Episode 10 - Our Journey
Welcome to episode 10 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul explain where they are at in their crypto journey and the lessons they learned along the way. You will learn what community really means in Web 3.0, as well as how your mission informs what Web 3.0 tools you need.
An Accidental Discovery
Paul tells listeners, “We started this podcast because we ended up accidentally going into the world of Web 3.0…” They have a large community on Clubhouse - “Europe’s biggest community of entrepreneurs on any social audio platform, and we've also got access to some of the best guests who could add value to that community,” Paul remarks. They kept asking their audience what they wanted to learn more about, what would be helpful in their businesses. The overwhelming response was that the community wanted more access to the content, so they could replay at their convenience. Crypto and Web 3.0 were also hot topics in the community. Soon it became clearer to James and Paul that crypto was “the new revolution” and that they could use Web 3.0 tools to deliver what their audience needed. “As a business owner,” James says, “you have got to …at least educate yourself on what's coming down the line… We've now got a very well thought out and planned out roadmap of what we're going to do next.” [Listen from 2:12]
Community in Web 3.0
Community in Web 3.0 is all about ownership. It’s about breaking down the big data silos created in Web 2.0 that make us the product, Paul comments. Content creators and business owners in Web 2.0 build ‘communities’ of their buyers - really just stores of buyer data - so that they can sell to them again and again. “To crack the nut of Web 3.0 and blockchain, the biggest learning curve I had was really, truly grasping the concept of what community truly means in the crypto world… and what it basically means is people having a shared interest and common or shared ownership,” Paul tells listeners. NFTs, DAOs, DeFi and other tools don’t make sense until you pair them with community. They all fit together holistically to make up the Web 3.0 world. [Listen from 6:00]
Unlearning and Relearning
This podcast - just like business and life - is an odyssey in unlearning and relearning, James and Paul agree. As they go further in their crypto journey, they have revised some previously held concepts as they see more pieces of the puzzle. Paul describes unlearning and relearning like this: “You can sometimes then go back over and look at the same information with fresh eyes, because you've got a deeper understanding of how a particular part of it works, and like you say, you have to unlearn and relearn simultaneously. And the unlearning is just as important as the new learning…” [Listen from 12:12]
One important lesson Paul and James learned was that not all businesses should be a blockchain. While blockchain can potentially innovate and improve many industries, it won’t change every industry. The key thing is your mission, Paul advises. He comments, “Instead of building a business to be in Web 3.0, let's look at the actual mission of what we want to try and do, and how can the tools that we have available help us achieve that.” He describes how their business uses blockchain and Web 3.0 tools to deliver their mission. “We're in normal business using blockchain technology to advance and evolve and disrupt the way that things would usually be done,” he points out. Bridging these two worlds together future-proofs your business. [Listen from 14:03]
Community Ownership
Many community members view their emotional investment into the community as ownership. The persons who created the community also believe that they own it because of the time, effort and financial investment they put in. Both views are valid, and both members and founders believe that they should have a say in how the community grows and what direction it takes. Tokenizing part of a business can give community members a voice. Paul says, “People buy a token; a token equals a vote on the decisions, and that gives them an element of ownership… and it allows people to benefit from the upside should the value of the community grow.” They reiterate that your mission and goals should determine what Web 3.0 tools you use, and how you use them. What’s good for one business or use case may not necessarily suit another. For example, not every business who mints NFTs needs to add rarity to their tokens, as rarity does not help them deliver their mission. For some businesses, NFTs and governance tokens are used to raise capital to fund their roadmap, while giving community members ownership in the business just as if they were buying stocks and shares. [Listen from 20:42]
James and Paul minted their own tokens to fund their roadmap “of delivering the world's best tangible, actual usable content for small business owners.” “We want to transform and revolutionize the way business education is delivered,” James adds. They are strategically embracing appropriate Web 3.0 tools to make it happen. What’s your Why, they ask listeners. [Listen from 30:38]
Key Takeaways
- Not all businesses should be blockchain.
- Community in Web 3.0 is about shared ownership.
- Your vision and mission will determine if and what Web 3.0 tools you need.
Resources
James Burtt on Twitter | LinkedIn | Instagram | Clubhouse
Paul Abercrombie on Website | Twitter | LinkedIn | Instagram
Episode 9: All About DAOs
SOCIAL SHARES
Not all businesses should be blockchain. @JamesBurtt and @PaulAbercrombie explain in episode 10 of Understanding Crypto.
“To crack the nut of Web 3.0 and blockchain, the biggest learning curve I had was really, truly grasping the concept of what community truly means in the crypto world… and what it basically means is people having a shared interest and common or shared ownership,” Paul Abercrombie tells listeners in this episode of Understanding Crypto. NFTs, DAOs, DeFi and other tools don’t make sense until you pair them with community. They all fit together holistically to make up the Web 3.0 world. Tune in to learn more:
Welcome to episode 10 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul explain where they are at in their crypto journey and the lessons they learned along the way. You will learn what community really means in Web 3.0, as well as how your mission informs what Web 3.0 tools you need. Listen here to learn more:
Web 3.0 is reclaiming the true meaning of community. #crypto #community
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