Renee Francis on Web3 Adoption & Marketing

What are you most excited about in the web3 space?

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There is a lot to get excited about in the web3 space, and one of those things is data ownership.

For years, global tech giants have owned and controlled too much data, and we’re now finally starting to see the impacts; consumer backlash, tightening regulations and permission changes. People have become more aware of the dangers of this centralised control of data, particularly when it comes to marketing, content ownership and ad targeting.

Web3 seeks to overcome this challenge in a variety of ways. Firstly, with content ownership we can see that web3 returns rights to the content creator, using blockchain technology. Data vulnerability is heightened in a large centralised database. Decentralisation, using blockchain, attributes content and data to its rightful owner.

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Web3 seeks to end the monopoly of big tech and give back greater control to users and creators - and that’s something I can really get behind.

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Overall, the entire web3 space is new and exciting, and I love being part of something so new & innovative at its infancy. There’s still so much to learn and discover in web3.

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What mistakes do you see people making in the web3 space?

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There are various obstacles to overcome in the web3 space to launch a successful project with longevity. 

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The first mistake I see people making is coming into the space for the wrong reason. While the lure of fast profits can be enticing for some, it’s not the right reason to enter web3. Web3 involves complex and innovative technologies that can solve a lot of the problems we are experiencing in our existing web2 space. It’s a foundation for an improved future, and unfortunately, a small percentage of players in the web3 space have misguided intentions.

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The next mistake I see is when people don’t clearly define the problem they are trying to solve using web3 technology. There are a lot of great ideas out there, however, they can be delivered with a web2 approach. Just because it can be delivered in web3, doesn’t mean it should be.

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And finally, it’s important to partner with the right advisors and people in web3. There are a lot of incredibly smart, driven people in web3 who want to make the world a better place. So, partnering with the right people is pivotal to a project’s success.

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How can web3 founders or companies overcome the barriers to mass adoption?

There are several ways to overcome the barriers to mass adoption.

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Education. The more we educate and teach others, the more the barriers are reduced. We’re essentially asking people to unlearn what they’ve been taught about currency, data ownership, centralised structures and control, community and even social media. It’s not impossible, but challenging nonetheless. 

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User experience. When building projects in web3, we need to constantly consider the user experience. Crypto wallets, seed phrases, self-custody can all be overwhelming for new users. Project founders need to keep reducing this friction in order for new users to onboard.

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Rug pulls and scams. Unfortunately the scams scare people away. As founders, we need to keep pushing the message of honesty, transparency and longevity. We need to keep advocating for the real builders in the space, and highlight the benefits of web3 technology in every way.

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