Crypto's Consumer Era — Mirror: Unleashing the Power of Ownership and Curation

Crypto's Consumer Era — Mirror: Unleashing the Power of Ownership and Curation

Crypto has revolutionized the way we perceive ownership. With its decentralized nature, individuals can now become partakers in the growth and success of the products and communities they are involved in, right from the beginning. This concept of ownership from day one is a powerful idea that will drive the next wave of crypto adoption. As we look ahead to the next decade, we can anticipate the rise of consumer protocols, DAOs (Decentralized Autonomous Organizations), and applications that will redefine traditional business models and foster community ownership.

One aspect of this emerging consumer category in crypto that holds immense potential is the realm of curation. We are all curators in our own way. We curate content with our likes, comments, and promotions within our network and beyond. While the internet has offered affiliate programs and links as a business model for curation, the space remains relatively untapped. However, Web3, the decentralized web, presents an opportunity to curate with clear financial incentives and social status.

Enter social token design. Social tokens can create a system where users earn rewards for curating content and share the benefits with both curators and creators. This innovative approach aligns the interests of all parties involved and fosters a sense of ownership and community. By curating content, users not only provide value to the community but also have the opportunity to earn from it. Web3 allows us to benefit from being early adopters and actively participate in shaping the future of consumer-driven crypto.

Building for a highly opinionated user base is a challenge that many companies face, and Reddit, with its passionate user base, provides valuable insights into this matter. One of the key takeaways from Reddit's experience is the importance of not trying to destroy the passion of users but rather harnessing it productively. Understanding that passionate users are the backbone of your product is essential. Instead of dismissing their complaints, it is crucial to fill the Trust Vault and leverage their passion to drive positive change.

It is important to note that the loudest voices may not always represent the general user base or the ideal customer profile. While negative feedback tends to be more vocal, positive feedback often goes unnoticed because users perceive useful features as table stakes. Therefore, when evaluating user feedback, it is necessary to consider whether it represents a significant portion of your user base and if the users providing feedback have the ability to influence others' opinions.

One lesson learned from Reddit's journey is that the public square is not the ideal space for nuanced product discussions. Engaging in public back-and-forths often leads to confusion and lack of alignment, as the incentive in such environments is to win the conversation rather than seek understanding. To foster productive discussions, creating psychological safety for users to express their opinions and ideas is crucial.

Furthermore, it is essential to be mindful of the golden rule of feedback: only ask for feedback if you genuinely consider it. Asking for feedback and then disregarding it can erode trust more than if no feedback had been sought in the first place. Users value their time and opinions, so transparency in decision-making processes is key. Even if feedback cannot be implemented, explaining the reasoning behind it helps maintain trust and fosters a sense of community.

In conclusion, the consumer era in crypto is poised to bring forth a new wave of ownership, curation, and community-driven models. The ability to participate in the growth and success of products and communities from day one is a game-changer. By leveraging social token design, users can curate content and earn rewards, creating a system that benefits both curators and creators. However, building for a highly opinionated user base requires careful navigation. Understanding the passion of users, identifying meaningful feedback, and creating safe spaces for discussions are essential elements of success. Three actionable advice for companies operating in this space are:

• 1. Embrace the concept of ownership from day one and explore ways to integrate it into your product or community.

• 2. Implement social token design to incentivize and reward users for their curation efforts, fostering a sense of ownership and community.

• 3. Nurture a culture of trust and transparency by actively seeking feedback, considering it genuinely, and clearly communicating decisions and rationale behind them.

As the crypto and consumer worlds converge, the possibilities for innovation and growth are limitless. By embracing the power of ownership and curation, we can shape a future where users actively participate in the success of the products and communities they love. The next 100 million crypto users will be driven by these consumer-focused protocols, DAOs, and applications, creating opportunities that we may not have even imagined yet. The time to embrace the consumer era in crypto is now.