A friend who just started a company texted me last night and asked:
"What's the best piece of advice you have for me?
What do you wish someone told you when you were running these companies?"
Here's what I answered
Work on yourself:
Meditation, therapy, exercise, get good mentors, find a network of founders at your level
Every hour you put into yourself will pay huge dividends in the long run
Don’t worry about goals or outcomes, only worry about building a framework for directional progress
You don’t control the outputs, you only control the inputs
Money and success are downstream of relationships, hard work, and experimentation.
In the beginning I severely underweighted how important it was to exist in a sustainable equilibrium. I.e. if you hate your life you will burnout or quit.
That’s not to say don’t work hard. But it’s about creating a structure that supports you working as hard as possible.
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I’ve worked on social products for a long time, and even seen some successes! Here’s why I think the take that Elon is crashing and burning Twitter into the ground is overrated, and Twitter is likely to survive just fine (and potentially thrive!)
Users are unlikely to flee the platform. There’s lots of talk from the blue check set about quitting Twitter and going to Mastodon or some other bullshit but in practice it never happens. Most users just don’t care about Twitter company drama.
When Uber and United had extremely bad press cycles and user backlash there was no lasting usage hits to their businesses. Unlike those businesses, Twitter not only has a brand but also has a strong network effect.
At @fractalwagmi, our North Star has always been to be the best friend possible to web3 games. To do that, we’ve always said we need to go to wherever games want to be.
Today, we’re announcing we are bringing all our products (Launchpad, Marketplace, Tournaments) to Ethereum.
Web3 will be the mechanic through which games create open economies. This is good for studios, who will be able to participate in a new business model; for players, who will own their digital items; & for 3rd parties, who can create apps that interact with these digital items.
But in order to build a web3 game, game studios need to make a difficult choice around which chain to support. Games can go multichain, but this is expensive and a large technical undertaking.
Fractal’s new APIs will help game devs go multi-chain without the technical headaches.
Simple case for why web3 could be an important new business model in for games:
Open economic platforms that foster an ecosystem of businesses are larger and more durable than closed ones, where value is primarily created and owned by a single party. Think free market countries (USA) vs centrally planned ones (USSR, Cuba).
In tech, there are lots of examples of open or partially open platforms. The biggest companies in tech have been powered by creating these platforms: Amazon Marketplace, Google and Apple’s mobile app stores, Facebook’s original platform.