Tips for Starting Web3 in Your Business
The evolution of the internet is happening before our eyes. Web3 applications are predicted to become integral to everyday life, grounding blockchain technology for business across industries.
Although adoption rates are low compared to Web2 applications, Web3 applications are considered the next significant technological innovation.
Watching the rise of Web3, many people are starting to explore how to use this technology in their businesses.
You may have considered launching a Web3-driven service for your company but don’t know where to start.
Web3 startups are born from a technological transition (the blockchain), but, more importantly, they're created by culture and society. They require different thinking than Web2 startups.
In this post, we will share ten tips on how to get started with Web3 in your business.
Whether in Web2 or Web3, many think the most important step is finding the idea to create a startup. Wrong!
This brings us to tip #1…
1. Find the right partner, team, and resources
The most important thing is finding the right partner, team, and resources to develop a project.
If you start with an idea and don’t find your team, developing a really ambitious startup will be more complicated.
Developing and leveraging blockchain technology requires much technical knowledge. Finding the right group of people who can help you tackle this challenge is essential. Look for companies or consultants who specialize in Web3 development, and ensure they have experience with the technologies you are interested in using.
2. Develop a Strong Community
Building a community is one of the main strengths of developing your Web3 startup. A real engine that will be behind much growth in this new era, where people are more willing than ever to invest themselves into what they believe and support wholeheartedly – be it with the brand or about changing our world with technology at its core.
Web3 will bring a brand closer to its community thanks to its data privacy.
3. Create an MVP
Developing a Minimum Viable Product (MVP) is the best way to leverage Web3. An MVP allows you to test your idea and ensure it’s viable before developing a full-fledged solution. This can help save both time and money in the long run.
4. Leverage existing projects
This is an alternative to creating MVP.
Don’t reinvent the wheel. There are plenty of existing projects and companies that have already developed technology related to Web3.
Consider collaborating with them or leveraging their work in your project. This can help you save time and money while benefiting from existing knowledge and expertise.
5. Co-Create Your Offer
There’s no stopping you from choosing co-creation and brainstorming ideas with your customers. Co-creation is inclusive, transparent, and self-organizing. Your customers can give opinions, propose ideas, and challenge some of your propositions. You may want to select your top or supportive customers for this co-creation initiative.
The central idea of co-creation is that working together is better. As a result, your Web3 startup is something to be built and owned collectively, with intent and purpose.
6. Plan To Invest In Edge Computing
It's time to think differently about how we use technology. Centralized systems have been the norm for decades, but this is rapidly changing as new decentralized models are developed and deployed on top of blockchain networks, such as Web3 design patterns that require an entirely different infrastructure than our current systems provide us.
This new model will require planning and investing in edge computing and peer-to-peer, private, guaranteed delivery so the new data models and applications can deliver their value without poor performance.
7. Learn the Challenges of Working in Web3
In addition to learning the advantages of web3, it’s also important to be aware of the potential challenges you may face when working with this technology.
Here are some of the main disadvantages and challenges to consider:
- High cost: Working with web3 can be expensive due to the complexity of developing blockchain solutions.
- Security risks: Web3 applications are vulnerable to hacking and malicious activity.
- Regulatory uncertainty: The regulations surrounding Web3 technology are still evolving, making it difficult to predict the legal implications of working in this space.
- Lack of scalability: Blockchain networks can be slow and not always able to handle large volumes of data or transactions.
- Network fragmentation: The decentralization of blockchain networks can lead to a lack of consensus and slow development.
By understanding these challenges, you can be better prepared to tackle them when they arise. Doing so will help ensure the success of your web3 project.
8. Take The Technology For A Test Drive
The future is now, and it's only just begun. Try out the technology for yourself. You can buy a cheap nonfungible token on opensea.io or some Ethereum on coinbase.com. Then, take the contract address or your wallet address and type it into etherscan.io. This will show you all of the transactions relating to that address.
That is the exciting part: Every transaction between everyone is tracked, accounted for, and searchable on the blockchain.
9. Who is Financing and Investing in your Web3?
Can you self-finance your Web3, or do you need to find investors/Venture capitalists?
It depends on the size of your project and its scope. If your Web3 venture is small in scale, it may be possible to self-finance by using your existing company resources. However, if you have a larger project requiring more capital, you’ll need to find investors willing to invest in your Web3 venture.
10. Stay up-to-date
Web3 technology is still in its early stages and is constantly evolving. Keep up with the latest developments by reading about Web3, attending Web3 events, and speaking to Web3 experts. Doing so will help ensure you’re on top of the latest trends and can make informed decisions about your project.
We hope the above tips will help you get started with Web3 exploration and planning and begin leveraging the benefits of Web3.0 to take your business to the next level.
The ideation and planning of a Web3 business require considering the company’s vision, business, and marketing plan, hiring talent, compliance, corporate structure, and more.
Consortium 21 provides expertise to guide you in your Web3 business while minimizing risks and maximizing opportunities. Reach out today for a consultation with Ms. Kate via WhatsApp.