Eff Around & Find Out -
How Web3 is changing business models. You'd be wise to heed this one.
Humans have always had the gift of flight. We just carry excess baggage.
What else can you let go of that’s pulling you down?
NFTs.
I was invited to speak on a panel last week at the Philippine Blockchain Week.
The topic was:
How NFTs will Help Shape the Future of Business Models
I was joined by (in order of appearance):
Joel Flynn - moderator, and chief correspondent of Forkast News
Paul Tran - co-panelist, and yes, I speak about myself in the third-person.
Jin Kim - co-panelist, founder of the Catbotica collection and member of BAYC Korea
Mohamed DW - co-panelist, founder of Pentas NFT marketplace
Please follow these guys. They are sincerely wonderful people, and they’re doing important work in the space.
I’m going to share notes below, in case they help you think about your work differently, better, and for the inevitable.
I’m also going to break these notes in separate newsletters, so that you’re not suffering from infobesity (being overwhelmed with so much info that it makes you lethargic and not take action).
Here goes.
One business model change I’m seeing, thanks to Web3, is that successful founders are building in public.
There is a lot more demand on visibility and frequency than ever before.
Supporters want to know what you’re working on - by email, Twitter, and/or video updates.
There’s waiting for an annual report, a quarterly newsletter, a monthly recap, or even a weekly update. You need to be communicating every single day.
Yep - there’s spoon-feeding. Burping. Rocking them to sleep. Easing tantrums and uneasiness. Holding their hand.
There’s showing behind the scenes, work-in-progress, who else is helping, what you think about news, and milestones to celebrate.
Just a ridiculous amount of engagement.
They may not take in all of your comms…but they want to know it’s there.
A tough balance to manage.
Before blockchain, you had less creators available - at least visible - so waiting for updates was normal.
But now that decentralization has taken place and creators are directly connected to their communities…there is less ability and less acceptance of hiding.
Austin Hurwitz - an influential thinker in the tech space that I follow, said this:
I agree with this 100%…but keep in mind that:
The NFT space moves very fast…so your communications needs to keep pace.
Building in public gives you a sense of accountability. Kinda like having to show up to the gym, because your damn friend is waiting for you. You hate that friend for being there, but your abs are showing, though… Think of your community as project managers that you don’t have to pay salary to (although you’ll either pay dearly or they’ll pay you, depending on whether you honor this principle).
Doing this calibrate your ideas faster and cheaper. Now, you get free and instant feedback from your community that can make your offering even better than if you relied on costly assumptions, focus groups (who still does this?), or sunk costs. Of course, the flip side is being too accommodating and then losing your DNA…but, used properly, you can trim so much fat, launch faster and stronger, stay ahead, be more profitable, and make real impact.
Sharpened volume. Right now, in this bear market, and in the face of so much crap going on, like the FTX scandal, rug pulls, and other attacks on the blockchain industry…you need a consistent, value-added voice to keep your team, customers, and other builders focused; and to overpower misinformed media and bad news.
Dust Labs, who own the two biggest NFT projects on the Solana blockchain, DeGods and y00ts (I am holder), built software to help creators communicate regularly with their communities in an aesthetically-pleasing way.
And this is a consistency extension of its founder, FrankDeGods.
Even if you don’t own his NFTs (I am a y00ts holder) or own NFTs at all, following him and seeing how he communicates is a master class in being an ever-present, every-communicating company founder.
However - your communication doesn’t have to be too fancy. Substack (the platform I’m using for these newsletters) is free for basic needs; Twitter is free; YouTube is free; and that’s enough to get started.
And it also doesn’t have be a Hollywood-caliber production - and it would be better if the updates felt personal, like it was from a friend and free of legalese or boring, empty, backfiring professionality.
It’s more important that you change your mindset, and treat comms like breathing or eating. It also helps to see this as killing a bunch of birds - sales, customer service, PR, marketing, investor relations, vendor comms, etc. - with one stone.
Sorry for the violent image.
If you’re not sure what to communicate on a regular basis, the makers of HypeFury created a 30-day newsletter that emails you short, easy, and actionable things you can communicate to your audience.
Using their service definitely puts these tips on fire, but they’re truly not necessary.
And full disclosure - I am a happy customer. They do not know I’m endorsing you guys; and this link is a referral link to getting some rewards for sharing them with others. But I truly am sharing this because it’s helped me out tremendously. Over the past two weeks of using it, my engagement and followers have grown, too.
What do you think?
Are there any business models that are emerging, dying, or changing because of the blockchain space?
Reply all - I’d love to hear about it.
That’s it for now!
Thanks for reading. I love writing, so this means a ton =)
The best way to show that my work matters?
Reply and tell me (goes a long way for my ego lol!)
Forward this to a friend you care about, whom this might help
Ask any personal questions about entrepreneurship, sales, Web3, and personal development (it’s content for me, too)