Steen (@steenstones) • Hey

#ThisIsWeb3 | Building in Web3 | Support creators and small businesses to get started Web3 | Sharing the process as I learn #NFTs #Web3 #SmallBusiness

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Outlier Ventures one of the top web3 investors and accelerators report on the web3 industry is 39 pages long and nearly 6000 words. The report is full of input from web3 visionaries such as Justin Banon Marc Baumann Laura Cunningham Jamie Burke Jasper De Maere Thomas Issa Karim Halabi Eunika Sot Ruth Galvin and many more.... so make sure to read the whole thing, link in comments However if you dont have time, I have read it so you dont have to, here are the key takeaways OV Reviewed nearly 5000 applications to their programmes and worked with 100 startups 🗝️Key Trends in 2024 🔑Tokenising Real World Assets (RWAs): There's a rising interest in the tokenisation of RWAs. This is expected to create significant value and draw interest from traditional financial institutions. Value ranges from $ 10 trillion to $ 3.5 trillion by 2030 🔑 Decentralised Physical Infrastructure Networks (DePINs): The report anticipates the development of decentralised networks for wireless, data storage, and computation due to increasing demand and reduced barriers. 🔑 Bitcoin and dApps: Interest in Bitcoin-based dApps has surged, marking an important trend for 2024. 🔑 Consumer-Facing Web3 Applications: Brands like Nike and Starbucks are increasingly integrating Web3 features, pushing innovation. With Starbucks selling out their initial mint in just 20 mins and over $ 1,000,000 trade done in NFTs in 2023. 👀 A Look Back at 2023 🔖 Regulatory Environment: There was significant regulatory cleanup worldwide, with notable court cases and unpredictable markets. Despite this, many Web3 companies continued to innovate. 🏗️ The Build Market: Regardless of market conditions, there's been a surge in builders within the Web3 ecosystem, indicating a robust development environment. 💸DeFi Maturity: Technical and financial advancements marked the maturation of DeFi space. 💰 Bitcoin's Emergence: Bitcoin has gained more attention with developments in Ordinals and scalability solutions. 🖼️ NFTs and IP: NFTs have continued to evolve with brands experimenting with Web3 activations and digital signatures for physical products. A 14X number of IP applications compared to 2020, and 40 of the top 100 global brands launched web3 activations 😥Challenges Ahead 👩🏾💻User Experience: There's a need to simplify terminology and abstract complex concepts for non-tech users. 🏥Infrastructure and Security: Ongoing concerns about scalability and security remain as more users are onboarded .🔖Regulatory Clarity: Continued efforts are needed to engage with regulators and shape a balanced environment.
Check out my new entry on Mirror! Are tastemakers going to be the new trend? https://mirror.xyz/steenstones.eth/85scspcNLWtc5xlmwN7C_b_qgCpNufCxBFUDGP01IY0Are tastemakers
VC Deal Flow in Crypto Plummeting? #TIW3 #ThisIsWeb3 Q1 2023 witnessed a drastic decline in VC deal flow within the crypto industry. Compared to the impressive $25.1 billion in 2021 and $28.2 billion in 2022, the Q1 figure stood at a meagre $2.6 billion. This downward trend raises concerns about the potential challenges faced by crypto startups when competing against AI-driven businesses for venture funding. With three more quarters to go, it seems unlikely that the numbers will significantly rebound. 😔 To overcome this hurdle, a renewed focus on solid business fundamentals becomes imperative. Emphasizing how technology can provide users and builders with a distinct competitive advantage will be key. 💪 Stay tuned for more insights as we navigate the evolving landscape of crypto investments and explore strategies to thrive in this ever-changing ecosystem. 🚀 #CryptoInvestments #VCDeals #BusinessFundamentals
🌖🌖 Reflecting on the monumental collapse of Luna just over a year ago, it's a stark reminder of the dangers of the crypto sector but also why I stayed... In just five months, this cryptocurrency skyrocketed from a few dollars at the start of 2022 to over $100, only to plummet by 99.99% in just 5 days. The memories from that time are still vivid. I found myself utterly immersed in the world of Crypto Twitter, driven by the relentless optimism that Luna would bounce back. Even when it had lost 50% of its value, the logic to sell seemed inconceivable. Consequently, I held on to Luna until it dwindled to a fraction of a cent. This event took a significant toll on my wealth, though the impact was mitigated somewhat as I had used some funds to pay for a large part of our wedding. However, the aftermath of Luna's decline set off a chain reaction. Multiple companies fell into bankruptcy and eventually, after seven months, the last domino to fall was FTX. Here are the invaluable lessons I gleaned from this rollercoaster ride: 👬The Crypto Community's Support: The outpouring of support during the brutal crypto winter of 2022 was truly heartening. Individuals reached out through various platforms, offering a listening ear, practical advice, job opportunities, and even financial support. 🔐 In Crypto We Trust: Despite Luna's downfall, not one truly decentralised finance platform failed. They continued to operate as their underlying code dictated, showing the strength of DeFi projects. 💶Profit-Taking and Curbing Greed: It's critical to know when to take profit and not let greed take the driver's seat. The crypto space is a minefield of potential regret. 🎧Avoiding Echo Chambers and Biases: It's important to remain objective and open to differing views. I found myself ignoring warning signs about Luna's inherent flaws just weeks before its collapse. 🛠️Building During Crypto Winter: With the clamor of speculation quieted, we can now focus on problem-solving and innovation. Despite the downturn, the rate of development in the crypto space over the last year has been staggering! ❄️❄️❄️Though it's been a long winter, I feel a sense of renewal on the horizon. As we've learnt from these experiences, let's tread more wisely in the fascinating world of cryptocurrencies. Where you impacted by Lune or any of the following collapses in 2022? Do you think Crypto is dead or do you still believe in the tech? #TIW3 #ThisisWeb3 #Luna
Gm to all those who are building something to change just a small group of people's lives. Changing the life of one person is where the journey starts.