The Web3 space is notorious for its rapidly shifting trends. While these trends can spark initial interest and growth, they often lead to misguided priorities. For example, many startups focusing solely on profile picture NFTs (PFPs) saw significant declines when market interests shifted. Even established platforms like OpenSea experienced substantial revenue drops due to changing trends. It’s essential to capitalize on trends without letting them dictate your entire business model

Another significant issue is the complexity of some Web3 business models. Businesses often hinge their success on specific, interconnected projects. If one fails, it can trigger a domino effect, leading to widespread failure. While innovation is crucial, it's equally important to have a clear, monetizable pathway. Overcomplicated dependencies can make your business vulnerable to external failures.

When Web3 technology began gaining traction, success stories dominated the narrative. Many were inspired by tales of people achieving their digital dreams seemingly overnight. However, the reality is far less glamorous. Studies suggest that up to 90% of Web3 projects fail to gain momentum. By understanding the reasons behind these failures, you can better navigate the complex landscape of Web3 and avoid common pitfalls.