The recent boom of web3 projects has brought with it the urgency to accelerate the growth and innovation of these organizations, or they risk being left adrift. While the most vital factors to consider are still developing a great product and counting on a vibrant community, these alone will not keep your project afloat anymore.
In this article, we’ll go over how you can promote sustainable growth and accelerate innovation in your existing (or upcoming) web3 project.
Table of contents Grants to foster web3 innovation 💶 Web3 innovation: the “phygital” revolution 🎁 Web3 Hackathons are a way to do it 💪 Using bounties to develop web3 assets ₿ DAOs are the purest form of web3 innovation 👨💼📈
Grants are an excellent stimulant for web3 innovation. The mechanism is straightforward: Grants enable organizations or project managers to apply for funding and develop web3 products or services.
Through grants, you can have access to resources that will help you build a web3 project from the ground up. It's an excellent way to kickstart your web3 journey, as you’ll also be part of a network of individuals acquainted with the new web.
Bepro Network, for instance, has a Grant Initiative to help bootstrap your ideas and get your project to use the technology either via the protocol or dappKit. Anyone is welcome to apply for a grant and projects funded through the program are broad in scope, but the focus lies on strong technical projects that add value to the Bepro’s ecosystem.
There are different requirements depending on the grant program, but most of them require good research, previous and relevant experience, and a maintenance plan. Furthermore, web3 innovation may require the code produced to be open-source.
Learn more about Bepro’s Grant program
The NBA was one of the first organizations to sell NFT collectibles in the form of unique cards and video highlights through the NBA Top Shot page. Coca-Cola Zero Sugar Byte was launched in the metaverse in 2022 before it was available in stores. It is the first step in the development of a new Coca-Cola innovation platform for limited-edition products.
What Coca-Cola is currently doing is also known as “phygital”: the product begins on the metaverse and then moves to physical points of sale. Because consumers are always looking for new solutions, this should be a trend in the coming years.
Other companies, however, are already betting on it:
Highstreet launched their own web3 phygital asset that began on the metaverse. The company advocates for the integration of the digital and physical worlds. Users can purchase "phygital" products such as a sweater to use in real life that also grants magical powers in the metaverse, by using blockchain technology.
This gamification trend maintains consumer interest while also posing a challenge to enterprises that need to find talent and keep their web3 campaigns bug-free.
Many businesses are diving into these new opportunities, looking for ideas and the best talent by promoting external and internal hackathons.
Web3 and blockchain organizations such as Telos, Holon, and Harmony, for example, recently hosted their web3 hackathons at TAIKAI with the goal of improving their technologies and increasing adoption.
They discovered new talents and ideas from developers, which allowed for 100% remote or hybrid hackathons. People from all over the world have come up with solutions in these hackathons, allowing more diversity and inclusion in the process.
Through web3 innovation challenges with themes such as Decentralized applications (dApps), Artificial Intelligence (AI), Machine Learning, and the Internet of Things (IoT), we can see in practice what organizations are looking for in terms of talent.
👉 Good read: Hackathon trends for 2022
Recent changes in the labor market have resulted in widespread adoption of remote work, and we have witnessed phenomena such as "The Great Resignation." Hosting a remote hackathon is an excellent way to give developers the freedom they want while also allowing you more flexibility in managing it.
A blockchain organization dedicated to metaverse development, Caduceus, for example, has launched a hackathon at TAIKAI to identify bugs when had entered its public testing phase.
Another example is AmsterBased 2022, which launched a hackathon with TAIKAI in which developers form groups to work on BLIP (various concepts that advance or promote the adoption of their Baseline Protocol).
Aside from discovering new solutions and talents, online challenges are also a good way to find blockchain developers who can assist you in finding bugs or developing web3 code by participating in bounties.
In other words, web3 developers are rewarded with crypto tokens for completing a bounty.
This is a good way for companies that don't have developers on their team or don’t want to allocate more resources but need to improve or fix bugs in their existing or upcoming web3 solutions.
Bounties are advantageous to developers themselves because it allows them to work independently, remotely, and at the same time they can choose which companies they want to work with.
It’s impossible not to mention Decentralized Autonomous Organizations (DAOs) when talking about web3 innovation: they are an evolution of organizations the way we know.
People who invest in DAOs receive tokens and have the right to vote on DAO decisions because there is no centralized leadership.
It implies that there is no hierarchy because all parties involved have voting rights on resolutions. It is also combined with greater transparency, as all actions are recorded on an open code public record, allowing people to examine the history of actions.
That alone is a testament of how important DAOs are to web3 innovation: they can finance projects, communities, provide resources to create a pool of investments, a freelancer network, a charity fund , and so on.
Furthermore, DAO startups have reinvented entrepreneurship by providing more opportunities to expand operations through new business models. For example, they frequently hire developers and other professionals from all over the world and compensate them with their own crypto tokens.
But there's more to it.
Unlike traditional businesses or startups, web3 projects have enabled DAOs to sign contracts and provide documents via blockchain smart contracts.
It is much faster to implement a DAO than other centralized tech companies by setting up business rules using blockchain resources. After all, the ease provided by the blockchain universe is incomparable to the legal bureaucracy encountered in various countries when launching a new business.
There are several ways to simulate web3 innovation, including hackathons, grants, bounties, and, of course, the creation of new and innovative DAOs.
Hackathons, for example, are great to find talents and ideas for organizations looking to start or expand a web3 innovation project.
Bounties are a great way to outsource blockchain developers who can assist organizations in finding bugs or developing code.
Grant programs, on the other hand, are expanding web3 innovation by allowing talents and entrepreneurs to enter the web3 innovation world with new and revolutionary ideas.
Aside from that, grants, hackathons, and bounties are lowering the cost of experimentation.
Hosting a hackathon is a great way to engage your community and get developers to test and use your protocol or EVM. TAIKAI is a virtual hackathon platform that makes an online hackathon event much easier to host.
Grow your network today with us. Request a Demo or launch your hackathon.