Two Contrasting Worlds
SoFi has been a hot topic on this blog over the past two months. I foresee a strong acceleration in adoption, creativity, and development. WEB2 has dominated social media and the Creator Economy since its inception. However, regarding monetization in WEB2, there is minimal opportunity for small to medium-sized content creators. Most of the revenue is enjoyed by the top 1% of creators.
Because the average Facebook or Instagram user is primarily concerned with the engagement and reach of large legacy platforms, they subconsciously accept the trade-off. WEB2 users are more concerned with dopamine, whereas WEB3 users are more concerned with monetization. However, this creates a dilemma that frustrates the growth of WEB3 and discourages WEB2 users. Isn’t it ironic?
WEB2 has the reach WEB3 requires and WEB3 has the monetization WEB2 requires. Once again, it’s a trade-off. In other words, WEB2 offers scale, whereas WEB3 offers an economic element. Elon has identified this dynamic and responded with the X monetization model attempting to retain and grow X’s user base. The Arena attempts to harness the reach of WEB2 with the monetization of WEB3.
Bridging WEB2 & WEB3
Two bridges are required to improve monetization and increase WEB3 adoption. The first is a bridge of translation that facilitates migration to WEB3 from WEB2 and the second is a bridge of exposure that enables WEB2 users to leverage WEB3 economies. The latter bridge will encourage WEB2 users to consider WEB3.
The bridge of exposure is likely a viable alternative for WEB2 users as WEB3 becomes more established, and as a result, simplified. One of the most common complaints from legacy platform users regarding Hive account creation is that the mechanics are complex. INLEO has done a good job onboarding users to Hive via X. Creating an INLEO account creates a Hive account.
INLEO is a Layer2 built on Hive, enabling users to earn LEO, HIVE, and HBD tokens. Platforms like Matera create a bridge of exposure where the creator continues creating in WEB2 but is rewarded from WEB3. This dynamic has the potential to be a powerful marketing tool for WEB3. It reminds me of free samples of a new product at a supermarket. Once shoppers taste and experience the product, they are more likely to purchase it.
Create a way for WEB2 users to enjoy the benefits of WEB3 while remaining in WEB2 and they will want to gain as much exposure in this new world as possible. Remember, WEB3 is all about inclusion. Many WEB3 projects forget this and become very exclusive regarding their policies and structural design. It’s a dangerous irony. Promoting freedom, censorship resistance, and choice and then restricting those principles is counterintuitive.
In short, entities that operate like this are working against themselves. They have become their own worst enemy and most likely created a large echo chamber in the process. Exclusive marketing strategies are for large entities. This is not the approach of a startup valued at a few million market cap. Such an entity is too small to be exclusive. Essentially, they isolate themselves from the marketplace.
Final Thoughts
WEB3 projects must entice WEB2 users rather than threaten them with future extinction regarding relevance and ever-increasing censorship. Let them experience the elegance and ownership rights for themselves, even if initially via a bridge of exposure. Change takes time, and even though the benefits speak for themselves, for now, many are surrounded by too much noise to hear.
Adoption is a process and never immediate. It takes time and must be fostered. The crack in the dam wall eventually breaks. Once again amalgamation models are being birthed. This is the first and often the most important step. Society needs to explore an idea before adopting it outright. Pioneers are different, but only a few are pioneers. All the best, catch you next time!
Disclaimer
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This article was first published on Sapphire Crypto.
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