Attention is not one-dimensional.
Two projects can have the same “amount” of attention in terms of time spent, but command vastly different valuations due to the *quality* of users' attention.
Two projects can have the same “amount” of attention in terms of time spent, but command vastly different valuations due to the *quality* of users' attention.
Like @cobie's post said, attention is the scarcest resource.
That's true not only in crypto, but in the world -- our time on earth is finite, we can mass-produce goods, but no more attention can be produced.
That's true not only in crypto, but in the world -- our time on earth is finite, we can mass-produce goods, but no more attention can be produced.
https://twitter.com/cobie/status/1475690061635194884
Money & transactions flow from attention, not vice versa.
Attention varies in quality, from low- to high-quality attention, and that dictates monetization potential.
Attention varies in quality, from low- to high-quality attention, and that dictates monetization potential.
What are the various dimensions of attention?
- Intentional vs. non-intentional (seeking something out vs. scrolling by)
- Sustained vs. non-sustained
- How attention makes users feel (e.g. usage of social media leads to feelings of depression & anxiety)
- Intentional vs. non-intentional (seeking something out vs. scrolling by)
- Sustained vs. non-sustained
- How attention makes users feel (e.g. usage of social media leads to feelings of depression & anxiety)
You can measure quality of attention through metrics:
- % Direct vs. indirect traffic (intentionality)
- Retention cohorts (sustained attention)
- Power user curves (intensity of attention)
future.a16z.com/power-user-cur…
- % Direct vs. indirect traffic (intentionality)
- Retention cohorts (sustained attention)
- Power user curves (intensity of attention)
future.a16z.com/power-user-cur…
These signals supplement and give additional color to the absolute quantity of attention, which is measured by metrics like:
- Avg. time spent per user
- Daily, weekly, or monthly active users
- User growth
- Avg. time spent per user
- Daily, weekly, or monthly active users
- User growth
In traditional consumer investing, the *quality* of attention matters more than *quantity.*
User engagement & retention is a better signal of PMF than absolute user growth.
Sites that users visit directly are more valuable than ones that users land on from Google.
User engagement & retention is a better signal of PMF than absolute user growth.
Sites that users visit directly are more valuable than ones that users land on from Google.
The emphasis on attention quality is true for all categories of projects, from marketplaces to social networking to entertainment.
It's important to capture high-quality consumer attention upstream, which then translates into spend.
It's important to capture high-quality consumer attention upstream, which then translates into spend.
https://twitter.com/ljin18/status/1465770807905423362
Quality of attention is also why we're seeing a disconnect in audience size vs. monetization in the creator economy.
High quality attention ➡️ more monetization potential (NFTs, direct subscriptions, etc.)
Low quality attention ➡️ lower monetization potential (banner ads)
High quality attention ➡️ more monetization potential (NFTs, direct subscriptions, etc.)
Low quality attention ➡️ lower monetization potential (banner ads)
My post on 100 true fans is about how less overall attention can still be meaningful on the internet as a basis for creators' livelihoods, as long as the quality of attention is high.
future.a16z.com/1000-true-fans…
future.a16z.com/1000-true-fans…
What are strategies to improve attention quality?
- better discovery experience
- unique content that users seek out
- a vibrant community (come for the tool, stay for the network vibes)
- an emotional component, where a sense of identity is intertwined with usage
- better discovery experience
- unique content that users seek out
- a vibrant community (come for the tool, stay for the network vibes)
- an emotional component, where a sense of identity is intertwined with usage
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