TL; DR
Full story
To get their first million users, PayPal used a very simple, but still terribly effective tactics:
They paid them!
PayPal literally paid new customers $10 to use their product.
(Which led to millions of people using it for eBay purchases, and then a $1.5 billion acquisition of eBay itself).
While this tactic has been used extensively since (think credit card companies or banks paying you a “sign-up bonus”), Web3 is uniquely positioned to take advantage of it.
For example, Magic Square – who call themselves ‘the first Web3 app store’ – just announced that they would be committing $66 million of their own $66 million SQR token to grants to projects listed on their platform.
Here’s why this is cool:
First, providing subsidies to projects that plan to be listed on the Magic Square platform is a huge incentive for developers to start building.
At the same time, it makes Magic Square less of a ghost town, and more of a ‘the place to go’ for anyone looking to explore Web3 apps.
But the most important part of this is the coordinated stimuli.
If a developer makes a great app, and the only place to find it is through Magic Square, you would expect millions of people to visit Magic Square.
The more hype around the platform → the higher the SQR token is likely to grow → the higher the value of SQR, the greater the benefit for the companies that received subsidies.
That’s all a long way of saying:
Everything attracts more builders, where the builders themselves can be rewarded – we are all for it.
(If only we could code).
