Should web3 developers build tribes, not just tools?

Memes have come a long way, from niche internet jokes to full-blown speculative trading instruments. Now, with Goatseus Maximus (GOAT), we even have the first ai agent. <a target="_blank" href="https://cointelegraph.com/news/truth-terminal-ai-millionaire-memecoins” target=”_blank” rel=”nofollow”>millionaire. While I had initially dismissed meme coins as crypto casino gaming tokens, it takes foresight to see what they really mean. Murad Mahmudov presentation at TOKEN2049 in Singapore was an eye-opener for me.

From Dogecoin (DOGE) or Shiba Inu (SHIB) to Bonk (BONK) or Pepe (PEPE), crypto memes are meeting points in today's hyperdigital world. They provide people with a shared language and identity (the guarantee of belonging) where inherited institutions and market structures are failing them. Murad says we are in a 'meme coin supercycle', and tribal loyalty and community sentiments drive markets more than utility. I think you are absolutely right: the signs are everywhere, in the trenches and outside too.

As an OG, I've had to wonder if traditional business advice is virtually useless in web3. The 'token is the product' here. Therefore, innovators and developers would be wise to focus on building tight-knit tribes and communities, not just some abstract underlying utility.

No more infrastructure or more applications

Starting with bitcoin (btc) and ethereum (eth), a culture of lawlessness coupled with cutting-edge technology defined the value proposition of cryptocurrencies. It came with the promise of a decentralized, trustless world built around individual autonomy. But more than fifteen years later, cryptotechnology has yet to live up to its promises.

While more infrastructure and more applications could increase the appeal of blockchain and cryptocurrencies, what they really need (especially for mass adoption) are more emotional touchpoints and narratives around which people can rally.

The next billion users don't care about the technology or what big venture capital is pouring into the next shiny object. They care about having fun with a community of like-minded people. The 'public good' or social impact projects created downstream from here are the icing on the cake.

Take DOGE, the OG crypto meme coin, for example. It was born with satirical intentions and without innovative technology or venture capital financing to back it. I was in the ethereum Foundation room in Zug when DOGE was launched. It was an intentional joke; The technicians said, “Let's not take ourselves too seriously.” However, now you have on 6.9 million homeowners, and the community is using their money to finance Water wells in Kenya. That's what's called bottom-up public service creation.

Instead of deep-pocketed investors dumping 'use cases' and overvalued coins at retail, meme coins encourage the formation of genuinely decentralized communities. That is the core strength and beauty of meme coins.

Speculation aside, they encourage geographically, culturally and ideologically discrete people to form groups around a shared idea, mainly fun and humorous. And since there is usually no long-term end in sight, memecoin communities come together for the good of the community.

Vibrating in a disconnected world

Tribalism is not new in cryptography. bitcoin maximalism or ethereum loyalty, for example, are nothing less than almost religious sentiments. The Genesis Block is a <a target="_blank" href="https://medium.com/thecapital/bitcoin-is-a-religion-a-deep-belief-a-trust-a-philosophy-a-faith-a-community-5f81c8d074c2″ target=”_blank” rel=”nofollow”>sacred symbol enshrined in mathematics, game theory and mythology.

This begs the question: why are meme coins booming now? The short and vague answer would be that cryptocurrencies work in cycles, and now it's time for meme coins. They will all go to zero once the hype passes. But not.

The world is increasingly distressed and younger generations are finding it difficult to make sense of it. There is a complete lack of meaning (and disillusionment) as established institutions crumble or betray their darkest, most anti-individual selves.

Memes are the antidote to such banality, not just in cryptocurrencies but everywhere. Even the US presidential election was largely fought around memetic identities like 'Kamala is a brat' either 'Bridge vote' more than hard policies, performance or ideology.

Previously, Brexit saw stark divisions between the “Leave” and “Remain” camps, with tribal languages ​​such as “Remoaner” and “Brextremist” characterizing polarized conversations in all areas. Although a negative manifestation, this shows how integral tribalism is in modern times and culture.

Meme coins are great because they channel this growing demand for belonging and connection into something positive and monetizable. Thousands vibrated with the '<a target="_blank" href="https://x.com/truth_terminal/status/1848198891264491849?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1848198891264491849%7Ctwgr%5Eecdf0b909f3e674e2b2eef0d9c2deff82455dbce%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fwww.coingecko.com%2Flearn%2Fwhat-is-goatseus-maximus-goat-memecoin-crypto” target=”_blank” rel=”nofollow”>goat gospel,' and many more will do so without caring whether LLMs can make typos or not.

Popcat (POPCAT), the Solana-based meme coin, is another example of community and fun vibes. <a target="_blank" rel="nofollow" href="https://x.com/jpeggler/status/1772313280272326708″ target=”_blank”>traction erasing the need for technical promises. Bonk prospered along similar lines to become the 'social layer'by Solana.

Overall, the meme coin supercycle underscores a reality in which identity is the new utility. No matter what right-handed narrative or gigabrain tech innovation projects you subscribe to, a community-centered approach will separate the winners from the losers.

Without a community-based community, even the best technology would find its place in the trash bin. While even the most mundane and uninteresting technology can reach the moon with the active and loyal support of the community. Intrinsic value has taken on a whole new form.

Younger consumers place as much importance on fun, identity and emotional connection as they do on functionality. Web3 projects, like everything else, must pass the vibration test. Builders (mainly those with web2 experience) need to reconfigure themselves to build tribes, not mere tools.

ai may not take your job, but if it doesn't meet the demands of the times, it surely will. The lesson is simple: community is currency and identity is the fundamental asset.