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Web3 Needs Web2 Creators to Build it, Whether We Like it Or Not

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Web3 evolution: Web2 people can unlock growth hacks without infringing on transparency and decentralization, says Li Gong, a Partner at Youbi Capital.

The emerging sector still needs to vastly improve its quality of code, work ethic and capability to find market fit – all elements that Web2 leaders are shaping by joining Web3.

Now, Web3 is welcoming decision-makers who previously built platforms with hundreds of millions of users. For example, Google’s former vice president serves as Coinbase’s chief product officer. Lyft’s former chief financial officer works at NFT marketplace OpenSea.

This is good for maturity but – according to critics – bad for the ethos of Web3. Some commentators fear that these leaders aren’t bold enough. Or, they will bring the worst elements of today’s platforms into those of tomorrow. In my view, these newcomers can unlock growth hacks without infringing on transparency and decentralization. Let’s explore.

Web3: Why Web2 leaders are switching sides

There’s no doubt that attitudes toward blockchain and crypto are moving with the times. Fewer crypto scams, greater company diversity and notable career opportunities point to a sector that’s finding its footing. And as top VCs turn their eye to Web3, founders are following the smart money.

And why not? I’d say that Web3 can be a better place for founders. The right project can attract faster timelines, higher valuations and more funding than Web2. Moreover, this space is less crowded. Armed with credentials from the Web2 world, leaders can leverage existing networks to compete.

Additionally, these Web2 leaders want to be on the bleeding edge. They are frustrated by corporate red tape and want autonomy to call the shots. Moreover, they aren’t impressed by the response of the old guard in tech.

Earlier this year, four former Facebook employees banded together and created a startup focused on Web3 and blockchain infrastructure. They
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