It’s been proven time and again that when companies are unable to adapt to change, fail to innovate and seize the right opportunities they simply cannot survive in the long term. Think companies like Blockbusters, Pan Am, Pets.com, Compaq and BlackBerry.
Or remember when companies like Google, Amazon, eBay, and Facebook were huge disruptors in their industries? Now, these Web 1 and 2 companies are on the verge of being disrupted if they don’t adapt.
And the next disruptor is called Web3.
But why do I think this is the case?
Is Web3 an overhyped house of cards or a land of opportunities?
Well to be honest. I think we could get hammered, think for weeks and we will never come up with all the ways Web3 is going to impact the world. We’re so early. Nobody yet knows what Web3 will look like in the future. Or if it’s even called Web3.
But Block Lane wouldn't have never have been born if I didn't do my research. So I went thru the rabbit holes of some future signals and discovered evidence that a disruption could be just around the corner. Maybe even closer than I originally thougth.
1. General conversation
Go to Google trends and compare the term NFT to the world's #1 artist Justin Bieber. You quickly realise that the conversation around NFT’s is on average as popular. In 2021 NFT’s even surpassed Justin. So for topical relevance, it's a large conversation happening on the Internet.
2. Government and institution adoption
If governments change policy, it’s a signal. There are 220 countries in the world and currently 99 of them are experimenting with digital currency. That means almost half the planet is currently experimenting with digital currency in some shape or form. If these countries start to embrace digital currencies, we have a massive consumer base and adoption coming. And when consumers want to spend crypto in your brand and product, you definitely have to start accepting it as a payment.
3. Where the kids hang out
As a marketer, what did you have to do to reach the millennials? Social media of course. Latest Tik Tok. That’s where the socially native spend their time and that’s how you meet them. What about the next generation, GenZ and Gen Alpha? They spend the majority of their time in Minecraft, Fortnite, and Roblox, each of which is a metaverse.
That’s 300 Million daily active users on those platforms every day. We have an entire generation of metanative who already own cryptocurrencies and buy digital goods every day. This is how they natively operate. It’s their digital identity. The new mall. And a signal of a very different future.
4. Digital goods sold vs physical goods
Let’s compare OpenSea which is the largest digital selling platform of digital goods and one of the largest selling physical goods store Etsy. OpenSea sold 3 Billion dollars worth of digital goods last August. This was a peak, but remember we’re looking at signals. During the same month Etsy sold 1 Billion dollars worth of physical goods. That’s 3 times less than digital goods. Can’t argue with data.
5. Fortune 100 companies are using blockchain
According to a 2021 Blockdata report, as of September 2021, 81 of the top 100 public companies, including Microsoft, Amazon, Samsung, Alphabet, etc., already use blockchain technology. Big tech giants are working hard not to get disrupted.
6. Web3 job posting
In 2021, Web3 experienced a rather significant hiring boom. LinkedIn reported a 395% increase in job postings with Web3-related terms. Where the money’s going, jobs are following. Where the smartest brain go, innovation happens. Not to mention students that are taking web3 seriously as a career skipping Wall Street banking gigs.
7. Follow the money
Venture capital firms are launching multibillion-dollar funds and doubling down on Web3 startup investments. In May, the largest crypto fund of $4.5 billion was announced by none other than leading Web3 VC firm, Andreessen Horowitz (a16z). And in total, $14.6 billion was invested in the blockchain business in Q1 2022, climbing each quarter since the start of 2021.
We all know that in order to stay relevant we have to keep checking our perspective regularly. There is clear evidence that the landscape is changing and the biggest brands are already taking steps towards the new era.
I believe this is the perfect time to get educated, explore new opportunity and take the early movers advantage.
As always in Web3, do your own research.