What makes Web3 different?
There are a lot of things we could point to. However, the basis is community. Unfortunately, this is something that is overlooked when it comes to the state of the industry right now.
Even the case for memecoins is misguided due to the way people approach them. It is something we will discuss in this article.
Embracing the idea of community helps to foster the idea of ownership. People take responsibility when there is a sense of belonging, something that was lost over the last 20 years or so.
This means that Web3 is much deeper than simply an alt-coin that someone speculates upon. To me, therein lies the problem.
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The Essence of Web3: Community
Community introduces a layer of activity that was not present with the traditional Internet. Specifically, there is a different motivation.
Under the existing structure, people engage in different ways simply because they want to. The entire system is basically top-down. The activity taking place occurs with the permssion of corporate entities, who design and roll out the platforms people utilize. Even if it is a start, there is venture capital money invested, seeking a return.
Web3 turns this on its ear. Due to the process of tokenization, we see how another level of motivation is instilled. People not only belong to a community, there is a monetized component that is applicable.
The community is responsible for the success of whatever is created. This is true for both the base layer networks (ie Ethereum) and the applications built on top.
Communities within Web3 are not just passive users; they are builders, contributors, and visionaries working together toward shared goals. Whether it’s supporting a decentralized project, creating new solutions, or sharing knowledge, the community-driven nature of Web3 ensures that progress happens through collective effort.
People long complained about traditional social media companies "stealing" their data. Web3 is the solution where the data placed on permissionless networks are open. Sadly, most people still do not grasp that concept.
Memecoins
Memecoins are one of the best examples of this concept. They are also the worst.
As I long stated, the market component to crypto assets has presented a misguided focus. It brought a lot of heat from the likes of Gary Gensler and the United States SEC. Speculation was the name of the game, causing a flocking of people who lack the skills and knowledge to successfully navigate the environment.
Let us use the TRUMP coin, something that got a lot of attention, as an example.
Personally, I do not care if:
A) Trump releases a token
B) His supporters/voters lose all their money
As for the release, I say great. The only contingency is the fact that it should be legal for anyone to create one. The same is true for buying it. If people lose their money, that is their fault.
This is the epitome of these types of tokens. They are nothing more than money grabs. In this instance, it is Trump (or whomever ie behind the release). Of course, the people grabbing the token have no sense of community. They simply want a quick hit.
Like always with crypto, it is mostly about green candles.
There is no community related to this, at least in the Web3 sense. We will see no ecosystem develop around it. Look at the quoted paragraph above. It highlights what is missing.
Memecoins are almost all money grabs. There are no builders. People are not driven by a common goal. Platforms are not emerging. People are involved simply to make a quick profit. This is not community; it is trading.
Much of this would be relevant if these tokens were simply released for fun. When money is involved, however, it is not longer just recreation.
Community Looks To Build Or Reach Something
Web3 can provide so much more.
Consider the idea of saving the whales. This is something that people who are interested in that could rally around. Tokenization could add to the platforms that are (or will) be built to help bring awareness, resources, and solutions to this situation.
It could apply to hobbies. Fandom of sports teams or movie franchises. Anything that people enjoy or focus upon is worthy.
So far, within the cryptocurrency realm (actually crypto assets), we see a lot of tribalism. For example, the Bitcoin and Ethereum communities are well known. Many have looked at this as a source of contention, which it is. However, this is the essence of Web3.
Both communities are valid. At the same time, they are right. This is hard to see since the argument is always about the price, valuation, or other market metrics. Instead, if people focused upon the building and contribution, things would be different.
Comparing the Bitcoin and Ethereum communities is akin to tennis versus pickleball. Some prefer the former while the latter is to the liking of many. Neither is wrong.
Realistically, if we step back, there are very few communities within Web3. Even those who insist they are part of a community are not. Instead, they are simply speculators, looking for easy money.
The majority of the people are not interested in the underlying ecosystem or platform. In most instances, they don't even use it. Ethereum could be a prime example. How many of the people screaming on traditional social media actually use the network? Do they use applications built on there?
I would guess the answer is no for the vast majority. The same is true for whatever coin or token they are promoting.
Perhaps I have a different definition but I fail to see how sitting on traditional social media shouting about how wonderful Ethereum is equates to community especially when the goal is solely "price go up".
Ironically, the communities that actually take an approach similar to described above will have a strong chance of succeeding. The competition, as it stands now, is thin.
Posted Using INLEO