Beyond the Hype With Web3? Not Quite Yet.
We’re no Longer Early With Blockchain Technology. The Time to Start Migrating is Now.
The smart team at McKinsey was the latest to author and publish a thought leadership / educational article on Web3 and NFTs, called “Web3 Beyond the Hype.” But… is it really?
We’re getting there, even if documents like this have become a mandatory step on the path to progress. We’re now in the “I have to get smart about this” (a.k.a: “I have to tell people I’m smart about this”) phase. Yes, a lot is happening. No, most of it is not relevant to you, Dear Reader.
Some learn by watching, others by listening, and a few by doing. And (apparently) many more by writing. Every analyst and strategist is either proactively or reactively writing her or his OWN justification for “Why web3?” explaining the same concepts to the same people in the same way.
But it’s all getting a bit repetitive and formulaic at this point. Why? For all the web3 101’s, educational guides, white papers & think pieces that say, “Hey, we’ve studied this and understand it!” it’s clear that this step is much more about “checking the boxes” for established #brands & #marketers.
Yet, despite all of this, an education gap STILL remains.
So here’s what I know:
- Most audiences & consumer #community segments ARE ready to be led, provided the progression is an extension and evolution of current behaviors/expectations. Align the incentives.
- The tech IS ready and the new frameworks for long-term success with blockchain applications are viable.
- Progress requires tech/feature development (inc UI/UX) and community adoption happen at similar speeds. (Andrew Chen’s Cold Start Problem.)
- Token and #NFT revenue is not the primary opportunity. It may be an eventual outcome, but it should not be the initial objective.
- Current #media/#social platforms have failed to fulfill the promises made a decade ago, are aware of this, and scrambling to stay in the mix.
- There is no “the #metaverse.” Yet. Building toward an open, composable, interoperable network of AR/VR/immersive experiences is exciting, fun, and coming. But we can’t jump ahead before the solid foundation is in place.
- The first step for 95%+ of brands will be seeding tokens/NFTs with a subset of their community. Earned. Acquired. Gifted. Possibly bought. This is a CRM play building the next generation of loyalty and retention. Seamlessly, accessibly, inclusively.
- This can be a force for good. Individual and decentralized empowerment through trustless, verifiable ownership.
- Many are already adopting Web3 and Web 2.5 behaviors. The barriers to entry are gone (thanks, Mint!), but mass awareness of this fact is not yet there. So start focused, then extend to a larger slate of segments with concurrent, interconnected, tiered applications.
- This next decade is going to create an existential “moment” for legacy institutions looking up at the meteor as it approaches and wondering whether to run, hide, or meet it halfway. Or part of the way?
Please just don’t slow down to write ANOTHER self-gratifying “What is web3?” essay.
