Should web3 devs be building tribes, not just tools? | Opinion

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As a seasoned researcher with a background in law and decades of experience navigating the ever-evolving digital landscape, I find myself in awe of the meteoric rise of meme coins like Goatseus Maximus (GOAT) and their impact on the crypto world. Initially, I had dismissed them as mere gambling chips at the crypto casino, but Murad Mahmudov’s enlightening presentation at TOKEN2049 in Singapore opened my eyes to a different perspective.

Memes have come a long way, from niche internet jokes to full-blown speculative trading instruments. Now, with Goatseus Maximus (GOAT), we even have the first AI agent millionaire. While I had initially written off meme coins as gambling chips at the crypto casino, it takes foresight to see what they truly signify. Murad Mahmudov’s presentation at TOKEN2049 in Singapore opened my eyes. 

In today’s highly digital environment, cryptocurrencies such as Dogecoin (DOGE) and Shiba Inu (SHIB) have been replaced by Bonk (BONK) and Pepe (PEPE), among others, which are becoming popular due to their humorous origins. These coins serve as gathering points for people, offering them a common tongue and sense of unity—a feeling of belonging—where traditional institutions and market systems may be falling short. Murad suggests we’re in the midst of a ‘meme coin supercycle,’ with tribal allegiances and community emotions playing a larger role in shaping markets than practical applications. I wholeheartedly agree; the evidence is apparent both within and outside these communities.

As an OG, I’ve had to question whether or not traditional business advice is mostly useless in web3. The ‘token is the product’ here. So innovators and devs might be wise to focus on building based tribes and tight-knit communities, not just some abstract underlying utility. 

Neither more infra nor more apps

From the outset, Bitcoin (BTC) and Ethereum (ETH) have embodied a blend of anarchistic ideals and groundbreaking technology, shaping the essence of cryptocurrency’s appeal. They were pitched as the keys to unlocking a decentralized, trustless universe centered around personal freedom. However, after over a decade, the crypto-technology realm has yet to completely deliver on its promises.

To make blockchain and cryptocurrency more appealing for widespread use, it’s crucial to add more personal connections and stories that resonate with people, creating a sense of community around these technologies.

The next billion users don’t care about the tech or which big-shot VC is investing in the next shiny object. They care about having fun with a community of like-minded people. The ‘public good’ or social impact projects created downstream from here—are the cherry on top.

Take DOGE, the OG crypto meme coin, for example. It was born with satirical intent and no groundbreaking tech or VC funding to back it up. I was in the room at the Ethereum Foundation in Zug when DOGE was launched. It was an intentional joke; tech bros said, “Let’s not take ourselves too seriously.” Yet it now has over 6.9 millionholders, and the community is using its money to fund water wells in Kenya. That’s what you call bottom-up utility creation. 

Instead of wealthier investors unloading ‘useful applications’ and inflated cryptocurrencies onto regular users, meme coins encourage genuine decentralization by fostering vibrant community development. This is one of their main advantages and what makes them truly appealing.

Without getting too theoretical, these groups encourage individuals who are different geographically, culturally, and ideologically to bond over a common concept, often lighthearted or amusing. Since there’s usually no hidden, long-term agenda, meme coin communities unite primarily for the enjoyment and camaraderie of their members.

Vibing in a disconnected world

In the world of cryptocurrency, tribalism isn’t a recent phenomenon. For instance, strong allegiances to Bitcoin or Ethereum can resemble deeply-held religious beliefs. The Genesis Block, a key symbol, is embedded in math, game theory, and folklore, making it sacred in a way.

This begs the question—why are meme coins booming now? The short and lazy answer would be that crypto works in cycles, and now is the time for meme coins. All of them will go to zero once the hype passes. But no. 

In simpler terms, the world seems to be in turmoil more than ever before, and young people are finding it challenging to comprehend this state of affairs. There’s a widespread feeling of emptiness and disillusionment as traditional systems either collapse or reveal their hidden, self-serving sides that contradict individual values.

Memes are the antidote to such banality, not just in crypto but everywhere. Even the US presidential elections were largely being fought on memetic identities like ‘Kamala is Brat’ or ‘Bro Vote’ more than hardcore policy, performance, or ideology. 

In the past, Brexit led to deep divisions between those who wanted to leave (the “Leave” camp) and those who wanted to remain (the “Remain” camp). This divide was often marked by harsh terms such as “Remoaner” and “Brextremist,” reflecting intense polarization in discussions. Despite its negative connotations, this situation underscores the significant role tribalism plays in contemporary society and culture.

Meme coins are fantastic since they redirect the growing desire for community and affiliation into a constructive and profitable endeavor. The ‘Goatse Gospel’ resonated with thousands, and countless others will join in, regardless of whether Legal Language Masters can misspell words or not.

Popcat (POPCAT), the Solana-based meme coin, is another example of fun vibes and community traction erasing the need for technical promises. Bonk thrived on similar lines to become the ‘social layer’ of Solana.

In essence, the meme coin cycle’s upward trend suggests that identity becomes more valuable than traditional utility. Regardless of the right-curve storylines or groundbreaking tech innovations, prioritizing the community above all else is what will distinguish successes from failures.

A strong, engaged community is what sets apart technology that soars from those that end up discarded. On the other hand, seemingly ordinary or dull technology can achieve remarkable feats when backed by an enthusiastic and devoted user base. The inherent worth of technology has taken on a whole new dimension.

When it comes to younger users, fun, self-expression, and emotional bonding are just as important as practical features. For Web3 projects, it’s essential that they align with the right atmosphere or ‘vibe’. Developers, particularly those from a web2 background, need to adapt their mindset, focusing on creating communities (tribes) rather than just tools.

AI may not replace your job, but if you don’t adapt to current needs, it could be you who gets left behind. The message is clear: building strong communities is like accumulating wealth, and defining your unique identity is priceless.

David Ben Kay

David Ben Kay is an American attorney with expertise in Intellectual Property (IP) law. He gained extensive foundational knowledge working under esteemed professionals Melville Nimmer and William Alford at UCLA Law School. Following stints at leading international law firms, he took on the roles of head of law and corporate affairs for Microsoft China, eventually serving as general manager of “Genuine,” an initiative by Steve Ballmer to popularize licensed software usage in China. In 2008, he established Yuanfen Flow, a digital art gallery situated in Beijing’s 798 Art District, which introduced the concept of digital assets that later became similar to NFTs. Currently, David holds the position of chief legal officer for Pundi X, a company specializing in blockchain-based payments and AI-authenticity verification, and is also president of Pundi AIFX.

 

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2024-12-26 17:19