How to onboard non-crypto users and raise funds for a Web3 startup
Epic Web3 Weekly Newsletter
Hey-ho, Web3 builders 👋
This is the Epic Web3 Newsletter — a weekly dose of best practices & insights from the top industry experts to help you boost Web3 products.
🎉 This week we raise funds and onboard non-crypto users in Web3. Are you with us?
🔶 On Wednesday we’re talking serious money with Sam Simmons, Web3 advisor & investor.
Around 20% of startups fail in their first year. 90% do so within the first five. Most of them fail because they run out of money — getting off the ground is one of the toughest challenges for Web3 products.
But how to raise funds for a Web3 startup & make it live longer?
Sam Simmons will cover that problem. He’s a partner with Dream Ventures, a VC fund with specialties in Web3, so he really knows his stuff. Josh Cross, experienced content creator & Founder of DeFi Now, will ask him some tricky questions — so don’t miss out!
🔶 On Thursday we’re meeting DeFi experts to learn tactics for onboarding non-crypto users.
Let’s be honest. User onboarding in Web3 sometimes can churn your potential clients instead of attracting them. Especially when it comes to complex (or even not that complex) DeFi products.
Why? It is scary / confusing / time-consuming / not always user friendly / insert your option.
So if you don't want users to flake at the step of connecting the wallet, you need to do onboarding right. Join the meetup to learn how-to.
Ready to join the events? Subscribe to Epic Web3 — just one click needed.
🧑💻 How to build better protocols? Community Insights on using no-code & low-code experiments to build and scale fast.
Does a no-code & low-code development have the potential to take your product development to a whole new level?
We asked Kelley O. Cambry, co-founder & CEO at Blue Studios. They’re building Wallio Family Wallet – a family crypto wallet for those families who only enter Web3 and The Bella Proof of Learning Experiences Protocol (POLEP).
What’s a POLEP?
The protocol is made for families to learn and keep track of their learning experiences online or offline. Family members participate in one of the designated learning challenges — they check in and share what they’ve built or learned. The protocol gives the associates a digital badge, NFT, or rewards that will remain forever.
At Blue Studios they decided to go with no-code & low-code experiments through the following steps:
1️⃣ Setting clear objectives
At Blue Studios they set the following goal:
Develop a Learn2Earn protocol to encourage participants to learn from the blockchain-powered streaming platform and create projects that are inspired from what they learn, so they can mint as NFTs.
2️⃣ Determining key metrics of success
As the key metric Kelley chose the number of projects submitted by families from week to week.
Once the metrics were determined – they started to implement no-code/low-code solutions. At Blue Studios they created the landing page with the challenge rules, posted the challenge on Discord & other social media channels, and made a requirement for participants — to watch a video & tag the company.
Also, they created a public Google spreadsheet with the participants’ handles to make everything clear and transparent. The prizes were divided between all the participants and sent to them — and everyone could check it in the sheet.
3️⃣ Doing research — thinking of what could go wrong:
After 3 month, the team noticed the following in their user behavior:
— There were cheaters that could possibly ruin the system;
— Incentives play a huge role in learning;
— Social proof and amplifying the best of the best does matter.
4️⃣ Prototyping
The team did a pilot plugging in the Twitter API and connecting public assets on-chain with zero incentives to test whether the audience:
— wants to participate if the opportunity was just to mint on-chain or
— needs the Learn2Earn incentive.
5️⃣ Gathering the feedback loop from the users
Implementing prototyping into the product development resulted in an important feedback analysis. The Blue Studios team found out that:
— Incentives matter to their audience;
— There are areas to focus on (to provide a smoother user experience and reduce poor behavior).
These are some of the highlights Kelley shared during the virtual meetup on how to find PMF in Web3. For even more useful insights, watch her full presentation with the Epic Web3 subscription.
Everything in Web3 is fast-changing. That’s why we’re bringing you the latest scoop of Web3 news.
🧑🎨 No more waitlists at DALLE-E! The AI system that creates realistic images and art from a description in natural language, is now available for everyone.
🥷 OpenSea offers two ethical hackers a $200,000 reward for their efforts. The hackers said they found critical security vulnerabilities in OpenSea’s infrastructure.
🏰 Disney plans to make its big crypto move. The media giant may be gearing up for a major move into Metaverse, NFTs, and DeFi. Are we about to see…pixelated Mickey?
📱Everyone can now show off their NFTs on Instagram… But we hasten to upset you: this is available for users from the US only.
That’s it for today! Hope you found this week’s dose helpful 👋
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Sending growth your way,
Epic Web3