by Blake Minho Kim
Co-Founder + Head of Product & Community
Unless you’ve been living under a rock for the past two years, you’ve probably heard the term web3.
While many writers have attempted to define web3, the simplest version is that we’re entering a new internet era.
In this new era, through blockchain tech, users and builders can directly own, leverage, and monetize their data and digital assets, allowing the masses to break free of the centralized Web 2 behemoths (e.g. Facebook, aka Meta) that dominate our digital lives today. If that didn’t make sense to you, or you don’t really know what web3 is, I actually wrote a piece back in February, which you can read here!
Anyways, when you look at the numbers, there’s no question that web3 is more than hype, as industry growth in the past year has been explosive on all fronts:
And as we begin to slowly transition as a society towards a web3-first internet, builders and companies alike need to understand that marketing itself is also going through a massive transformation that will completely flip the existing Web 2 growth model on its head.
Over the past decade of living in a Web 2 world, we’ve seen the rise of large tech platforms such as Facebook and Google go hand in hand with an exponential growth in paid digital marketing.
This makes sense, as the largest platforms have reached scale by making their social media and search products effectively free to users, creating network effects to lock in users, and monetizing said users by leveraging their data to serve highly targeted ads. In other words, many of the most valuable tech platforms today are valuable because they are also the world’s biggest centralized middlemen.
Today, literally anyone can launch an online business from anywhere in the world, pushing paid social ads to find, acquire, and retain potential customers through Big Tech ad platforms.
This is the standard Web 2 growth playbook that many of us know, albeit massively oversimplified. But nonetheless, the rise of web3 threatens to completely upend that playbook.
While it’s still quite early and many web3 projects still operate on Web 2 rails (Twitter, Discord, etc.), the decentralized ethos of web3, where users own their data by default, makes targeting and acquiring users through centralized platforms increasingly difficult.
And beyond that, many web3 users are adverse to being targeted in the first place, and what we’ve seen as marketers and growth experts in the space is that most, if not all of the strongest web3-native projects leverage an evolved version of the original Web 2 growth playbook, focusing on a holy triumvirate of Community, Content, and Partnerships, to create a Growth flywheel that one can then spin faster with the help of Paid Marketing, at scale.
In other words, we are witnessing the rise of a new customer acquisition playbook: a grassroots and community-led model defined by shared ownership through NFTs and tokens, and powered by network effects and Word of Mouth.
You can’t simply push your ads into the ether (pun intended) and hope that they’ll find users, but rather you need to focus on building a strong community, content, and partnerships pipeline that create a strong gravitational pull, and use paid marketing to amplify your gravity.
It all sounds rather exciting to live in a world where paid marketing no longer is critical, ads are no longer necessary, and any project can get off the ground by building a community and using WOM to grow rapidly. However, if you zoom out from the hype and take an honest assessment of web3, it’s clear that it’s still so early.
By today’s statistics, only 1–3% of the world has had any interaction with cryptocurrencies, let alone web3 technologies. That leaves 97–99% of the world that has yet to be truly introduced into the wonderful world of web3.
As such, it’s clear that the evolution of Web 2 marketing will be a very slow and gradual transition, and that web3 marketing is still an incredibly nascent space that will require a lot of BUIDLing and evolving to reach more mainstream audiences. That being said, we’re still quite excited to keep helping web3 companies grow and scale, all while totally rewriting the new customer acquisition playbook.
Today, the state of web3 marketing is such that tooling is essentially nonexistent. Customer acquisition playbooks are actively being written, but are scattered across the internet, with few shared learnings and insights across projects and protocols.
If we want web3 to become mainstream, we’ll need more tooling, shared insights, education, and easy ways to onboard new users. Today marketing and community management are all based on Discord, Telegram, and Twitter, but surely we can do better.
How are we going to onboard the next billion users if people can’t even figure out how to use Metamask?
As a growth marketing DAO and product studio building in web3 and delivering work on behalf of web3 clients, we at Myosin.xyz see a blue ocean of opportunities to build new tools and products that will help bridge the gap between web3 and Web 2. Below are just a few of the ideas we’ve been exploring at Myosin:
The very nature of growth and marketing is constantly evolving as we move towards a web3-native world. But as we said before, change takes time.
And today, we’re certainly in what some are now calling Web 2.5 — an intermediate transition phase in which we can see the future from the edge of the past.
In order to get to that exciting web3 future, however, we’re going to need more sophisticated tactics, tools, and playbooks to grow different types of communities. Are you up for the challenge?
If so, come check us out at Myosin.xyz. We’re a highly selective (eg. 3% admittance rate) guild of veteran marketers, designers, devs, community managers, content creators, and overall hustlers, all on a mission to help redpill the next billion web3 users.
As a service DAO, we help web3 projects and companies operationalize and scale their growth and marketing, all the way from high level brand and growth strategy, to the boots on the ground content creation and community management. We’re also building the web3 marketing products that we wish we had, and are excited to keep growing the ecosystem and keep sharing our learnings with the ecosystem along the way.
Thanks in advance if you read this far, and feel free to check us out and learn more about us HERE!