Crypto's Consumer Era — Mirror: The Future of Ownership and Curation in the Crypto Space

Crypto's Consumer Era — Mirror: The Future of Ownership and Curation in the Crypto Space

Crypto has revolutionized the concept of ownership, allowing users to be part of the growth and success of products and communities from day one. This powerful idea is driving the next wave of crypto adoption, with the next 100 million users being drawn to consumer protocols, DAOs, and applications. Over the next decade, we can expect to see the rise of bottoms-up brands, reinvented business models, and community ownership, creating opportunities that we haven't even thought of yet.

One aspect that remains relatively untapped in the crypto space is curation. While the internet has provided a platform for affiliate programs and links, curation itself has not been fully explored. However, with the advent of Web3, there is a unique opportunity to curate content with clear financial incentives and social status. Social token design, for example, can create a system where users earn rewards for curating content and share these benefits with both the curators and creators. This opens up a whole new realm of possibilities for content curation in the digital age.

In parallel, finding product/market fit remains a crucial aspect for any product team. Casey's Guide to Finding Product/Market Fit offers valuable insights into this process. Product/market fit can be defined as the point where satisfaction allows for sustained growth. Customers are divinely discontent, always seeking a better way, and their expectations continue to rise. Achieving product/market fit is not about completely satisfying customers but rather about minimizing customer churn.

Retention is a key metric for measuring product/market fit. A flattened retention curve of the key action at a designated frequency, coupled with month-over-month growth in new customers, indicates true product/market fit. However, retention alone is not enough. It must lead to sustainable growth, with the rate of retention playing a crucial role.

There are two main schools of thought when it comes to the duration of the initial phase in finding product/market fit. The Eric Ries model emphasizes early and frequent customer feedback to understand the problems to solve and validate the product's value proposition. On the other hand, the Keith Rabois model is driven by the founders' vision and relies less on customer feedback. In this model, the goal of the product launch is to achieve the initial vision that sparked its creation.

Both approaches have their merits, and a combination of a strong vision and market feedback often yields the best results. Major pivots in successful companies have often been guided by a strong vision from their founders. However, it is important to consider the nature of the product being developed. The Ries model is commonly used in enterprise businesses, where founders are confident in solving day-to-day problems and creating a reliable business model. The Rabois model, on the other hand, is more common in hardware and consumer models, where founders need to convince a broad market to adopt new habits or interactions.

In conclusion, crypto's consumer era is paving the way for a new understanding of ownership and curation. The concept of ownership from day one allows users to participate in the growth and success of products and communities. Additionally, curation in the crypto space presents exciting opportunities for financial incentives and social status. Finding product/market fit remains a critical task for product teams, with retention and sustainable growth being key indicators. The combination of a strong vision and market feedback often leads to successful outcomes. As we navigate this new era, here are three actionable pieces of advice:

• 1. Embrace the power of ownership: Explore consumer protocols, DAOs, and applications that allow you to be part of the growth and success of products and communities right from the beginning.

• 2. Tap into the potential of curation: Look for ways to curate content in the crypto space, leveraging financial incentives and social status to create a valuable ecosystem for both curators and creators.

• 3. Prioritize product/market fit: Focus on retention and sustainable growth, measuring the flattened retention curve of key actions and month-over-month growth in new customers to gauge true product/market fit. Combine a strong vision with market feedback for optimal results.

By embracing these principles and leveraging the opportunities presented by the consumer era in crypto, we can unlock new possibilities and shape the future of ownership, curation, and product development in the digital age.