I spent time with founders in the Web 3.0. space this week. Here are couple of learnings:
- Web 3.0. is here to stay.
- Talent: Talent is moving to Web 3.0. Big tech lay-offs are leading top talent to "retire" from Web 2.0. and moving to Web 3.0. A lot of those people are very experienced, mid-career and looking to make an impact. As with every crisis, I believe this inflow of talent will be a huge lever for inovation.
- AI: We need to look under the hood. Many founders present themselves as "AI start-ups". Ulimately, after all the buzz-words it is important to understand how AI is really being used. Personally I believe we'll see a few giants immerge in this space and the GAFAM players will be putting big money in AI related innitatives. From there onwards, I believe it's not about reinventing your own AI in most cases, but rather about leveraging existing solutions and combining them in unique ways (unless you have tons of capital).
- On-chain Identity: One of the recuring themes is digital identity in a Web 3.0. environment. Nobody really cracked the nut yet. There is talk about SBTs, ZK-proofs etc. but we're still very early and a lot still needs to defined in this space.
- Regulatory environment: Legislators don't make it easy for start-ups due to the ambiguity and the lack of clear rules. Some start-ups are having issues just opening a bank account if they are in the crypto space. One founder told me they were asked to remove any mention of blockchain in their T&Cs if they wanted to create a customer facing app (it was a European country). They decided to use blockchain in the back-end while keeping the UI and user experience rather classic.
- Adoption: Big brands (and banks) are paying attention to this space. Some start dipping in their toes. We're starting to see the first Web 3.0. agencies emerging. This is just the beginning. I am pretty sure that soon all the big agencies will have Web 3.0. divisions (either in-house or through acquisitions).
- Trust: FTX etc. didn't help. We all know the experience of user trust, but to gain adoption we probably need to do better at gaining and maintaining trust.
- UX: UX/UI and user experience are essential. There is still a lot to be done to create a seamless experience. Not everyone has the ability / desire to use Curve Pools and sign 10 transactions to get something done on chain.
All in all, if you are reading this, it just means you are (very) early on this journey. Exciting times ahead!