People associate web3 with technology, but what about community?
Web3 is open-source and platform agnostic. Platforms are intended to be owned by users. Users own and earn from the platform in proportion to their contribution. Web3 platforms cannot rely on traditional moats like network economics, economies of scale or high switching costs.
Anyone can start a DAO.
Anyone on the internet can start a DAO with 4 steps.
Don't believe me? Read this thread. Within a few hours, you can have a DAO up and running. But the real questions are the following:
- Why should people join?
- Why should they stay?
- What prevents someone else starting a DAO with the same purpose?
Focus on your community
Your community in web3 binds everything together.
Humans form connections and these connections are hard to replace. I joined OdysseyDAO a few months ago. I invested in the crowdfund and contribute in my spare time. I feel a sense of belonging to the community. The mission excites me and I actively tell people to join it. In my view, the most successful DAOs will build deep connections within their community.
Technology will only become easier, building a community won't
If you build a strong community, it's hard to beat you.
Even if web3 technology seems complicated today, it will get easier. Think of how easy it is to build a website today vs. 10 years ago. Bringing together a group of people with a common purpose and shared incentives is difficult. And it takes time. Start here, not with the technology.