Your most important asset in Web3 is your audience and network. The market will come and go as time passes, but your audience will be what sticks around during the highs and lows that track the progress of Web3.
The question on many people’s minds right now is, “How can I monetize my audience?”
My first answer to that is - Don’t monetize your audience unless.
1 - You are delivering something you created or have a say in.
2 - You strongly believe in the product you are charging for.
3 - There is a clear purpose behind monetizing it, beyond earning a few extra bucks.
If it doesn’t fit into those three buckets, don’t rush to shill something to your audience. You will thank me in the long run.
When it comes to monetization, it’s important to remember that your audience is your most valuable asset - long term. If you rush to monetize, you will most likely lose trust and limit your exposure over time. When you get to the point where you’re ready to roll out a product or idea - this audience is your ticket to do it with minimal risk, providing you have offered them value to that point. Here’s a closer look at why you shouldn’t rush to monetize your Web3 audience.
An Effective Web3 Marketing Strategy Takes Time
This is important to remember: if you want to create a successful marketing strategy in Web3, it’s going to take time and consistency. You need to remember that when you are starting out, you will be competing with others that have already built a large following and have been doing this for longer than you have. So, to get an audience to also start engaging with your content or to listen to what you have to say, your content needs to be more valuable, more engaging, or more appealing than what is already out there.
Building an audience that trusts you and is engaged with your content takes time, effort, and consistency. If you happen to finally get to the point where you have followers that engage and respect what you have to say, it means what you are doing is working.
If you try to monetize too early, you will likely lose the trust of your audience, which will damage your reputation and make it difficult to get people to buy from you in the future.
In addition, it takes time to create content that is high-quality and engaging. If you try to shortcut this process by pumping out poor quality content or by stealing someone else’s content, you will be quickly found out and called out by the community. To succeed in Web3, you need to put in the work upfront and create content that is truly worth reading or watching.
Build Your Brand First, Then Your Business
Another reason why you shouldn’t rush into monetization is because you need to build your brand first. For people to want to buy from you, they need to know who you are and what you stand for. This takes time and effort, and it’s important to get it right from the start. Once you have a strong brand identity, then you can start thinking about ways to monetize without damaging your reputation.
Finding other players in this space and collaborating with them can be a great starting point to begin exploring furthering your brand in Web3. This can be done by collaborating on a space, co-tweeting, or adding value to whatever they are building. You can build your own credibility and reputation as you do this over time, and by leading with a “give more than you receive” mentality, you will see that pay off ten-fold in the long-term.
Web3 is a marathon, not a sprint
If you think about Web3 in the long run, you quickly realize we are in the infancy of this technological evolution. Just because you are early does not mean you’ll be making money immediately - think of all the companies that went under during the .com bubble.
When it comes down to it, rushing into monetization is a recipe for disaster in Web3. By taking the time to build an audience that trusts you and creating high-quality content, you can set yourself up for success in the long run. So don’t be tempted by quick fixes—it’s worth taking the time to do things right from the start.