Entrepreneurs and professionals looking at Web3 are likely to be enthusiastic and cautious at the same time. While the apparent “overnight success” stories are appealing, there is also no doubt that the cryptocurrency and blockchain industry has seen its share of bad actors. Additionally, lack of familiarity with industry technologies, methods, and philosophies can be discouraging for a newcomer.
Members of the Cointelegraph Innovation Circle are crypto pioneers who have played an important role in exploring and creating a path forward for those just now entering the industry. Below, 14 of them discuss the details and truths they wish they had known when they first got into cryptocurrencies and blockchain. Take advantage of your experience to launch strongly into Web3.
Don’t expect overnight success
Despite the fast pace of the crypto ecosystem, it is rare for success to come overnight. While we’ve certainly seen projects beyond anyone’s wildest dreams, most face the uphill challenges of a crowded field and shifting public sentiment. For true believers, this is common knowledge that is often gained through sober experience. Therefore, it is wise to temper your expectations and plan for rainy days. – Oleksandr Lutskevych, CEX.IO
Nurture your community
The community is the maximum competitive advantage in Web3; It is the most important thing to focus on. Your community adopts your products from the beginning, gives you feedback to achieve product-market fit, acts as a distribution channel, and actively participates to improve everything about your project. A project with a strong community can weather any type of storm. –Abhishek Saxena,technology“> Polygonal technologies
Take advantage of your unique abilities
As I reflect on my journey to Web3, key lessons emerge. First, it’s not too late to enter the evolving Web3 space; ample opportunities remain. Fundamental reading, such as Satoshi’s article, is crucial, as is understanding key terms. Contrary to the myth of exclusive technology, Web3 values various skills, including marketing, community, legal and financial skills. Embrace your unique abilities; They are vital to the success of Web3. –Sandy Carter, Unstoppable domains
Protect your reputation as an asset
Make no mistake, there are many bad apples in this industry. This has been and continues to be a shock to me. I have learned to live with it because I no longer expect the industry to regulate itself. My advice is time-tested: your reputation is an asset. How you operate with it is up to you. There are projects that do not take shortcuts and are opening new paths; I think mine is one. Keep your eyes open. – Stephanie So, Addicted
Prepare for the speed of regulatory evolution
One thing I wish I had known is how quickly the regulatory environment can change and the importance of being adaptable. The legal frameworks around cryptocurrencies and blockchain are continually evolving, and a deep understanding of global regulations and compliance from the beginning would have been incredibly beneficial in navigating the complex Web3 landscape more effectively. – Tomer Warschauer Nuni, cryptomon
Prioritize safety at every step
It’s crucial to prioritize security at every step, from understanding best practices for protecting wallets and private keys to thoroughly vetting projects and contracts before getting involved. The cryptocurrency and blockchain industry is full of potential, but it is also a space where being informed, cautious, and patient can make a big difference in your path to success. –Myrtle Anne Ramos, Lock tides
Avoid Emotionally Driven Decisions
As you navigate cryptocurrencies and blockchain, prioritize deep learning over quick profits. The pace of the industry requires a solid foundation to make the right decisions. Likewise, respect market volatility. While the appeal of innovative projects is appealing, the landscape is constantly changing. Approach Web3 projects with diligence and avoid decisions based on emotions to ensure stability and success. – Maksym Illiashenko, My nft Wars: Rift Guardians
Cultivate a healthy skepticism
Upon entering Web3, I quickly realized the importance of discernment. Amid the hype and hype, I wish I’d known how to separate genuine opportunities from the simple appeal of buzzwords. Newcomers, especially those from non-tech backgrounds, must cultivate a healthy skepticism. Dig deeper, question the trends, and remember: in this industry, substance always outshines shine. – Tiago Serôdio, Partisia Blockchain
Keep thinking about the future
Act now, but plan for tomorrow. Instead of simply chasing the latest trends, Web3 newcomers should dig deeper into their research to discover what big trend could be next. Be grateful for moments of instant gratification, but always remain humble and, like a chess player, keep thinking ahead. – Wolfgang Rückerl, ORL Technologies AG
Explore Web3 in its entirety
The Web3 space is still in its infancy. Therefore, the opportunity to explore has never been more attractive. Taking full advantage of the space for what it has to offer should be a priority, as adoption and future developments will increase rapidly and initial one-off opportunities will begin to decline. Keep an open mind and explore the Web3 realm in its entirety. – Ilías Salvatore, Flooz XYZ
Grow your brand and the industry through specialized knowledge
There is immense power in becoming an expert within a defined Web3 niche. This industry is in its infancy, and those who express passion and deep knowledge of a particular product or sector can help both the industry and their personal brand grow. The decentralized aspect of Web3 makes the industry community-centric, allowing thought leaders to reach large audiences in an impactful way. –Megan Nyvold, BingX
Know that Web3 is not really the ‘Wild West’
Web3 has been considered the “Wild West,” with minimal rules and a relatively chaotic space, but the truth is that regulation within Web3 is constantly evolving. Understanding the potential for regulatory changes and the importance of compliance would have been valuable knowledge from the beginning. –Antonio Georgiades, Red Pastel
Understand that change is constant.
Surprises are inevitable, regardless of your familiarity with cryptocurrencies, decentralized finance, or decentralized autonomous organizations. Web3 is an ever-evolving arena of financial, gaming, governance, and security experiments. Therefore, always keep an open attitude, as change is constant. –Sheraz Ahmed, STORM Partners
Create an MVP before approaching investors
One thing I wish I had known when I entered the industry is that getting access to financing is easier when you already have a minimum viable product. Having an MVP also reduces the time period between obtaining funding and launching. Plus, along with financing comes the experience of your investors, who can be very helpful in putting you in touch with all kinds of expert professionals. –Abhishek Singh, Acknowledgment of receipt
This article was published through the Cointelegraph Innovation Circle, a vetted organization of top executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. The opinions expressed do not necessarily reflect those of Cointelegraph.
