Today marks three years since I started my journey in web3, and here are my most important lessons:
1⃣ 90% of people know they're early but don't know what for. Many don't even know why they buy into an NFT collection.
2⃣Nobody cares about the technology or decentralization; the only thing that matters is what personal benefit they can get.
3⃣"Mass adoption" won't come soon.
4⃣Most projects lack a long-term plan, and many don't have any plan at all.
5⃣The current NFT model is predominantly bad for those who are diamond hands. The failure rate is too high.
6⃣Respect to web3 will come when there are projects addressing real-world needs; we need to bring technology and culture to where the masses are.
7⃣90% of people don't read a project's whitepaper, and at least 50% don't read anything at all.
8⃣If web3 requires education, we're failing; it needs to be simpler to use. Like everything seeking adoption in life, it's important to eliminate friction.
9⃣Trading NFTs means that for one to win, another has to lose.
1⃣0⃣Trends are temporary, be it culture, utility, pixelated art, free mints, ordinals, meme coins, and soon something new will emerge.
1⃣1⃣The most hyped projects suffer the hardest hits; can anyone explain why a Moonbird was worth 20 ETH just days after its launch?
1⃣2⃣ Many projects make the mistake of creating products to sell to their communities, and the largest community in space doesn't even have 500 active members. Without a market, there's no business.
1⃣3⃣Those who love and idolize you for your project's price increase are the same ones who will FUD you when it's goes down.
1⃣4⃣Buying into an NFT project is like paying for your new position at a company; the founder is important, but without a whole community pushing and aligning behind a common goal, web3 lacks meaning, resembling more of crowdfunding.
1⃣5⃣The announcement of an announcement moves the floor price; delivering on promises does NOT.
1⃣6⃣Being a founder requires professional and human skills not comparable to any other position in a traditional company; it's not for everyone, you have to be mentally strong.