The future of the cryptocurrency market in 2024 is expected to be positive, but experts caution against complacency. To ensure sustained growth, it is crucial to make advancements in blockchain technology and use resources judiciously in anticipation of a bear market. Cointelegraph Accelerator sought advice from its partners and mentors on what Web3 founders should focus on this year. They emphasized the importance of creating products that users can easily use, prioritizing user experience, interoperability, and account abstraction solutions.
Robby Yung, the CEO of Animoca Brands, emphasized the need for startups to have sufficient runway to survive and build their dreams. He stressed that the sustainability of token economies is more important than short-term performance. Additionally, he encouraged founders to think about interoperability and providing utility for other projects and Web3 IP to leverage the network effects of Web3.
Sandeep Nailwal, the co-founder of Polygon, highlighted the significance of community building and interoperability between diverse blockchain networks. He emphasized the need for user-centric design and ensuring that complex technologies are presented in user-friendly interfaces to drive broader adoption and engagement.
Some partners of Cointelegraph Accelerator also suggested that user-generated content could drive Web3 growth in 2024, especially as account abstraction solutions improve. Sebastien Borget, the co-founder of The Sandbox, mentioned the arrival of major Web2 gaming actors in the space, which is expected to bring traditional players and quality games to Web3 platforms. He also emphasized the importance of onboarding users through decentralized ID solutions and seamless wallet creations.
Jacob Ko, a partner at Superscrypt, advised Web3 founders to focus on building unique experiences and applications that are only possible with blockchain technology. He emphasized the value of intangibles, community, and memes in Web3 and urged founders to stick to their foundational principles, iterate quickly, and build sustainable and valuable products for their communities.
In addition to the technical aspects, experts advised participants to stay mentally grounded and focused in the dynamic Web3 industry. They stressed the importance of establishing clear goals, executing swiftly and efficiently, and networking strategically to stay ahead of the competition.
Richard Muirhead, the founding partner of Fabric Ventures, emphasized the need for performant blockchains and the importance of solving priority pain points for consumers with decentralized applications (DApps). He encouraged founders to map their vision for the year, establish clear objectives, and take consistent daily steps towards their goals.
Overall, the cryptocurrency market in 2024 is expected to see continued growth, but founders need to remain proactive, innovative, and focused to navigate the evolving landscape successfully.