Why does it seem like despite the good features of crypto such as transparency, verifiable ownership, and data permanence, Web3 products are not driving adoption? Ori Kwan and Yutaro Mori, co-founders of ORCA, said at the Breakpoint event that most Web3 products are not developed properly.
The crypto ecosystem has a common pyramid that’s made up of blockchain (such as Ethereum) at the base, Legos, which are building blocks on the blockchain, as next and at the top are structures that bring real value to users, Yutaro explained. For more than a decade, the focus of the industry has been on the last two parts, with shifts to the top layer happening in the last two years, where we’ve seen more useful products being launched.
Need for product-market fit
Ori continued that most of these products would be better and more efficient if the teams behind them used the product-market fit design of the building. She explained that using the three simple elements of building in Web2 – desirable, feasible, viable – are still relevant in making products that work.
Desirability is about making products that users truly want, and feasibility is being certain that the tools available can make the desired product while viability talks about the profit and business the product can attract.
Ori further noted that while following the process of creating products that are desirable first, feasible, next and viable is good in Web2, there is a new trend she and her co-founder has discovered.
Feasible, desirable, and viable
The female co-founder revealed that builders should start with a desirable product. She added that because crypto has a lot of tools and opportunities, it’s better to decide on several options of what is possible, then ask users what they need to help narrow down. Then, start building.
The co-founders further highlighted that this is one of the foundations behind ORCA, a decentralized cryptocurrency exchange on the Solana blockchain. And for the year 2023, the duo explained that they want to run with the vision of “crypto as a public good,” while making it easier for builders to create Web3 products.