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  • [Web Summit 2022] How Your Company Can Join the Web3 Space – with Amanda Cassatt

[Web Summit 2022] How Your Company Can Join the Web3 Space – with Amanda Cassatt

December 02, 2022

Amanda Cassatt is the cofounder and president of Mojito, a new Web3 platform for NFT, commerce, finance, and community engagement. Mojito is the venture of Serotonin; Serotonin is a crypto-native strategic marketing firm and a production studio.

Talking about the current status of the Web3 market, Amanda said that she thinks the current market of crypto is a bear market and building of crypto industry is more important at the moment than its prices. She talked about how Web3 native companies are being built right now with the help of venture funds funding Web3 startups and so many developers are learning languages like Solidity to join the ecosystem. And then there are traditional Web2 businesses starting to build their ventures into Web3. She mentioned that from the crypto assets’ perspective, we are in a bear market but from a builder’s perspective there is no better time than the present to experiment with innovative technologies and step into the Web3 ecosystem. Amanda also added that her firm Serotonin coined the term Web2.5.

Discussing the nonexistent need of using Web3 or Metaverse’s fancy definitions and jargon, Amanda said she doesn’t think an average end user wants to hear quotes about Meta when their attention is focused on a screen and they are experiencing it front hand. She mentioned Reddit which recently launched NFT avatars and called them digital collectibles. Even without using the word NFT, their take on Meta still turned out good.

The take of Facebook on Metaverse by changing its name to Meta makes Amanda believe that Facebook intentionally tried to confuse people that there is only one Metaverse. But in reality, there are several competing Metaverses. She thinks that users must choose to become part of a Metaverse to live their lives in immersive digital spaces.

Amanda also talked about the portability of Web3 and that it’s so important for the Web3-enabled Metaverse worlds to have an open set of standards that they all follow so all of the assets in those worlds are portable. According to her, this will make users more excited to buy and win assets in the Web3-enabled Metaverse worlds.

Amanda further added that she sees it progressing and improving in the next few years because adhering to an open set of standards will benefit both the companies and developers. Moreover, she mentioned she is super excited about a Metaverse world called Wilder Worlds which is the first HD photorealistic metaverse that will open doors for a lot of advancements and opportunities.

Blockchain is a new route identity system as stated by Amanda. She referred to traditional route identity systems like government-issued id, social security number, and Google or Facebook account to imply that Blockchain is a similar route identity system in the metaverse. A Blockchain route identity system allows users to add communication layers, reputation, medallions, certificates, credentials, etc. to rebuild an identity to reveal or conceal parts of their identity. Users can control what amount of their information they want to share or can monetize it the way they want.

Talking about scams, Amanda mentioned that scams are everywhere and Web3 is no exception. What users and investors need to do is get educated about Web3 and be able to do their research and avoid scams and frauds. She carried on the discussion by saying that there’s also a need for community mechanisms that validate which of the applications on Web3 are good and which ones aren’t. She believes technical diligence plays a great role in this regard that lets the consumers know that certain contracts are more or less safe. Amanda thinks there should be a consumer health bureau that’s decentralized for rating the quality of different protocols for consumers to know the safety of contracts and projects on Web3.

People interested in Metaverse and Web3 are advised by Amanda to find a project they care about whether it’s an NFT collection, a certain protocol that they enjoy using, or a Metaverse world that they enjoy exploring, and then go on the channels that are suitable for that project.

Amanda is a firm believer in the transition of Web2 to Web3 stating that every company is going to end up as a Web3 company the same way as every company ended up as a Web company. She recommended companies start early to become a leader rather than just a follower. She mentioned not being discouraged by the bear market but focusing on building so that when the market is at the top, your company is ready to launch. According to Amanda, it is important for new businesses entering the Web3 to come out in the Meta space in a way that strengthens, reinforces, or validates its existing community. It can be achieved by partnering with Web3 native projects and protocols, and Web3 influencers, creating incentive alignment engines, rewarding their past or existing community, whitelisting, or airdropping, etc. She added that if anyone wants to learn about all this, her book ‘The Web3 Marketing’ will be coming out in April for people to learn about the internet and the Web3 revolution.

KEY HIGHLIGHTS  (see clickable version on www.cmo-stories.com)

[00:26] Who is Amanda? 

[00:57] What are your thoughts on the current status of the Web3 market? 

[02:25] Do you feel like we need to make progress on Web3?  

[05:23] Do you see a lot of improvement in the next years? 

[06:38] Do you think that the design is important for people on businesses that want to use NFT for their business? 

[07:34] What are your thoughts on digital identities? 

[09:49] What are your thinking about people who are afraid to lost money or get scam? 

[11:32] Would you say go to join the community or the other spaces? 

[12:37] What would you advise companies or businesses that are using web2 and want to go web3 for their marketing for their business? 

[14:58] If people want to reach out to you will connect with you what's the best place? 

NOTABLE QUOTES 

“They're always design standards around new technologies.” 

RESOURCES 

Web3 Marketing, A Handbook for the Next Internet Revolution 

CONNECT 

Twitter: @amandacassatt