Web 3: Why Build a Community-Based Product?

TL;DR

Greg Eisenberg discusses his background, journey to web3, and the importance of community-based products in the crypto space.

Transcript

all right welcome back everybody i'm really excited for this conversation today i've got with me greg eisenberg who is the founder of late checkout and a handful of other really exciting ventures it seems like you're all over the place these days especially in the web3 community nft world so we've got a ton to unpack but really appreciate your time... Read More

Key Insights

• 👀 Greg Eisenberg is a prominent figure in the web3 and NFT world, having founded Late Checkout and other exciting ventures. He emphasizes the importance of community in his work.
• 🚀 Eisenberg's interest in web3 stems from his early fascination with technology and building websites, forums, and social networks around niche communities. He recognizes the potential of technology to bring people together and unlock opportunities.
• 💡 Eisenberg has started and sold multiple companies and invested in over 50 others, with community at the core of his endeavors. This experience has shaped his journey into web3 and crypto.
• 🐱 Cryptokitties was a significant moment for web3 and sparked an emotional connection between users and the product. Although Eisenberg recognized its potential, he believed building a social app with millions of users would be more impactful than focusing on cryptokitties' limited user base.
• 🌍 The web3 community received validation and traction through influential figures like Brian Flynn from Rabbit Hole and Jesse Walden from Variant Fund. These individuals highlighted the turning point and the ownership economy's role in web3.
• 🔎 Late Checkout is a thesis-driven holding company focused on community-based products. It comprises a venture fund, product studio, and agency, all aimed at investing in, incubating, and transforming brands into community-based and web3-focused entities.
• 🏠 Community is a key factor in product success, as it drives retention and engagement. In a product sense, community-based products are synonymous with strong retention and engagement, as users feel connected and engaged with the product as if it's their home.
• 👥 Community-based products can either center around the community itself or be enhanced by the community. The value of a community-based product relies on how the community contributes and enhances the product, whether through usage or influential members.

Questions & Answers

Q: What led Greg Eisenberg to dive into web3 and the crypto world?

Greg's fascination with technology and the success of CryptoKitties sparked his interest in web3. His connection to community-driven products and the belief in the ownership economy influenced his decision to go all in.

Q: How does Late Checkout operate as a holding company?

Late Checkout has three business units: a venture fund for investing in community-based startups, a product studio for incubating their own products, and an agency that partners with brands to transition to community-based and web3 entities.

Q: What advantage does community provide when building products?

Community is synonymous with retention and engagement. A strong community turns a product into a home, where users keep coming back. Community-based products have rituals that encourage engagement, making them more successful in the long run.

Q: How does community enhance the product in web3?

In some cases, like Board Apes, the community is the product itself. In others, like NFTs, the community enhances the product by adding value and creating a sense of belonging. Community members, such as influential individuals, can contribute to the overall success and perception of the product.

Summary & Key Takeaways

• Greg Eisenberg, founder of Late Checkout, shares his journey into web3 and the NFT world.

• He highlights the role of community in building successful products and the power of retention and engagement.

• Late Checkout operates as a thesis-driven holding company with a focus on community-based products, investing in startups, incubating its own products, and partnering with brands to transform into community-based and web3 entities.