Entrepreneurs and professionals looking at Web3 are likely both excited and wary. While apparent “overnight success stories” are appealing, there is also no doubt that the crypto and blockchain industry has seen its share of bad actors. Additionally, unfamiliarity with the industry’s technologies, methods, and philosophies can be intimidating to a newcomer.
The members of Cointelegraph Innovation Circle are crypto pioneers who have been instrumental in exploring and creating opportunities for those just now entering the industry. Below, 14 of them discuss the details and truths they wish they had known when they first entered crypto and blockchain. Leverage their experience to launch Strong in Web3.
Don’t expect success overnight
Despite the rapid pace of the crypto ecosystem, success rarely happens overnight. While we’ve certainly seen projects exceed everyone’s wildest dreams, the majority face the tough challenges of a crowded field and changing public sentiment. For true believers, this is common knowledge often gained through sober experience. That’s why it’s wise to temper your expectations and make plans for rainy days. – Oleksandr Lutskevych, CEX.IO
Feed your community
Community is the ultimate competitive advantage in Web3; it is the most important thing you should focus on. Your community adopts your products early, gives you feedback to achieve product-market fit, acts as a distribution channel, and actively participates in improving everything about your project. A project with a strong community can weather any storm. – Abhishek Saxena, Polygon Technologies
Embrace your unique skills
As I look back on my Web3 journey, important lessons emerge. First, it’s not too late to join the evolving Web3 space; sufficient possibilities remain. Basic reading, like Satoshi’s article, is critical, as is understanding key terms. Contrary to the myth that it’s just about technology, Web3 values a variety of skills including marketing, community, legal and finance. Embrace your unique skills; they are essential to Web3’s success. – Sandy Carter, Unstoppable Domains
Protect your reputation like an asset
Make no mistake: there are a lot of bad apples in this industry. This was and remains a shock to me. I have learned to live with it, because I no longer expect the industry to regulate itself. My advice is tried and tested: your reputation is an asset. How you act on it is up to you. There are projects that do not cut corners and break new ground; I believe mine is one. Keep your eyes open. – Stephanie So, Geeq
Prepare for the speed of regulatory evolution
One thing I wish I had known is how quickly regulations can change and the importance of adaptability. The legal frameworks surrounding crypto and blockchain are constantly evolving, and a keen understanding of global regulations and compliance from the outset would have been incredibly helpful in navigating the complex Web3 landscape more effectively. – Tomer Warschauer Nuni, Kryptomon
Prioritize security every step of the way
It’s critical to prioritize security every step of the way, from understanding best practices for securing wallets and private keys to thoroughly vetting projects and contracts before getting involved. The crypto and blockchain industry is full of potential, but it is also a space where being informed, careful and patient can make a big difference in your journey to success. – Myrtle Anne Ramos, Blocking Tides
Avoid emotion-driven decisions
As you navigate crypto and blockchain, prioritize deep learning over quick wins. The pace of the industry requires a solid foundation for good decisions. Also respect the volatility of the market. While the appeal of innovative projects is enticing, the landscape is constantly changing. Approach Web3 projects with dedication and avoid emotion-driven decisions to ensure stability and success. – Maksym Illiashenko, My NFT Wars: Riftwardens
Cultivate healthy skepticism
When I entered Web3, I quickly realized the importance of discernment. Amid all the fuss and hype, I wish I had known how to distinguish the real opportunities from mere buzzword appeal. Newcomers – especially those from non-technical backgrounds – should cultivate a healthy skepticism. Dive deep, question trends and remember: in this industry, substance always trumps sparkle. – Tiago Serôdio, Partisia Blockchain
Keep thinking ahead
Act now, but plan for tomorrow. Instead of just chasing the latest trends, Web3 newcomers should dive deep into their research to find out 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, ENT Technologies AG
Discover Web3 in its entirety
The Web3 space is still in its infancy. Therefore, the opportunity to explore has never been more attractive. Fully embracing the space for what it has to offer should be a priority as adoption and future developments will rapidly increase and unique launch opportunities will begin to diminish. Be open-minded and explore the Web3 realm in its entirety. – Ilias Salvatore, Flooz XYZ
Grow your brand and the industry through specialized knowledge
There is enormous power in becoming an expert within a defined niche of Web3. This industry is still in its infancy, and those who express passion for and extensive knowledge of a particular product or sector can help grow both the industry and their personal brand. The decentralized aspect of Web3 makes the industry community-centric, allowing thought leaders to reach large audiences in an impactful way. – Megan Nyvold, BingX
Just know that Web3 isn’t really the ‘Wild West’
Web3 is considered the ‘Wild West’, with minimal regulations and a relatively chaotic space, but the truth is that regulations within Web3 are constantly evolving. Understanding the potential for regulatory changes and the importance of staying compliant would have been valuable knowledge from the start. – Anthony Georgiades, Pastel Network
Understand that change is constant
Surprises are inevitable, regardless of your familiarity with crypto, decentralized finance or decentralized autonomous organizations. Web3 is an ever-evolving domain of financial, gaming, governance, and security experimentation. So always keep an open attitude, because change is constant. – Sheraz Ahmed, STORM Partners
Build an MVP before approaching investors
One thing I wish I had known when I entered the industry is that it is easier to access financing if you already have a minimum viable product. Having an MVP also shortens the time between obtaining funding and launching. In addition to the financing comes the expertise of your investors, who can be very useful in connecting you with a variety of knowledgeable professionals. – Abhishek Singh, Acknowledgments
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior 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.