Product Led Model for Web3
Product-led model in web3 is mostly influenced by community 80% and the rest is 20% is the product itself. Community members align their identity with the project. When the project’s mission and values are in line with the user's beliefs, users can be compelled to share their involvement. Most community members are align their identity with the projects and promote in social media such as twitter by displaying their profile pic, changing their names to ".eth" that has a huge network effect with their followers as well which also has a great virality. Community builders have fresh eyes, industry perspective, and being part of the community, have an idea on what product gaps need to be filled. Community builds the core product having direct input from the community not only to suggest but to help build out the platform, ensures the product’s innovating for the market need, saving time and effort with product and engineering teams on customer discovery & prototyping. Strong network effect in the community forms high liquidity that eventually increases the total transaction volume. Products building on trust sustained technologies can ride the underlying network effect of the chain, projects building on top of eth, btc, solana, polygon etc... Some of major UX challenges that hinders product growth and also mass adoption and engagement are high gas fees, not auto pay options, gas fee through only ETH etc... But you can solve the these problems with account abstraction that helps in gasless transaction, buy gas fee through any tokens, multi-chain operations and key rotation and revocation that helps in retrieving private keys. learn more on account abstraction on this post - https://lnkd.in/dAibnr5G Low customer acquisition rates due to the popularity of project in social media loyal fans that has network and viral effect. Leveraging L2 blockchain that offer scalability and faster transactions therefore reducing the time for user to complete transactions. Building relationships in the community, making the community members participate rather than consuming, designing a trust in a trustless system all contributes to mass adoption and engagement that leads product-led model.
