#130 - Magdalena ‘Mags’ Kala - Consumer Culture and the Future of the Internet

This podcast episode focuses on the importance of understanding the target customer and providing value in the web 3 world. Guest speaker Max Cola shares her expertise in consumer industries and how it has shaped her perspective on web 3 and crypto. The episode covers various topics such as operating in a bear market, the complexities of web 3 and decentralization, the utility and business models of NFTs, customer acquisition strategies, balancing web 3 ideals and sustainability in NFT projects, strategies for building successful communities, and the unique approach of building a web 3 platform for communities. The conversation also touches on building a two-sided marketplace, using badges for community engagement and rewards, onboarding users from web 2, abstracting blockchain technology for new users, and reducing friction in user onboarding in the web 3 space. Takeaways • Focusing on the specific value proposition and tangible benefits for customers makes problem-solving easier in web 3. • Understanding and fulfilling the needs of target customers is crucial in the crypto and consumer behavior intersection. • Operating in a bear market allows real builders to focus on creating a strong product and identifying genuine traction. • The adoption and realization of web 3 and decentralization may take longer than expected. • Reward programs can be a better fit than straight membership in web 3. • Web 3 native business models and the utility of NFTs are still in the early stages. • Finding sustainable models for NFTs is challenging, with one-time revenue streams and royalties proving difficult. • Customer acquisition is currently more interesting in web 3, and rewards and customer profiling can be effective strategies. • Balancing web 3 ideals with expansion into new markets is essential for the long-term success and sustainability of NFT projects. • Addressing the sentiment of community members and managing the expansion of projects are key to building successful communities in web 3. • Building a platform that combines the best elements of LinkedIn, master class, and professional networking can be a valuable approach in web 3. • The Saas model can provide tangible value to communities in web 3, but a balance between financial and non-financial benefits is needed. • Badges can be used as a reward system in web 3, with potential future market-based exchange and burning for unique benefits. • Abstracting technology can facilitate onboarding from web 2 to web 3 while maintaining flexibility and platform focus. • Reducing friction in user onboarding is crucial for enhancing the user experience and encouraging adoption in both web 3 and mainstream users.