The Web3 RabbitHole
Happy Sunday! Today marks the first edition of the newsletter and we are going down the Web3 rabbit hole. Let’s jump into the RabbitHole’s profile now.
The Profile Basics
Startup Name:
RabbitHole
Industry:
Web3 - Consumer
Funding Stage:
Seed
Break It Down for Me
The Problem:
1) Current Web3 projects struggle to acquire participating users that help improve the ecosystem. 2) New users are overwhelmed with new Web3 options without an incentive to engage
The Solution:
The most effective, crypto-native paid acquisition by gamifying tasks for users to help increase network participation, while users discover new Web3 projects
Core Users:
Anybody looking to learn about and contribute to Web3 projects, or even build an “on-chain” resume
Walk Me Through It:
From the perspective of a new Web3 user, independent exploration of the crypto ecosystem can be overwhelming. Luckily, you can go down this RabbitHole and they’ll help you get familiar with popular projects, develop relevant skills, and go on quest campaigns for impactful work to real projects -- all while earning rewards!
On the flip side, all these users are excited to contribute and participate -- this is the chance to lock them in as long term users. All that’s needed is a budget, decide on the project tasks, promote the campaign, and then distribute the rewards.
Show Me the Money
Currently:
Web3 projects provide the token rewards for user participation through the RabbitHole Campaign. Then, RabbitHole takes 20% of the total campaign rewards (which will be actively used in that project’s future governance as a way to continue to help drive growth!).
Be Wary
Where to be wary for RabbitHole:
My main apprehension is the speed of adding a new campaign or even skill to the platform. For example, a new user looking for the “hottest” new projects to contribute won't be able to do so unless there’s a campaign and tasks already set up with RabbitHole.
Although a limitation, I do not consider it a dealbreaker since the target users are new crypto participants and the core skills learned are transferable across ecosystems. Instead, RabbitHole’s selectivity indicates a standard for stable projects where a user’s impact will remain long-term with their “resume”.
Now Get Excited
Now time for my favorite section -- I get to tell you why I’m excited and you should be too.
First, it’s all about education. The product itself is a fantastic introduction into the Web3 world and will only continue to provide meaningful experiences for up and coming projects. The available tasks cover crucial skills to navigate this complex space, including: asset management, NFT buying/selling, lending through decentralized protocols, and more!
The new PathFinder program allows community members to contribute directly to the quests with opportunities as: Stewards, Navigators, Craftsmen, and Pioneers. In layman’s terms, respectively, a community member has the opportunity to learn and help with governance, track project task completion, create NFT trophies, and even create quest content.
Second, RabbitHole is building the standard for on-chain resumes. Moving towards a Web3 world, contributions are transparent and hold more weight than the signaling a degree provides. Here, a user builds their own credentials while discovering new decentralized applications and communities to join. Not to mention, projects can now reference these credentials for future work.
Third, the go-to-market strategy creates a symbiotic relationship between the users and projects with extra treasury funds. By helping other Web3 projects tailor their customer discovery and engagement, the users now also have an exploration launchpad and another project added to their digital identity.
Finally, I’m excited for RabbitHole’s potential in expansion:
The product -
User-Side Customization: Opportunity for user, self-created tasks and rewards
Matchmaking: user skill matching to full-time roles for projects
Treasury Expansion and Swapping Mechanism: native-token rewards for unlisted or user-generated project contribution
Assistant Tailored “Careers”: personalized campaigns and tasks curriculum tailored to career interests within the Web3 space
The target user market - Expansion to include non-crypto wallet holders by expanding the marketing reach and simplifying the onboarding process for wallet creation
Revenue generation - Borrowing/lending for capital-required tasks, income agreements for educational paths, and hackathon-style weekend sprints
And that’s a wrap. As always, I welcome all replies - I love to hear what you enjoyed and didn’t.
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