Web 3: Why Build a Community-Based Product? | Summary and Q&A

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March 30, 2022
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Real Vision
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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.

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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.

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