When it comes to Web3, there's no such thing as a sure thing. Recent months have been tough no doubt, but that doesn't mean there aren't opportunities in bear markets. In fact, building your brand or business in a bear market has a number of advantages that will pay dividends down the road. Patience is the key.
Here are three reasons why you need to be building your brand during a quiet market.
1. There's Less Competition
In the bull market of January 2022, there was massive adoption and drive into the market. Every day there was a new mint, it seemed as though there was money to be made around every corner. Exciting times, but LOTS of noise.
Building your brand in this market was nearly impossible unless you were one of the early adopters. The early adopters that stuck around in the last bear were the ones that benefited the most from the bull run we saw.
Money drives adoption, but money can only last so long, it is important to consider the cycles of emerging markets. Once the market turned for the worst, the short-term speculators slowly trickled out, along with most projects and holders going into the red. That means less competition for the remaining players. And when the adoption does come back, and the money starts flowing again, you'll have a competitive advantage over everyone else that left earlier.
Build now, and you’ll thank yourself later.
2. You Can Focus on Quality
In a bull market, it is all about monetization and speed to market. Who can find a product or requirement the fastest? Who can monetize an idea to capitalize on the influx of money entering the market? This can cause a large quantity of projects and products to enter the market, but not necessarily for high quality products and projects which take more time to develop.
In a quiet market, you don't have to worry as much about speed to product to monetization. Instead, you can focus on building a high-quality product, and making sure that it fits a requirement over time. That focus on quality will pay off when the market picks back up and people are looking for products that meet their needs, and are willing to pay a pretty penny for them.
3. You Can Build Relationships
When the market is quiet, it's easier to build relationships with other players. The ones that stick around when the money is not there, are the ones that are there for the long haul. The ones that truly believe in the space, and want to be in the face of innovation and bringing the technology forward.
Sure, there will always be short-term people. But focusing on bringing value to others and connecting with as many people as you can, will pay dividends - and not necessarily through money. You never know who will change the trajectory of your business or your brand, but if you never give them a shot, you will never know.
Those relationships can also pay off down the road when you need help getting your product in front of people or when you're looking for advice on how to navigate the market. A common saying is that you should always work on having someone you can go to for guidance, someone you can guide, and someone to collaborate with. In bear markets, when the noise is gone, you can find these people much more easily.
Building your brand or business in a bear market has its advantages. There's less competition, you can focus on quality, and you can build relationships with other players. If you're looking for an opportunity in the Web3 space, consider building your brand in a quiet market - it just might pay off down the road.