TL;DR
Full Story
To get their first million or so customers, PayPal used a quite simple, but very efficient tactic:
They paid them!
PayPal used to actually pay new clients $10 to make use of their product.
(Which led to tens of millions of individuals utilizing it for eBay purchases, after which an acquisition from eBay themselves for $1.5 Billion).
Whereas this tactic has been used a ton since then (assume: bank card corporations or banks paying you a ‘enroll’ bonus), Web3 is uniquely positioned to make the most of it.
For instance, Magic Square – who name themselves ‘the primary Web3 app retailer’ – simply introduced that they might be committing $66 million price of their native SQR token for grants to tasks listed on their platform.
Right here’s why that is cool:
For one, offering grants to tasks who plan to be listed on the Magic Sq. platform is a big incentive for builders to begin constructing.
On the similar time, it helps Magic Sq. develop into much less of a ghost city, and extra of ‘the place to go’ for anybody seeking to discover Web3 apps.
However crucial piece to that is the aligned incentives.
If a developer creates a killer app, and the one place to seek out it’s by Magic Sq., you’d anticipate tens of millions of individuals to go to Magic Sq..
The extra hype across the platform → the upper the SQR token is prone to develop → the upper the worth of SQR, the higher profit to these corporations who acquired grants.
That’s all a great distance of claiming:
Something attracts extra builders, the place the builders themselves will be rewarded — we’re all for it.
(If solely we may code).