Business owners and professionals keeping an eye on Web3 are likely both excited and cautious. While seemingly overnight success stories are tempting, there is no doubt that there have been some bad actors in the crypto and blockchain industry. Additionally, the unfamiliarity of the industry’s technologies, methods and philosophies can be daunting to a newcomer.
Cointelegraph Innovation Circle members are crypto pioneers who have played an important role in paving the way for those just entering the industry. Below, 14 of them discuss the details and truths they wish they had known when they first got into crypto and blockchain. Use your experience to successfully get started with Web3.
Don’t expect overnight success
Despite the fast pace of the crypto ecosystem, success rarely happens overnight. While we have certainly seen projects exceed everyone’s wildest dreams, most face the significant challenges of a crowded field and changing public opinion. For true believers, this is common knowledge, often gained through sober experience. Therefore, it is advisable to temper your expectations and plan for rainy days. – Oleksandr Lutskevych, CEX.IO
Cultivate your community
Community is the ultimate competitive advantage in Web3; It is the most important thing to focus on. Your community adopts your products early, gives you feedback to achieve product-market fit, acts as a sales channel, and actively participates in improving everything about your project. A project with a strong community can weather any storm. – Abhishek Saxena, Polygon Technologies
Use your unique skills
As I reflect on my Web3 journey, important insights emerge. First, it is not too late to enter the evolving Web3 space. There are still numerous options. Basic reading, like Satoshi’s essay, is just as important as understanding key concepts. Contrary to the purely technical myth, Web3 emphasizes diverse skills including marketing, community, legal and finance. Use your unique skills; They are crucial to the success of Web3. –Sandy Carter, Unstoppable Domains
Protect your reputation as an asset
Make no mistake, there are a lot of bad apples in this industry. That was and is a shock for me. I’ve learned to live with it because I no longer expect the industry to regulate itself. My advice has worked: your reputation is an asset. How you deal with it is up to you. There are projects that make no compromises and break new ground; I think mine is one. Keep your eyes open. – Stephanie So, Geeq
Prepare for the speed of regulatory developments
I wish I had known how quickly the regulatory environment can change and how important it is to be adaptable. The legal framework surrounding crypto and blockchain is constantly evolving, and a deep 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 at every step
It’s critical to prioritize security at every step, from understanding best practices for securing wallets and private keys to thoroughly reviewing projects and contracts before intervening. The crypto and blockchain industry is full of potential, but is also an area where information, caution and patience can make a big difference on your path to success. – Myrtle Anne Ramos, Block Tides
Avoid emotion-driven decisions
When navigating crypto and blockchain, prioritize deep learning over quick wins. The pace of the industry requires a solid foundation for informed decisions. Equally respect the volatility of the market. While the allure of innovative projects is tempting, the landscape is constantly changing. Approach Web3 projects carefully 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 judgment. Amid the hustle and bustle, I wish I had known how to distinguish the real opportunities from mere buzzwords. Newcomers – especially those with a non-technical background – need to develop a healthy level of skepticism. Dive deep, question trends and remember: in this industry, substance always trumps flash. – Tiago Serôdio, Partisia Blockchain
Think further ahead
Act now, but plan for tomorrow. Instead of just chasing the latest trends, Web3 newbies should dive deep into their research to find out what big trend might be next. Be grateful for moments of instant gratification, but always remain humble and think further ahead like a chess player. – Wolfgang Rückerl, ENT Technologies AG
Discover Web3 in its entirety
The Web3 area is still in its infancy. So the opportunity to explore has never been more tempting. Fully utilizing the space for what it has to offer should be a priority as adoption and future developments will increase rapidly and unique launch opportunities will gradually decrease. Be open-minded and explore the Web3 world in its entirety. – Ilias Salvatore, Flooz XYZ
Grow your brand and the industry through expertise
There is tremendous power in becoming an expert in a defined niche of Web3. This industry is still in its infancy, and those who express their passion for a particular product or sector and have extensive knowledge can contribute to the growth of both the industry and their personal brand. The decentralized aspect of Web3 makes the industry community-focused and allows thought leaders to reach large audiences in an impactful way. – Megan Nyvold, BingX
Know that Web3 is not really the “Wild West”.
Web3 was considered a “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 change and the importance of compliance would have been valuable knowledge from the start. – Anthony Georgiades, Pastel Network
Understand that change is constant
Surprises are inevitable, no matter how familiar you are with crypto, decentralized finance, or decentralized autonomous organizations. Web3 is an ever-evolving area of financial, gaming, governance and security experimentation. Therefore, always keep an open mind because change is constant. – Sheraz Ahmed, STORM Partners
Create an MVP before approaching investors
When I entered the industry, I wish I had known that accessing financing is easier when you already have a product with minimal profitability. An MVP also shortens the time between raising funding and launching. Additionally, financing also brings into play the expertise of your investors, who can prove extremely useful in connecting you with experts of all kinds. – Abhishek Singh, Acknowledger
This article was published by Cointelegraph Innovation Circle, a verified organization of blockchain technology industry leaders and experts who are shaping the future through the power of connection, collaboration and thought leadership. The opinions expressed do not necessarily reflect those of Cointelegraph.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers