Exciting Opportunities in Blockchain and Crypto: What to Look For
As the crypto winter continues, it’s easy to become bearish on the sector. However, according to Amy Wu, a consumer and gaming partner at Menlo Ventures, there are still exciting opportunities in blockchain and crypto if you know where to look.
In a tweet on October 25th, Wu shared her criteria for evaluating crypto companies to invest in. She emphasized the importance of targeting an audience beyond just crypto natives. To achieve mainstream adoption, products need to appeal to a broad range of users.
Furthermore, Wu looks for teams that deeply understand their customers’ needs and develop products that directly address them. Solving real problems for people is essential, as relying solely on crypto hype is not enough.
Wu’s third criterion is that the token or cryptocurrency should not be the primary focus or monetization method. The blockchain use case itself should enable unique features that are only possible with crypto, rather than being a simple add-on.
Smooth onboarding and user experience are also crucial. Crypto projects need to surpass the learning curve and skepticism associated with blockchain by providing a frictionless experience comparable to non-crypto apps.
Wu remains excited about the potential for blockchain applications that incumbents find difficult to replicate, leading to the emergence of novel crypto use cases that differ from past eras.
Hot Take: Unlocking the Full Potential of Blockchain and Crypto
Amy Wu’s insights remind us that despite the ongoing crypto winter, there are still promising opportunities in the blockchain and crypto space. To succeed in this evolving landscape, companies must focus on appealing to a wider audience beyond crypto enthusiasts. By deeply understanding customers’ needs and developing products that solve real problems, they can drive mainstream adoption.
However, it’s crucial for companies to remember that the token or cryptocurrency should not be the sole focus or monetization method. The blockchain use case itself should offer unique features that leverage the power of crypto technology. Additionally, providing a seamless onboarding process and user experience is essential to overcome skepticism and attract new users.
By following these principles, we can unlock the full potential of blockchain and crypto, paving the way for innovative applications that disrupt traditional industries and create new possibilities.
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