Web3 enters ‘late autumn’ ahead of schedule, how should industry builders respond?

Web3 accelerates into 'late autumn', how should industry builders react?

In the past half month, there have been some subtle changes in the Web3 industry.

Last week, well-known blockchain company R3 disclosed that it laid off more than one-fifth of its employees in early September due to macroeconomic considerations. Scalar Capital, a Crypto fund operated for 6 years by former Coinbase employees, announced that it would stop investing. The founder of Crypto fund IOSG wrote that the bull market still needs time and the most difficult times have come, and he also mentioned that Token2049 may be the last hope for some projects’ fundraising.

Of course, the above reports are just some representative news. Some startups have also announced their temporary withdrawal from the Web3 market recently to cope with the uncertainty of the bear market.

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It is hard to imagine that in the just-ended summer, many institutions were still full of confidence. However, before September was over, they have already begun to prepare for “hibernation”. For nature, September is the season of harvest, but it seems to be the beginning of “depression” for Web3.

In a conversation with a friend in early August, I said, “The real winter is in the next few months, with no hotspots, no money, no narrative, and no market.” It seems that this statement is accurate. However, today we are not discussing the winter itself, but how to deal with it.

As a Builder who has experienced two rounds of industry downturns, the current situation is generally friendly compared to 2018. At least there are still many institutions digging deep into the industry narrative, and there are more teams continuing to be builders than back then. Therefore, the first task is to stay determined. Even if the current story is debunked, we must still look forward to the future. This is especially important. As long as we stay in the game, it will continue.

Secondly, if you are fighting alone, you must find like-minded friends. After all, it is always better to have comrades-in-arms to share bread with when winter comes, rather than facing the cold wind alone in late autumn.

Thirdly, if you have doubts about what you have done and your views on the industry, you need to humbly ask others for advice, expand your horizons through communication and constant collisions of ideas, and even generate new ideas. After all, the industry is still in its early stages of development, and many uncertainties can easily lead to a loss of confidence in Web3, which often happens during the previous downturn.

Fourthly, it is necessary to timely understand and recognize the new narratives of the industry, especially those seemingly uninteresting things that have attracted a lot of attention. They may appear to be a carnival in the current low point, but they may show new driving forces in the future.

Fifthly, find some sources of cash flow and save expenses to ensure that there is enough reserves when spring comes. After all, without the supplement of “food”, even the most passionate warriors will fall in the cold wind.

Finally, don’t blindly believe when the bull market will arrive, as it may become an obstacle on the way forward, just like Pinduoduo’s help to “chop once”, thinking that you can get a red envelope next time, only to find that the progress bar is still at 0.1%. And this “0.1%” may become a faint “hope” that exists but cannot be fulfilled in the industry, eventually leading to distorted decision-making.

The above 6 suggestions are feedback from my personal experience, hoping to provide some reference for builders who are still advancing in the industry in this early autumn.

Of course, to this day, we will not talk about how beautiful the future of the industry will be, because living in the present is the most important choice, rather than waiting with expectations.

“It was the best of times, it was the worst of times”, we cannot decide how the era itself is, but we can decide how we view this era with our perspective and attitude.

The double festival is coming, I wish you all a happy holiday, see you after the holiday.

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