FAQ about Web3 after talking to 100+ startups

During the last month, I attended three major conferences: Permissionless, RSA, and Consensus. I had the opportunity to speak with more than 100 Web3 companies and over 30 security companies. Here is what I learned about the Web3:?

• Is Web3 a scam??

Clearly not the whole space, but there must be some scam projects. Investors must be ready to doubt DeFi services promising 10%+ of return.?

• Does Web3 have a promising future??

I believe it does. You can feel it, sitting in a big conference room with over 5,000 developers, collaborating across different spaces to build the system’s infrastructure. What they built is based on a global consensus: permissionless and immutable. This prospect is impossible within any of the banks or other financial players, and this is what the future holds for Web3.?

• Does Web3 have potential applications in the real world space?

I believe these are coming. The content creation space has enormous value. To appreciate this, consider building a Youtube channel from scratch versus the prospect of raising a fund from the audience first and, in the process, getting promoted by the community. The productivity of content creation improves exponentially with this shortening of monetization cycles.?

• What is the Web3 market status and what is missing?

Despite the up and down of crypto prices, thousands of engineers move into space every week; if not every day. At this moment, the market may be described as two-sided. One end presents the asset trading market, providing a marketplace for high net worth and institutional investors to build and trade cryptos. The other end targets infrastructure, building L1 and L2 chains to support DeFi and asset trading, among other functions. Still, massive applications are missing from the Web3 market, including social network and commerce functions.?

• Is this a good time to join or start a Web3 company?

Yes, but with careful assessment of the market’s opportunities. With due regard to the existing companies in the space, prospective players must evaluate their business model and assess how their firm would bring value to this arena. To launch a Web3 company, you have to figure out the value-creation factor in your product. Are you providing a whole-value solution? How can you grow your firm and the ecosystem around it sustainably? These questions must be answered before joining or starting a Web3 company.?

• What can Fellows Fund and TalentSeer (our talent partner) do to support Web3??

a. Evaluate Web3 idea by hundreds of fellows in the space.

b. Present Web3 startups with their pilot customers.

c. Introduce companies to great talent or job opportunities in the space.?

I strongly believe that it’s the dawn of Web3 today! If you are a true investor or entrepreneur, today is the day to get started!?