Building A Web3 Business

Dear reader,

If you've never heard about web3 or the decentralized web, you must be living under a rock.

Web 2.0 with all its glory has some obvious gaps that require immediate attention. Some of the loopholes within the web2 invention are; security, immutability, and so on.

As blockchain and cryptocurrencies evolve and mature, the need for decentralizing the web becomes eminent. Therefore creating unique business opportunities for entrepreneurs to take heavy advantage of the many advantages of this cutting-edge technology.

Web3 is an era of the internet that allows decentralized applications (dApps) to operate on top of blockchain technology, For example; Uniswap: a decentralized exchange that allows people to trade crypto currencies without intermediaries

Building any business isn't about talking the talk or making megabucks from your time but profit is made by the value you bring to the marketplace and so is building a decentralized web business. THIS IS SERIOUS BUSINESS!

Are you ready to take the bull by the horn?

Here are some steps to take to start your journey into web3

1. Find the pain

Identifying a problem is the same as finding an uncomfortable pain that needs immediate solutions.

Web3 presents itself with numerous advantages like; interoperability, security, transparency, decentralization, tokenization, new business models, data privacy, open-source development and so on

Last year, I got infected with a viral infection that got my throat swollen and extremely painful and at that moment, NOTHING else mattered. I didn't give a heck if hundreds of people died on the border of Ukraine or anywhere around Russia. Frankly, I couldn't give too fucks. All that matters was getting my infection treated. Simple.

The same should be applied to identifying a pain with a solution at hand. Make sure the problem is urgent.

2. Develop a strong understanding of Blockchain

This know-all approach to doing anything, especially in building a business is conventional wisdom and frankly, conventional wisdom is not always right. If you'll have to understand enough to start, there will never be enough. There is never a perfect time to start anything, Believe me.

You don't have to know 10℅ of any business to get the ball rolling. All you need is a strong DESIRE, a plan, and your ability to take action. You don't have to know shit!

The solution to the problem of knowledge and understanding is surrounding yourself with people that do. Proficiency should be the last thing to hold you back.

3. Determine your business model

Just like every other business, determining a model that is sustainable and efficient is crucial so is web3. There are different kinds of models in the decentralized web.

• Tokenization: this is simply a business model that involves the creation and management of tokens, which represent physical or digital assets that can be exchanged or traded on a blockchain network like Ethereum. This can create a huge stream of income for your business by enabling your customer to tokenize their assets, such as art, real estate, and other collectibles.

• Subscription-based: This model is simple as the name suggests; a model where a company provides goods or services to customers on a daily, weekly, monthly, or annual for a certain fee. You can offer services to customers regularly, in exchange for tokens or cryptocurrencies.

• Transactional: just like the traditional model of doing transactions, a web3 transaction-based model is a way for companies to charge customers for each use or transaction of their products or services, using blockchain technology and digital assets

4. Build your team

The above statement is true yesterday, today, and tomorrow.

No matter how skillful or resourceful you are, the importance of surrounding yourself with the right people or team can never be overemphasized. it's the best thing you could do for your projects. In web3 a strong community is key.

Your team should consist of coding experts, digital artists, web designers, a strong media community(social media), and marketing and you should be the number 1 salesperson in your company. That's the most important job of a business owner. SALES!

5. Launch your DApp

The moment you're done with conceptualizing, designing, developing, and testing. It is time to pull the trigger and launch the damn thing. Go ahead and create that self-executing contracts or smart contracts involving the rules and logic for your web3 business.

Next is to market your project like a hungry lion.

Use every ethical means available to attract users and promote adoption; social media, websites, newspapers, newsletters, and so on.

Conclusion;

Building any successful business is tough as nail. The sacrifices are enormous and the reward is paradise.

The Growth Engine by Onyekas is designed to give you an unfair advantage to succeed in business and every are of your life.

Best regards,

Onyekas.