Crypto Ecosystem Needs A Killer dApp Like Tinder Says Chapter One Ventures Fund Creator
Jeff Morris, Jr. has been a long proponent of cryptocurrencies.
No matter what happens with crypto, I admire people dedicating their careers to building companies in the space.
In a moment of uncertainty, it's easy to question everything & there are many less risky career options.
The believers keep building despite the bearish narrative.
— Jeff Morris Jr. (@jmj) October 24, 2018
Whatever is your opinion about Tinder, you can’t deny that they have a compelling product. As the Director of Products of Tinder, Morris has provided his crypto investment firm a lot of drills that help him decide what crypto companies to invest in and that the broader crypto industry might need to take heed to.
However, what Morris failed to see in the crypto ecosystem is a must have a product, which will compel the user to crypto adoption. He said:
“Crypto didn't feel super real to me until I saw people I knew working at brand-name companies going to work on crypto projects.”
At the beginning of 2018, Morris drafted on Chapter One's site that he needed to fund 10 crypto projects in the year. He's now exceeded that, with 12 investments made, five of which are firms that haven't told the public they exist.
Cryptokitties was one of them. He said: “When I saw CryptoKitties created, I thought: This could be the start of an entirely new application of digital goods.” To which he added: “If you can create scarcity and if you can create value for users through digital goods, the margins are great.”
Morris thinks that the lack of people with specific product experience could hold the crypto industry back. Although the crypto space is full of engineers, he thinks that it needs product specialists who know how to lead engineering units to organize things people truly want and want and make it accessible for the aspired user base to embrace and utilize.
CryptoKitties and Augur, have had their moments, but it hasn’t maintained interest for too long. The best crypto product he's seen for sustaining users has been Brave, but it's not absolutely the crypto product that's kept people around, it's their ad-blocking browser.
He stated: “[The crypto industry is] reaching a point where layer one is starting to require product thinkers.”
Morris is hopeful. In his opinion, the first really powerful digital products on the decentralized web will most likely be in the gaming industry. History is proof because gamers and game companies are less cautious about technology and tend to experiment with new things.