Gone are the days when simply duplicating existing concepts could satisfy users. The Web3 era demands innovation that resonates with our deepest desires - a craving for belonging, seamless community fusion, and genuine respect. We're embarking on an entirely fresh narrative.
In the whirlwind of the crypto universe, the buzz is all about elevating user experiences and expanding crypto adoption. But let's face it, Web3 isn't a stroll in the park for newcomers. It's a realm filled with complexities, leaving many feeling like they're at the foot of a towering knowledge mountain. To conquer this challenge, one must navigate the intricate pathways of reliability, unravel the secrets of smart contracts, and grasp the enigmatic world of tokens powering these revolutionary products. It's a daunting journey that beckons the daring.
This is where it all comes down to: without users, your Web 3.0 masterpiece is pretty much just a digital white elephant (meaning, an expensive and useless item). No matter how groundbreaking your creation is, if it remains a mystery to the masses, it's destined to wither away and be forgotten. So, the consensus is crystal clear: the current state of Web3 'lacks a seamless user experience, making it unable to achieve broader adoption.' That's why we see a bunch of products in the market that simply transplant Web2 blueprints into the Web3 world but lack that refreshing touch of innovation.
No doubt, improving user experience is crucial, but here's another perspective worth considering: creating products that truly resonate with users is what matters most. Looking at the bigger picture, the primary challenge in the Web3 space isn't just about user experience; it's about aligning products with the market. The so-called 'user experience problem' is just a small subplot in the grand scheme of things.
In reality, the main puzzle that the Web3 industry needs to solve is the alignment of products with the market, and the 'user experience problem' is just a minor episode in the larger narrative.
The alignment of products with the market means a product's ability to meet strong market demands, a concept rooted in the enduring nature of human needs. Developers face an intriguing yet formidable challenge in the process of designing products: human needs exhibit significant consistency across different periods. This is why Maslow's hierarchy of needs, proposed nearly a century ago, still resonates with people today. This theory encompasses a wide range of universal needs, from basic necessities like food and shelter to deeper desires such as belonging, emotional connection, entertainment, and self-esteem.
The history of consumer startups is a testament to continuous innovation, as they continually find clever and novel ways to satisfy our basic needs. While contemporary consumer applications may sometimes be dismissed as just iterations of entertainment (some might call them 'dancing videos made by young folks'), they've actually revolutionized how we meet our fundamental needs. For instance, Uber has made seamless travel experiences as easy as a tap on your screen. LinkedIn helps us stay updated on the latest developments in our dream careers and connect with industry giants. YouTube offers a wealth of entertainment content, and Meta (formerly Facebook) extends our reach into a vast potential network beyond the physical world.
There's ample evidence to show that when the benefits for users are significant enough, the user experience can momentarily take a back seat because people are eager to embrace the learning curve of emerging fields, be it the world of cryptocurrencies or others. Examples abound, from the early days of Apple computers with their integrated design to the rise of online shopping that eliminates the need for physical checks and even the act of surfing the internet itself. This phenomenon extends into the realm of cryptocurrencies, including the NFT (Non-Fungible Token) craze that emerged in the last bull market.
For products that address core needs, a foreign and complex user experience isn't necessarily a problem. That's because when a product fundamentally aligns with the basic requirements and desires of its target audience, users are often willing to navigate unfamiliar or intricate interfaces to achieve their goals. In such cases, the product's value proposition outweighs any initial hurdles posed by the user experience.
'If users find tremendous value in a product that meets their core needs, they tend to exhibit higher patience and loyalty. They are more willing to invest time in learning how to use the product effectively, even if it appears complex at first. This loyalty can translate into long-term customer relationships, word-of-mouth recommendations, and referrals.'
Currently, the cryptocurrency application space is primarily focused on finance, despite countless unmet user needs. While people generally seek ways to increase their income, most products tend to disappear when cryptocurrency prices plummet. As a result, purely financial DeFi (Decentralized Finance) products often struggle during bear markets or are forced to shut down when users have alternative, lower-risk avenues for income generation.
In this context, cryptocurrency innovators should see a unique opportunity to open up products that cater to people's intrinsic needs, going beyond just financial management. These are needs like a sense of belonging, community integration, and connections with high-value individuals.
For instance, NFT communities and DAO (Decentralized Autonomous Organization) organizations can fulfill people's need for a sense of belonging on a more intimate level, creating new social networks based on asset ownership. For those who might have doubts about the authenticity of relationships based on shared economic interests, a simple reflection on the real world can dispel their doubts. In our offline lives, many of our connections and affiliations are actually rooted in the concept of ownership, whether it's the emotional bonds between neighbors or colleagues, parent-child interactions, or the satisfaction and ownership felt by enthusiasts in niche areas like stamp collecting.
Now, we have the opportunity to build a new community foundation using on-chain assets, addressing fundamental needs like belonging, respect, and connections. This is what ventures like CoILabs under Binance Labs and the emerging Web3 fund AlphaXlabs.com are doing. They're creating exclusive, invite-only Web3 investment communities, offering members access to specialized content, real-time trading resources, investor insights, and more. These communities become hubs for gathering valuable information, fostering long-term coexistence with products and projects. The well-known crypto community, Bankless Dao, is another successful example, providing its members with exclusive content access, token perspectives, and insider airdrop privileges.
Furthermore, a new viable approach is providing investment user services through structured products. This not only reduces the operational and communication costs of projects on a global scale but also links global resources, building an international investment exchange community. It offers community members high-quality value outputs and resource connections. The core value of a community is connection, rooted in common understanding and interests. NFTs happen to be the best technology tool to address this connection issue, in a decentralized and trustless manner. In just August 2023, Ethereum and its Layer2 protocols minted 94.5 million NFTs; with the growth in user activity, imagine establishing connections based on on-chain behavior and interests derived from various activities. Web3 communities are where the building blocks of Web3 culture start, and it all begins with human connections.
In the future, a world where all media exists in the form of NFTs will introduce a new economic dimension to enrich our internet experience. These are just starting points for cryptocurrencies seeking alignment with the market, satisfying needs beyond income. We have plenty of room for experimentation. To achieve widespread adoption and go beyond niche markets, crypto products need to enhance the user experience through crypto-based solutions. Let's stay tuned and get ready for a new narrative, well before the next bull market comes waving its way.
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