Adoption
Improve and adapt, don’t replace—web3 needs legacy systems
Published
4 months agoon
By
adminDisclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
High ideologies and complex narratives won’t bring the next one billion users to web3. Engaging use cases will. The masses just want a quarter-inch hole and don’t care about the quarter-inch drill. Plus with meme coins emerging as the ‘the most important trend’ across crypto cycles, left-curves are clearly winning. Especially as living costs increase by over 3% YoY and people desperately seek new ways to make life-changing money.
Hi-tech maxis might only see a ‘numbers go higher’ mentality in all this. But for the rest of us, it’d be naive and short-sighted to miss the deeper implications. Web3’s adoption dynamics and user demographics are changing.
Web3 memes are currently the primary on-ramp for retail. At the same time, institutions are backing web3 gaming and entertainment platforms. VCs like a16z, Bitkraft Ventures, etc., poured $988 million into this sector in April 2024 alone. That’s more than the total funding for Q2 2023.
Media—the common link between meme coins and gaming—is the ‘killer use-case’ we’ve all been looking for. And like decentralization or composability, it’s becoming a foundational principle for designing web3 systems. It’s also a practical means to user-centricity.
That users want to be entertained is beyond any reasonable doubt. However, adapting to this entertainment-led paradigm can be challenging for web3 builders, mainly for those trying to force use cases on blockchains and the overall web3 stack for years.
Disruption just for disruption’s sake brings more instability than positive change. So, while the passionate urge to (re)build everything from scratch—i.e., completely overhauling legacy systems—was understandable in web3’s very early days, it’s no longer relevant or cool.
Reinventing the wheel every time is futile, wasteful, and unsustainable. More so if we want to meet users where they are and ensure great experiences. Outgrowing the web2-is-all-bad and blockchain-solves-it-all mindsets is urgent in this context.
Fade web2 at your own risk
Legacy systems have many problems. Bad UX isn’t one of them. Google, Netflix, and other Big Tech firms have made the web highly usable and enjoyable. Bandai Namco, Ubisoft, etc., brought high-fidelity, immersive entertainment and gaming to the masses.
Now, we can be all negative and cancel these pioneers for being anti-user, extractive, and whatnot. Or, we can adapt their time-tested primitives and frameworks to develop engaging products and services faster. Plus, we can improve (or introduce) privacy, data ownership, composability, and other user-centric aspects using the web3 toolkit.
Negativity is destructive. Collaboration is productive. It allows us to compound value because building on top of existing infra or knowledge pools expands their scope. This boosts adoption and revenue.
The groundbreaking success of franchises vis-à-vis standalone entertainment IPs exemplifies the practical, economic upsides of the collaborative approach. Nine of the ten all-time-high revenue-generating movies are franchises. Gaming presents a similar picture with titles like Grand Theft Auto or Call of Duty.
Continuity in disruption
Creating fresh IPs every time they want to release something new is economically restrictive for studios. Whereas for users, continuing IPs are great because they’re familiar, have a shorter learning curve, and appeal to their community (cult) sentiments.
There’s a lesson for web3 here. We can create new IPs to specifically serve web3-native audiences and cultures. It’s a great way to foster creativity and unlock new avenues. However, to boost adoption and interest, we must focus more on translating established IPs over to web3.
For example, Meta-Stadiums and Luis Moncada have teamed up for the ultimate Breaking Bad x GTA V crossover, a.k.a Breaking Point: Los Santos. It’ll bring two of the biggest gaming communities together, bridging the gap between diverse people.
Collaborating on IPs is one of the best ways to build entertainment-led adoption engines for web3. The IPs per se don’t inherit the problems of centralized legacy systems. They are rather independent of the underlying tech or business model.
We can thus tap into the fame and traction of popular IPs without inheriting any problematic revenue or data extraction method. Moreover, implementing novel revenue streams or ownership avenues will make these IPs even more attractive and immersive for existing and potential communities.
Likewise, creators of fresh web3 IPs can leverage hybrid licensing frameworks that enhance autonomy and reduce costs while using existing processes for easier operation. Combining tradition and innovation always unlocks new possibilities.
Web3’s ability to simultaneously support patents and open source is a great example. It reminds us how bridging gaps is the endgame—not increasing them. We don’t want to throw the baby out with the bathwater. And the sooner we realize how web3 and web2 are more complementary than we used to think, the better it’ll be for our collective future.
Upcoming generations can enjoy the best of both (and every) world. It depends on our willingness to be open-minded and explore progressive paths. Let’s not disappoint those who come after us.
Emmanuel Quezada
Emmanuel Quezada is the CEO and Founder of U-topia, the first MediaFi company in the world to merge innovative IP licensing with GameFi, AI music, and video entertainment, backed by NFT provenance, focusing on Gen Z and younger demographics. Emmanuel has leveraged his expertise in administrative platforms, collaborating with major brands like HSBC, Coca-Cola, and Danone. He is driving innovation across five blockchain-related ventures, ranging from fintech dApps to decentralized digital media and metaverse exploration.
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Adoption
AI startup Genius Group picks Bitcoin as main treasury asset
Published
1 week agoon
November 12, 2024By
adminBitcoin as an institutional reserve asset gained more traction as a Singapore-based AI company took a page from MicroStrategy’s book.
Per a press statement, publicly-traded artificial intelligence firm Genius Group will onboard Bitcoin (BTC) as its main treasury holding and immediately purchase $120 million worth of the world’s leading cryptocurrency.
Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, adding to its initial 1,380 token buy plan disclosed on Nov. 12. The startup’s GNS shares surged 50% during pre-market trading, according to Yahoo Finance. GNS prices shook off gains by publishing time, but the shares still traded higher than their previous close.
At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software behemoth MicroStrategy. Firms like Tokyo’s Metaplanet, medical tech provider Semler Scientific, and now Genius announced BTC purchasing plans inspired by Saylor’s company.
All three companies hold over 1,000 BTC. The trio were leagues away from MicroStrategy’s 279,420 Bitcoin trove valued at over $24 billion due to recent highs.
We believe that with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy for the benefit of our shareholders.
Thomas Power, Genius Group director
Stocking most of its treasury with BTC was also revealed shortly after Genius reshuffled its top decision-makers. Genius added multiple crypto-savvy board members as the firm paid more attention to web3 and blockchain technology.
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Adoption
Crypto wins the vote in the 2024 US elections
Published
3 weeks agoon
November 3, 2024By
adminDisclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.
The 2024 US election campaigns have been a masterclass in how to compel a large group of people to elect their country’s leaders. In a short time, we’ve seen sentiments shift after each candidate began their campaign trails and made promises to voters surrounding issues such as immigration, cost of living, and reproductive rights.
From spreading memes about migrants eating cats and dogs and the humorous “coconut tree” remark to the decisive role of lobbying regulators, the similarities between pushing political messaging and crypto narratives are difficult to ignore.
Crypto is no stranger to compelling messages. One of the most memorable phrases in crypto history, “The Times 03/Jan/2009 Chancellor on the brink of second bailout for banks,” contained in Bitcoin’s (BTC) genesis block, is a reminder of the powerful messaging that has helped propel the industry forward. For crypto to win the “people’s vote” again, the industry can learn from several foundational communication principles we observed in this year’s elections.
Tapping into the psyche of the masses with memes
The use of memes in political messaging this election cycle has helped candidates engage the voter base and shift their perceptions.
In July, singer Charli XCX took to her almost 3.7 million followers on X to endorse Kamala Harris with a three-word X-post, “kamala IS brat.” Brat was an album launched by Charli XCX, with notable colors of neon lime green and black. The Harris campaign quickly adopted the theme into their campaign color scheme, resulting in the “Kamala is brat” meme exploding across the web and TikTok, introducing a new cultural reference that positively shaped discourse. This is particularly significant for young and new voters who are increasingly getting their news through social media, according to Pew Research.
Originating from evolutionary biology, memetics, the study of memes explores how ideas, behaviors, and cultural phenomena spread. The light-heartedness of the medium allows people to digest complex or unsettling political realities in a more approachable way, impacting voter attitudes at an emotional level.
Crypto has seen its successful application through memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF), which leverage meme culture to build communities and hype. Similar to political memes spreading ideology, memecoins spread economic narratives through humor and social media engagement.
The overall industry needs to see a return to memes that captivate users broadly. Popular memes like ‘diamond hands,’ ‘WAGMI’ (we’re all gonna make it), and HODL (hold on for dear life) have in the past spread beliefs about crypto like wildfire. The industry needs to craft new memes and leverage new moments to maintain its relevance and resonate with broad audiences again.
The use of emotional and purpose-driven messaging
Political campaigns also provide examples of how emotionally resonant, purpose-driven language connects with supporters.
Donald J. Trump’s campaign used many bold statements of purpose that studies show resonate with themes of strength and patriotism. Among the most popular is the campaign’s “Make America Great Again” (MAGA) message. His appeal is connected to the psychological readiness in the US culture for an antihero figure, who represents someone bold and unconstrained by typical political decorum and the willingness to challenge the status quo. This was symbolized in Trump’s call to “fight, fight, fight!” that spread following the assassination attempt in July.
The web3 parallel is the need to evoke purpose when speaking to end-users by bypassing complex jargon in favor of emotionally engaging language. Mert Mumtaz, CEO of Helius Labs, a key crypto opinion leader, uses direct and emotionally engaging messaging to resonate with crypto enthusiasts. His commentary, which centers around key trends and recent events, enhances his credibility as a key spokesperson for Solana (SOL) and blockchain tech broadly.
Similarly to how political campaigns use soundbites that reflect the core values of the voter, web3 projects and founders need to rely more on using memorable statements that create an emotional connection, creating greater buy-in from a wider audience.
Lobbying to engage policymakers more seriously
Lobbying played a notable role in this year’s elections. The health of US citizens became an issue that rose in prominence when health lobbyist Calley Means reconnected Republican and independent presidential candidates Donald Trump and Robert F. Kennedy Jr. This played a part in RFK dropping out of the race to support Trump’s campaign, catalyzing the MAHA (Make America Healthy Again) movement and may make a difference in the final election outcome.
The US crypto industry itself has experienced regulatory hostility towards companies after the FTX collapse. Since then, there has been a growing realization that the use of money in politics is simply the way the system operates. Lobbying is needed for the industry’s priorities to be heard in the halls of Congress.
The last two years saw a major uptick in advocacy efforts for better US crypto policy. As of mid-October, crypto-focused super PACs (political action committees) had spent over $134 million to persuade voters to elect Congress members who support crypto. Just this week, the CEO of Coinbase, Brian Armstrong, announced the company was committing an additional $25 million to support the Fairshake PAC leading up to the 2026 midterms to elect pro-crypto candidates.
A continuation of this strategy by US companies could lead to significant shifts in US policy and could see better reception of crypto by users locally, with a ripple effect globally.
The 2024 US elections were littered with examples of masterful communication tactics that can be adopted by crypto projects. As the focus of the industry begins shifting from infrastructure development to the growth of consumer applications across various verticals, these strategies will be increasingly important in persuading users about why they should choose the products offered instead of the many other alternatives available to them.
Debra Nita
Debra Nita is the associate director and head of growth at YAP Global, a crypto-native PR firm. With over a decade of strategic communications and product marketing experience, Debra helps leading crypto and web3 projects gain publicity and build their reputation through top-tier media coverage, leadership, and narrative development. Her expertise includes layer-1 blockchains, rollups, decentralized finance, zero knowledge and cryptography, and stablecoins. Debra has also been a speaker and hackathon judge at leading crypto conferences, including ETHDenver, Mainnet in NYC, ETHToronto, and ETH Kuala Lumpur.
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Adoption
Algoz taps Wincent to streamline its fiat-to-crypto onboarding process
Published
3 weeks agoon
October 30, 2024By
adminDigital asset investment firm Algoz has announced a strategic collaboration with regulated market maker and top over-the-counter desk Wincent.
Algoz shared details of the new partnership via a press release sent to crypto.news on Oct. 30. This announcement follows Algoz’s recent collaboration with Standard Chartered-backed Zodia Custody.
According to the announcement, Algoz will leverage its partnership with Wincent to facilitate the onboarding of new investors. Through this collaboration, investors such as family offices seeking to enter the crypto market via Algoz will not need to convert fiat currencies to crypto beforehand, as is typical across many providers in the industry.
Wincent offers the solution to this hurdle. Algoz users can now invest using Tether (USDT) Bitcoin (BTC) and Ethereum (ETH) and other cryptocurrencies using U.S. dollars, euros, or other fiat currencies. The partnership allows Algoz clients to directly swap fiat for crypto, reducing risks associated with exposure to unregulated providers.
Algoz noted that its collaboration with Wincent supports asset conversion based on already approved know-your-customer and anti-money laundering checks. These regulatory requirements are critical components of global crypto regulation, with various industry players viewing them as essential to the growth of the crypto market.
With regulatory clarity pivotal to the industry, many players are implementing measures to ensure safe on- and off-ramping of customers. Regulated platforms like Wincent and institutional-backed providers like Zodia Custody contribute to this approach.
The platform’s off-exchange settlement solution, Quant Pro, plays a central role in the partnership.
For Algoz, the solution, Zodia’s custody wallet, and Wincent’s know-your-customer and anti-money laundering integration add a layer of protection for users.
“The creation of Quant Pro, our off-exchange settlement system, using Zodia was the first breakthrough for investors as we were able to significantly mitigate exchange and management counterparty risk.”
Stephen Wundke, director of strategy and revenue at Algoz.
Wincent’s regulated market records between $3 and $5 billion in daily volume, with over 300,000 daily transactions.
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