While crypto and blockchain have their share of enthusiastic pioneers, these industries cannot survive and thrive without attracting new users. Many cite the technological complexity of space as an obstacle, but does it have to be? And are industry leaders adding to the problem by not working to reach potential users where they are?
The narrow nature of the blockchain and crypto industry can be both a strength and a hindrance, and perhaps it’s time for insiders to step out of the echo chamber to better understand what potential new users want to know and how to deliver that information to them. Below 16 members Cointelegraph Innovation Circle discuss ways blockchain and the crypto industry can improve outreach to potential new users.
Stay true to transparency and decentralization
We must stay true to the goals of the blockchain industry: transparency and decentralization. When leaders promote these qualities in their discussions of the industry and its products, they put potential customers in a much better position to understand the industry. Since everything is verifiable on chain, it is much easier for customers to test what is said and blindly believe. – Mohk Agarwal, ClayStack
Fight for the progress of the entire space
We must stay true to Satoshi Nakamoto’s vision and educate ourselves about the importance of trustlessness and independence from financial intermediaries. This space is full of nonsensical tribalism that does nothing but turn new users away. True leaders should fight tooth and nail for the progress of the entire space – together we can make this the 12th sector of the S&P. – Ben Knaus, Rillaf
Release simple and clear content
Simplicity and clarity are essential. Leaders should promote learning content that is simple. Forget the complicated technical explanations that mean a lot to you but nothing to the wider audience. If the future of Web3 is for ordinary people, we need to be able to explain what it is in simple language that everyone can understand. – Shiran Herzberg, eToro
Use useful analogies
It’s hard, but one method we’ve found helpful is to use analogies that people can understand. For example, when talking about DeFi insurance, first talk about how traditional car insurance is done and then explain the similarities to how it works in the crypto world. – Rupert Barksfield, Amulet
Create solutions that people can use without teaching them
Education is often in order – I find that so many people are trying to teach people how cryptocurrencies work. Very few people understand how the internet works. What caused the Internet boom? Great software and use cases that just work. Apple didn’t tell people how to use the iPhone. They built products that worked. Build solutions that people can use, not ones that need to be educated on. – John Wingate, BankSocial
Start with product education and safety
We need to focus on product education and safety, ideally in that order. Through product education, users can begin to understand how blockchain can serve them and alleviate the pain points of traditional finance. Furthermore, potential users need to feel safe with the technology itself. By focusing on these two factors, we can integrate new users into the blockchain ecosystem, which is probably its biggest obstacle. – Megan Nyvold, BingX
Leave the drama at the door
There is so much tribalism in cryptocurrencies that project leaders often get wrapped up in pointless social drama that turns off potential users. Leaders need to leave the drama at the door and realize that we are all building this technology together. If blockchain and crypto is a party, let’s make it as fun and enjoyable as possible; no one likes to be at a party where everyone is yelling at each other. – Mark Soares, Blokhaus Inc.
Drop echo-chamber language
The language we choose is critical from a technical and cultural point of view. The industry is consumed with its own language and anecdotes, and we should always consider that those we reach out to are not only likely to be unfamiliar with Web3-isms, but also skeptical. We are one step closer to mass adoption if we simplify understanding with echoless language. – Sheraz Ahmed, STORM partners
Join a community where you can change the future. The Cointelegraph Innovation Circle brings together blockchain technology leaders to connect, collaborate and publish. Sign up today
Highlight real use cases
Focus on real-world use cases that create value and leverage technology to drive new business models. Ignore the hype and speculation – there’s nothing to it. Web3 and Web2 must eventually work together. Web3 does not rip and replace Web2, nor can Web2 reveal Web3. Drive use cases, drive innovation and create paradigm shifts in business models. – Nitin Kumar, from the blocks
Prepare people for how blockchain will change the world
Keep the big picture in mind and don’t focus on the small details of the everyday. Focus on how lives will change in the world after the blockchain revolution. Since this technology will take time to mature, explain how people can prepare and manage their expectations, and present the disadvantages along with the advantages so that people are aware of any issues with mass adoption. – Jagdeep Sidhu, Syscoin Foundation
Emphasize the “how” and “why” of emerging technologies
Due to its pace and scale, the cryptoecosystem generates an incredible amount of noise. Trying to analyze reliable information can be overwhelming, especially when so much of the focus on evaluation is values-based. Instead, education should emphasize the “how” and “why” of emerging technologies and situate them in a changing world. Greater context can only enrich one’s crypto journey. – Oleksandr Lutskevich, CEX.IO
Simplify the language related to Web3
Leaders must work together to simplify the language and explain complex concepts related to Web3. The industry is moving at a ridiculous speed and that pace will only increase with advancements in AI tools like ChatGPT. We also need to put more emphasis on sharing the positive use cases this technology brings to our lives. Combined with patience, these steps can reduce some of the confusion. – Matthew LaCrosse, MetaEngine
Reach your audience where they are
Platforms like TikTok can be daunting for Web3 natives more used to Twitter and Telegram, but it’s essential to provide educational content outside of our own echo chambers. This is a great way to increase blockchain adoption – especially among the younger generations. – Wolfgang Rückerl, ENT Technologies AG
Engage in open-ended conversations
Ask questions and be prepared to have an open-ended conversation. Potential users hesitate for a variety of reasons; it’s a mistake to assume you know how to address their concerns or motivate them to learn if you don’t understand their perspective. My teaching background comes in handy – it’s natural to use the Socratic method in small settings. On a large scale, focus on the topic and define your terms. – Stephanie So, A geek
Gamify the learning process
Combine gamification, education and rewards as a learning process. Educate users through quiz challenges – winners could receive non-transferable NFT proof of knowledge. Their companies could then reward them with discounts or special offers. World of Women and Ledger are great examples of this. – Erki Koldits, OÜ Popspot
Focus on utility
We need to focus more on the usefulness and benefits for the people using the products rather than focusing on the technology itself. Furthermore, too much focus on incentives (aka tokenomics) can lead to acquiring users who are only interested in financial gain and nothing more. These types of projects are only successful in frothy markets as we saw in 2020 and 2021. – Moshe Lieberman, Share
This article was published via the Cointelegraph Innovation Circle, a trusted organization of blockchain technology industry leaders and experts who are building the future through the power of connection, collaboration and thought leadership. The views expressed do not necessarily reflect those of Cointelegraph.
Learn more about the Cointelegraph Innovation Circle and see if you’re eligible to join.
