Web3, crypto, blockchain- these are all very common phrases in this digital transformation environment. Countless individuals are trying their hand in this new work dynamic- opening wide opportunities for entrepreneurs to invest in this field. If you have the right passion and intention about opening your own web3 startup, we congratulate you on your decision. This is not just because you have finally said yes to your courage to follow not a traditional path but also because you are looking for better ways to kickstart your startup.
In this blog, we will help you get every important aspect that you need to know about how to become successful as a web3 startup owner.
First, Let’s See What Statistics Say About The Web3 Market
According to the latest study, the global Web3 market size was valued at around USD 2.2 billion in 2022 and is projected to reach a market size of USD 81.9 billion by 2032. This indicates that this industry is growing at a CAGR of 44.5% from 2023 to 2032.
You might know that North America is one of the largest markets for Web3, followed by Europe and Asia Pacific. And, interestingly, the gaming industry is one of the major driving forces of the Web3 market. You will be surprised to know that the average monthly active user (MAU) of Web3 applications is expected to reach 100 million by 2030. Trusted reports suggest that by 2030, the total value of Web3 transactions is expected to reach USD 1 trillion. This is a great opportunity for those entrepreneurs who are planning to invest in this domain.
You might be wondering what could be the profit rate for Web3 startups! Well, this profit rate can vary widely depending on a number of factors, such as the level of competition, the size of the market and the overall success of the startup. However, some estimates state that the average profit rate could be as high as 50% for Web3 startups. Although this actual profit rate may vary from one startup to another.
Important Aspects To Be Taken Care Of When Kick-Starting Your Startup
Knowledge About Technology- If you want to succeed in web3 startups, you need an extensive understanding of the technology. You need to constantly update your knowledge about blockchain, web3 applications, smart contracts and more.
Adopt Token Economics- Successful web3 startups are decentralized and they are using tokens to give incentives to users and create a strong network. These tokens can be used to access various kinds of services, participate in the platform’s economy, etc. That’s why you need to understand how tokens operate and how to design a token economy that can benefit the users and create value for the platform.
Staying Compliant- web3 industry is evolving and so do the regulations set by the authority. You need to comply with the current law and regulations to avoid legal complexities.
Be Consistent- consistency and patience are key when it comes to the growth of your web3 startup. It will take time since this is a whole new industry, flourished with time. That’s why you need to stay focused and be patient to design the perfect web3 technology.
Building a Strong Team
If you want to succeed, then you must have a strong team of web3 professionals. And for that, you need to hire the best blockchain developers, front-end developers, back-end developers, product managers, business developers, marketing and communication professionals, legal and compliance professionals, etc. Having a strong team of experienced professionals will help you meet the current industry demands and flourish your business with time.
WorkInCrypto is a leading web3 recruitment agency that helps businesses find the best crypto/web3/blockchain employees for various positions. With an extensive network of global web3 recruiters/headhunters, we are always ready to help you find suitable candidates and build a strong team to help you succeed in this domain.
Visit our official site to discover more about our services. Or, schedule a call to discuss your web3 organisational requirements.