The crypto and blockchain industry still offers unlimited possibilities if you come in with your eyes open.
Entrepreneurs and professionals eyeing Web3 are likely both enthusiastic and wary. While seeming “overnight success” stories are alluring, there’s also no doubt that the crypto and blockchain industry has seen its share of bad actors. Further, the unfamiliarity of the industry’s technologies, methods and philosophies can be daunting to a newcomer.
The members of Cointelegraph Innovation Circle are crypto pioneers who’ve played a significant role in scouting and forging a path ahead for those who are just now entering the industry. Below, 14 of them discuss the details and truths they wish they’d known when they first entered crypto and blockchain. Tap into their experience to launch strong into Web3.
Don’t expect overnight success
Despite the quick pace of the crypto ecosystem, it’s rare for success to arrive overnight. While we’ve certainly seen projects exceed anyone’s wildest dreams, the majority face the uphill challenges of a crowded field and shifting public sentiment. For true believers, this is common knowledge often won through sober experience. Therefore, it’s wise to temper your expectations and plan for rainy days. – Oleksandr Lutskevych, CEX.IO
Nurture your community
Community is the ultimate competitive edge in Web3; it is the most important thing to focus on. Your community adopts your products early, gives you feedback to reach product-market fit, acts as a distribution channel and actively participates in making everything about your project better. A project with a strong community can weather any kind of storm. – Abhishek Saxena, Polygon Technologies
Embrace your unique skills
Reflecting on my Web3 journey, key lessons emerge. First, you are not too late to get into the evolving Web3 space; ample opportunities persist. Foundational reading, like Satoshi’s paper, is crucial, as is grasping key terms. Contrary to the tech-only myth, Web3 values diverse skills, including marketing, community, legal and finance. Embrace your unique skills; they’re vital to Web3’s success. – Sandy Carter, Unstoppable Domains
Protect your reputation as an asset
Make no mistake, there are a lot of bad apples in this industry. This has been, and continues to be, a shock to me. I’ve learned to live with it because I don’t expect the industry to self-regulate anymore. My advice is time-tested: Your reputation is an asset. How you trade on it is up to you. There are projects that don’t cut corners and are forging new ground; I believe mine is one. Keep your eyes open. – Stephanie So, Geeq
Prepare for the speed of regulatory evolution
One thing I wish I’d known is how rapidly the regulatory environment can change and the significance of being adaptable. The legal frameworks around crypto and blockchain are continuously evolving, and a keen understanding of global regulations and compliance from the start would have been incredibly beneficial in navigating the complex Web3 landscape more effectively. – Tomer Warschauer Nuni, Kryptomon
Prioritize security at every step
It’s crucial to prioritize security at every step, from understanding best practices for securing wallets and private keys to thoroughly vetting projects and contracts before getting involved. The crypto and blockchain industry is full of potential, but it’s also a space where being informed, cautious and patient can make a huge difference in your journey toward success. – Myrtle Anne Ramos, Block Tides
Avoid emotion-driven decisions
As you navigate crypto and blockchain, prioritize deep learning over quick wins. The industry’s pace demands a solid foundation for sound decisions. Equally, respect the market’s volatility. While the allure of innovative projects is enticing, the landscape is ever-shifting. Approach Web3 projects with diligence and avoid emotion-driven decisions to ensure stability and success. – Maksym Illiashenko, My NFT Wars: Riftwardens
Cultivate a healthy skepticism
Stepping into Web3, I quickly realized the importance of discernment. Amid the buzz and hype, I wish I’d known how to sift the genuine opportunities from mere buzzword allure. Newcomers — especially those from non-tech backgrounds — must cultivate a healthy skepticism. Dive deep, question trends and remember: In this industry, substance always outshines sparkle. – Tiago Serôdio, Partisia Blockchain
Keep thinking ahead
Act now, but plan for tomorrow. Instead of just chasing the latest trends, Web3 newcomers should dive deep into their research to figure out which big trend might be coming up next. Be grateful for moments of instant gratification, but always stay humble and, like a chess player, keep thinking ahead. – Wolfgang Rückerl, ENT Technologies AG
Explore Web3 in its entirety
The Web3 space is still very much in its infancy. Therefore, the opportunity to explore has never been more enticing. Fully embracing the space for what it has to offer should be a priority, as adoption and future developments are going to increase rapidly and unique starting opportunities will start to diminish. Be open-minded, and explore the Web3 realm in its entirety. – Ilias Salvatore, Flooz XYZ
Grow your brand and the industry through specialized knowledge
There is immense power in becoming an expert within a defined niche of Web3. This industry is in its infancy, and those who express passion for and elevated knowledge of a particular product or sector can help both the industry and their personal brand grow. The decentralized aspect of Web3 makes the industry community-focused, allowing thought leaders to reach large audiences in an impactful manner. – Megan Nyvold, BingX
Know that Web3 isn’t really the ‘Wild West’
Web3 has been considered the “Wild West,” with minimal rules and a relatively chaotic space, but the truth is that regulation within Web3 is constantly evolving. Understanding the potential for regulatory changes and the importance of staying compliant would have been valuable knowledge from the start. – Anthony Georgiades, Pastel Network
Understand that change is constant
Surprises are inevitable, regardless of your familiarity with crypto, decentralized finance or decentralized autonomous organizations. Web3 is an ever-evolving realm of financial, gaming, governance and security experiments. So, always maintain an open-minded approach, as change is constant. – Sheraz Ahmed, STORM Partners
Build an MVP before approaching investors
One thing I wish I had known when I entered the industry is that gaining access to funding is easier when you already have a minimum viable product. Having an MVP also reduces the time period between obtaining funding and launching. Further, along with funding comes the expertise of your investors, who can prove highly useful in putting you in touch with all kinds of expert professionals. – Abhishek Singh, Acknoledger
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.