was there. The revenue models were there. However, there was not much quality content. Poor quality content stifles revenue models. On the other hand, high-caliber content enhances monetary models. This simple truth evades the majority. Many developers are technically skilled, but simultaneously handicapped when it comes to understanding the business world and psychological truths that govern success.

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Final Thoughts
At the end of the day, the brains are present, but the leadership is lacking. When your leadership team is impoverished, your tech never sees the light of day. It doesn’t matter what you do. A good project needs a singularity of purpose and strong leadership. Constantly bending and buckling in an attempt to gain new users is interpreted negatively. People might not understand why they behave as they do. However, there are underlying dynamics that human beings respond to naturally… whether or not they understand why…

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.