PTO Stands for Pivot Towards Ownership
Taking Bitcoin's all-time high as a sign to capitalize on web3 through differentiation.
In a week where we have seen new Bitcoin all-time highs (ATHs), I want to take a moment to look beyond the price action. The long-term uptrend in value and active holders is a signal to use web3 which is a network of decentralized apps that run on the blockchain. Web3 allows users to contribute to this network of dApps without monetizing their personal data. This means you can retain ownership over the digital you, and use it to differentiate yourself as an early adopter in the next big thing.
In the spirit of collaborative learning, I provide some starter questions, along with abbreviated answers that hopefully pique your interest and encourage you to take a serious look and get started.
How can I contribute to web3?
There are two equally important routes you can focus on: being a founder or being a contributor. For my founders, if you can put together a functioning product or service that highlights some aspect of web3 you differentiate yourself and end up in an advantageous competitive position. Decentralized applications (dApps) use cases are boundless, and as our world becomes increasingly more digital the use cases will continue to rise in number. So if you see something that is being done online and isn’t using web3 you could probably create a decentralized version of it! Some real-world successful examples include creating a decentralized blog, setting up a decentralized competitor to YouTube, or accepting crypto payments via your e-commerce page. Again, there’s no limit to what can be done and blockchain protocols are pushing out hackathons for builders and companies who are eager to bring their services to the blockchain.
For my contributors, you can bring your skills to a DAO and get paid for it.
You can also take an educational approach to the space by participating in “learn to earn” protocols like Rabbithole to build credibility. Both approaches are valuable, and the opportunities are abundant. If you have a cause you care about there’s likely a crypto community waiting for you to join.
Why now?
Big tech companies are fighting a battle on two fronts between the government and its users. It is a pretty good time to provide an alternative for folks to exit from these platforms. You’d also be positioning yourself as an early mover in the space! To put it into the perspective of just how early you are, below is data representing the total number of active addresses on the Ethereum blockchain (~450,000 addresses).
And here is the market cap of Ethereum compared to the world’s largest bank.
The number of weekly active addresses hasn’t even reached 1 million, and yet the financial activity is outpacing the world banks. With a market experiencing growth like this, it would behoove you to get in the space now. Major companies are already starting to make their move into the space, they’re just too big to pivot fast!
So experiment, fail, and iterate until you get it right while the cost of doing so is low. Every time someone creates a project, contributes to a DAO, or completes a transaction on-chain, they’re placing a bet that this alternative is better than what we have currently. The reward for taking this type of risk and pivoting to ownership early on will pay off immensely.
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