Hey, Web3 warriors! ✌️

We get it: you’re here to disrupt, break things, and build a brave new world with code and vision. But before we disrupt the status quo, let’s pause for a second. I know, “traditional business” sounds as exciting as a Monday morning traffic jam—but stay with me. There’s more to it than spreadsheets and board meetings.

So, let’s talk about why spending time learning from traditional business models might be the move your Web3 project needs in 2024 and beyond.

Why TradBiz Wisdom Could Save Your Web3 Bacon

Turns out, studying traditional business models can be the secret sauce to actually surviving in this fast-paced Web3 universe.

Want proof? 95% of Web3 startups fail—you read that right. Most people think it’s because of money issues, regulations, or poor market fit. But look closer, and it’s about lack of structure and missing out on basics like community building and good old marketing — things traditional businesses have nailed down for decades.

And let’s not forget Web3 gaming where failure rates are nearly as high.

75% of Web3 games have failed in the past five years. That’s a lot of hype with no happy ending. Source: Coingecko

Even the fanciest Web3 startup is likely to fail without a good dose of solid, traditional practices. So, let’s dig into how some “boring” old-school methods could keep your Web3 ship from sinking.

1. Trust, Baby, Trust

It’s no secret that lack of trust is holding back Web3. Recent scandals (looking at you, FTX) haven’t done us any favors. If even one of the largest exchanges couldn’t be trusted, people wonder if anyone else in Web3 can. Only 38% of people in developed markets even trust Web3—ouch.

This is where traditional businesses shine. Their playbook? Trust isn’t built overnight and certainly isn’t built on whitepapers alone. Traditional companies spend years building it with consistent messaging, transparency, excellent customer service, and rock-solid reputations. Web3—with all its anonymity and pseudonyms—has to work extra hard to bridge that gap.

A study by Edelman even showed that trust is now the second most important purchasing factor for consumers, just behind price.

Trust matters: Price isn’t everything in brand loyalty. Source: 2020 Edelman Trust Barometer Special Report

So, if you want your DAO, NFT project, or new L2 to actually gain traction, start caring about your customers and giving them reasons to believe in you. Consistent updates, clear terms, and reliable support—that kinda thing.

2. Community and Brand Building: Take Notes from the Classics

When Coca-Cola rolled out “Share a Coke,” suddenly, everyone was posting pics of their name on a bottle. Classic community-building move—make people feel seen, make them feel involved.

This is where Web3 still has a lot of catching up to do. Sure, we’ve got Discord servers and token-gated perks. Still, what makes a great community isn’t just exclusivity—it’s making people genuinely feel like they’re part of something bigger than themselves.

3. UX: The "Customer Is Always Right" Still Applies

You know what else makes people trust you? Not making their lives miserable. No matter how decentralized and cutting-edge your platform is, you’re toast if users can’t figure out how to interact with it.

The importance of user interface (UI) is another area where traditional businesses have a head start. They’ve spent decades refining the customer journey—making everything seamless and reducing friction at every turn.

Thankfully, Web3 is learning fast. We’re seeing platforms like Halliday.xyz doing seriously cool things to make Web3 gaming more user-friendly. They’re using social logins, reducing wallet friction, and implementing programmable session keys that make constant transaction confirmations a thing of the past. Halliday is bringing the best of Web2 UX to Web3, and it’s working.

Halliday’s success with games like DeFi Kingdoms proves that the smoothest interface wins the hearts (and wallets) of users. Source: Defi Kingdoms

So, if you want users to love you, make their experience delightful, not daunting. Traditional businesses know they’re risking their loyalty every second a customer feels confused or overwhelmed.

4. Managing Risk Like a Pro

In Web3, risk’s just part of the game, right? Sure—but you have to know how to manage it. Web3 is still figuring out how to stay afloat without sinking when the waves get rough.

Traditional industries have been risk-proofing their operations since before the internet. They’ve learned how to hedge, diversify, and keep a company afloat during turbulent times. You don’t get a 50-year-old corporation without some rock-solid risk management.

In Web3, too many projects are stuck in a hype cycle—flying high one month, crashing the next. Understanding cash flow, building buffers for rough times, planning for long-term profitability, and mastering the less-glamorous parts of compliance can mean the difference between being part of the 95% that flops or the 5% that thrives.

5. Nail the Basics of Marketing

Another classic Web3 issue? Visibility. Or rather, the lack of it. Only 24% of people globally are even familiar with Web3, and in the U.S., 54% have never heard of it.

Only 24% of people know jack about Web3. Source: Consensys

We love innovation as much as anyone, but the wheel is round for a reason. Startups that think they can rely on Twitter hype and airdrops alone to grow are missing the bigger picture.

The methods that worked for the Coca-Colas and Apples of the world can also work for you. Community building isn’t new—but applying it in Web3 means adopting a long-term approach that keeps people coming back not just because it’s free, but because they believe in what you’re building.

Traditional marketing tactics like strategic content, community outreach, and even good ol’ email campaigns have kept companies in the public eye for ages. Instead of constantly reinventing the wheel, Web3 projects can tap into these proven growth tactics to build awareness and engage audiences.

6. The Power of Patience and Iteration

Traditional businesses don’t expect overnight success. They plan, iterate, and invest in R&D for years before launching something new. Web3 is more of a sprint—we love the thrill of rapid growth and big launches. But patience is key.

Sometimes, it’s about putting your head down and doing the work, even when it’s not flashy. Instead of burning out, running out of money, and losing their community, many Web3 businesses could have learned from the traditional book and remained afloat.

TradBiz Wisdom = Web3 Survival and Growth

We’re not saying ditch the decentralized ethos and go full-on corporate. Far from it. But, there’s a lot to learn from the businesses that have been at it for decades—especially if we want to build something that lasts. So, let’s take a cue from the past to build the future:

• Structure for growth

• Understand your risks

• Win your customers’ trust

• Iterate until you nail it

The future of Web3 can be more than just hype cycles and rug pulls. It can be a true, sustainable evolution of the internet. And guess what? Traditional wisdom might be just what we need to get there.

And if you’re ready to bring the best of Web2 and Web3 together for a future-proof strategy, let’s talk. Myosin’s here to help you bridge the gap, build trust, and thrive. Reach out, and let’s make it happen!

✊ Stay tuned. Keep building.