In the rapidly evolving landscape of web3, entrepreneurs and innovators are facing new challenges and opportunities. As the industry continues to mature, the need for practical guidance and expertise has become increasingly apparent. Davizoe Effiong, founder of BEI Consultancy Limited and SmartGame, has shared valuable insights on building in the web3 ecosystem, offering a roadmap for success in this complex and dynamic space.
In an X Space discussion on Saturday, 7 June 2025, Mr Effiong outlined key tips for web3 founders, focusing on practical advice. Let’s dive into each of these tips and explore how they can be applied in real-world scenarios by web3 founders and builders.
1. Stay focused on what the users want.
Entrepreneurs who focus on meeting user needs have achieved significant success. By building products that solve real-world problems, web3 users can create a loyal user base and drive growth through word-of-mouth. As a web3 founder, it’s essential to understand your users’ needs and build products that meet those needs. By concentrating on a single goal, you can ensure that your product meets the needs of your users.
According to Mr Effiong, having a mission and vision is not often enough: “When building, your mission and vision are not good enough. What you need to build is what users want.” Mr Effiong advises that web3 builders should put users’ perspective first. Always ask the question, Mr Effiong concluded, “What do users want?” Also, as a builder, “you must have a steady source of income for bootstrapping”, he points out, “Avoid resigning quickly from your job. Your web3 startup will need funding.”
2. Leverage Existing Tools
Mr Effiong also pointed out that web3 builders mustn’t build everything from scratch. Entrepreneurs have successfully leveraged existing infrastructure to build thriving businesses. Web3 builders can use existing APIs and tools to streamline development and reduce costs. By building on top of existing foundations, you can accelerate your project’s growth and improve its chances of success. “As a builder, learn to work with devs that understand the system,” he advised.
3. Protect Your Products’ Trade Secrets
As a web3 founder, it’s essential to protect your trade secrets by avoiding hype and unnecessary disclosure. By keeping your competitive edge confidential, you can stay ahead of the competition and ensure the long-term success of your project. “As a bootstrapper, avoid sharing everything you are doing on social media too early”, advises Mr Effiong.
“First things first is grassroot adoption. Stop paying influencers to hype your product. Views will not sustain your business; usage will. Downloads are not the same as userbase. Focus on grassroot marketing”, said Mr Effiong.
4. Build the web version of your product first.
Many entrepreneurs have successfully launched web-based services before expanding to mobile apps. By developing a web version first, you can test and refine your product before launching it on app stores. This approach can help you identify and fix issues before they become major problems. It saves you a lot of time, too. “As a builder, build your web version first, not the app version for Play store and App Store”, Mr Effiong emphasized. He illustrated this point by drawing from his experience building SmartGame, which took 6 months to get on Playstore.
5. Prefer custodial services for customer funds in order to avoid being hacked.
To protect customer funds from potential cyber threats and hacking attempts, consider utilizing custodial services. By leveraging reputable custodial solutions, Mr Effiong advised strongly, you can ensure the secure storage and management of customer assets, thereby minimizing the risk of financial losses and reputational damage: “Stop keeping people’s money. Go and get a custodial service.” This approach can provide an additional layer of security and trust, ultimately enhancing the overall customer experience.
6. Token Volatility Risks
The volatility of tokens can be a significant risk for web3 projects. Imagine investing in a project that suddenly loses value due to market fluctuations. For users, existing and potential, this immediately affects the adoption and sustainability of the project. Mr Effiong advised that web3 builders can reduce the risks associated with their project token volatility by focusing on the features of the project, not its coin or tokens.
Mr Effiong observed how the Web2 industry and members of the generally public have trust issues with the web3 industry over the general attitude and mindset towards project adoption in the space whereby as soon as a project’s token suffers a downturn, adoption of the project automatically slumps: “When there is a bull run, we are making noise; when there is a bear run, we are quiet. This should not be so. web3 builders should focus on the project, not tokens.”
Senator Ihenyen, Lead Partner of Infusion Lawyers, Founding Editor of CAB, and Executive Chair of the Steering Committee of the Virtual Asset Service Providers Association (VASPA), who attended the X Space as a participant, was invited by the host to contribute to the discourse. In his brief contribution, Mr Ihenyen commended Mr Effiong for the initiative of hosting the X space and also agreed with his thoughts. Mr Ihenyen reinforced the need for web3 builders to focus on utility, not coins or tokens. Drawing from his recent experience as a judge in a recently concluded Cardano-powered Sandbox’25 hackathon in Akwa Ibom State, Nigeria, Mr Ihenyen advised web3 founders to focus on the problems their projects were solving, not project coins or tokens. In Mr Ihenyen’s words, “No matter how good, sincere, and committed to a project a web3 founder is, token- and coin-centered projects can mess you up. And when I say mess you up, it’s not just your project, but your reputation and credibility as a founder, so much that if you come up with another platform years later, users—who are mostly unforgiving—will remind you about how you messed up their financial lives with your last project.”
7. App downloads do not equate usage or volume.
Mobile app downloads don’t always translate to usage or volume. Mr Effiong advised that as a web3 founder, it’s essential to focus on actual user engagement rather than just download numbers. By prioritizing user experience and retention, you can create a loyal user base and drive growth through sustainable usage.
Takeaway Lessons
Davizoe Effiong’s insights offer practical guidance for web3 founders looking to build successful projects. By staying focused, leveraging existing tools, and building for user needs, entrepreneurs can create products that meet the needs of African users. By avoiding hype, protecting trade secrets, and prioritizing user experience, web3 founders can build trust and drive growth in the web3 ecosystem.
As the web3 ecosystem continues to evolve, it’s essential for founders to stay informed and adapt to changing market conditions. By following these tips and staying focused on user needs, web3 entrepreneurs can build successful projects that drive growth and innovation in Africa.
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