When the going gets tough, the tough gets going. It was Billy Ocean who first sang it. But in the tech industry at least, it’s the blockchain industry that’s truly lived it.
There really are few other industries like this one. With fates tied to the crypto markets - and most often to Bitcoin directly - blockchain technology seems to be permanently at the mercy of market sentiment. But scratch the surface a little, and you might find that’s not so helter-skelter as it appears on the charts.
In what’s shaping up to be one of the toughest market periods for crypto to date, this is a perfect time to reflect on the challenges, but also the opportunities, that building a product or working with an advertising solution or platform in the blockchain industry entails. Ready for lesson number one? Evaluate your market.
Product-market fit
Nothing encourages innovation quite like adversity. And in blockchain, it’s in market conditions like these that projects with true utility and longevity begin to shine through.
Like the dot-com bubble in the early 2000s, blockchain has had more than its fair share of self-reported ‘world changers’. Brands that claim to do everything from revolutionizing finance to transforming data storage, or even bringing about the fourth industrial revolution are numerous. But they won’t always be so.
The last bear market for crypto in 2018 mercilessly separated the wheat from the chaff. This year’s cycle is proving to be no different, and projects with weakly defined use cases are finding themselves adrift now that retail investors are leaving the markets.
The upside of a niche product-market fit is that boom-bust cycles become irrelevant when technology truly fills a market need. And in 2022, no industry is quite so needy, technologically speaking, as advertising, which is now growing at an unprecedented rate and crying out for a transparent solution to tracking and paying for advertising campaigns.
Continue reading: https://www.thedrum.com/profile/the-digital-voice/news/when-the-going-gets-tough-blockchain-gets-building
There really are few other industries like this one. With fates tied to the crypto markets - and most often to Bitcoin directly - blockchain technology seems to be permanently at the mercy of market sentiment. But scratch the surface a little, and you might find that’s not so helter-skelter as it appears on the charts.
In what’s shaping up to be one of the toughest market periods for crypto to date, this is a perfect time to reflect on the challenges, but also the opportunities, that building a product or working with an advertising solution or platform in the blockchain industry entails. Ready for lesson number one? Evaluate your market.
Product-market fit
Nothing encourages innovation quite like adversity. And in blockchain, it’s in market conditions like these that projects with true utility and longevity begin to shine through.
Like the dot-com bubble in the early 2000s, blockchain has had more than its fair share of self-reported ‘world changers’. Brands that claim to do everything from revolutionizing finance to transforming data storage, or even bringing about the fourth industrial revolution are numerous. But they won’t always be so.
The last bear market for crypto in 2018 mercilessly separated the wheat from the chaff. This year’s cycle is proving to be no different, and projects with weakly defined use cases are finding themselves adrift now that retail investors are leaving the markets.
The upside of a niche product-market fit is that boom-bust cycles become irrelevant when technology truly fills a market need. And in 2022, no industry is quite so needy, technologically speaking, as advertising, which is now growing at an unprecedented rate and crying out for a transparent solution to tracking and paying for advertising campaigns.
Continue reading: https://www.thedrum.com/profile/the-digital-voice/news/when-the-going-gets-tough-blockchain-gets-building
