Opinions expressed by Entrepreneur contributors are their own.
Key Takeaways Hype around crypto is at an all-time high, but it is still met with confusion, as over half of U.S. adults still don’t fully grasp the concept.
Entrepreneurs must communicate their products/services in clear, relatable terms that make sense to non-experts, investors and everyday users.
Companies must also connect innovation to a larger purpose, which sometimes requires getting creative and making bold statements.
Crypto sucks. The industry is flooded with over 37 million cryptocurrencies, and the media is inundated with stories about the next 1000X and how crypto made people rich. If it isn’t the story of going from rags to riches, it’s a story of going from riches to rags with rug pulls and scams. The hype is at an all-time high, but the value is questionable at best, and the credibility crumbles with every scam story.
I knew the digital world of Web3 could make a difference, but the noise covered the value it offered. My journey started with an eviction from the college dorm for mining ETH, the native currency of the Ethereum network. Along the way, I learned that the difficulties of this industry can only be resolved with simplicity that conveys its value.
But these lessons don’t just apply to crypto — they reflect broader challenges most business leaders face when introducing a new product or service into the market. Whether you’re a crypto native or are avoiding the industry like the plague, these same lessons still apply.
Related: Assume Potential Customers Don’t Know Anything About Anything
Know your own bias
While people saw computers, I saw an infinite amount of opportunity pulsating through the chips and wires, a universe that I knew would catalyze our evolution. My interest took me to the top of Call of Duty’s global rankings and started me on my journey in Web3. But for those who don’t share this same passion, these achievements mean very little.
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