I love the enthusiasm of crypto Degens. Their fearless dive into the world of tokens, DeFi, GameFi, and Web3 is a breath of fresh air. However, amidst this whirlwind of innovation, I'm noticing a concerning trend: a tendency to reinvent the wheel and ignore previous wisdom.
Many Degens seem to disregard past mistakes and learnings. As a result, they are missing an opportunity to exploit previous experiences or best practices. There is a perceived lack of curiosity about the lessons that history has to offer.
Don't get me wrong, innovation and new ideas are essential for progress. They are the lifeblood of entrepreneurship. But when something has already been tried and tested, why ignore the valuable lessons that could increase your chances of success?
One common trend is a reliance on Millennials as the primary source of guidance, in part due to their age proximity. While Millennials may have a decade more experience than Gen Z, this alone isn’t sufficient. The experience pool is much deeper, and there are valuable insights to be gained from those who have been in the trenches longer. Broadening your sources of influence and increasing your research about the past can provide a more comprehensive view and better prepare you for future challenges.
The blockchain space is relatively young, but it’s already rich in valuable experiences. Yet, I'm seeing newcomers who reference just one or two years of history, without regard to blockchain lessons learned between 2016 and 2022 across several segments, including token models, token economics, NFTs strategies, memecoins, and gamified applications.
And the tech startup space alone is mature with decades of known practices and blueprints, many of which can be used decisively.
Don't Reinvent the Wheel, Your Generation Didn’t Invent Sex
I couldn’t have said it better than John Mackey, the original founder and 40-year-long CEO of Whole Foods, “Every age has its own unique wisdom. So the younger people…bring in a wisdom of youth and possibilities.”
To put it mildly, don't reinvent the wheel, if it's already been invented. Don't repeat the mistakes of others when you could learn from their experiences and build upon their foundations.
To put it bluntly, your generation didn't invent sex. It's been around for a while.
A lot of the ideas and difficulties Degens are facing are not new. The allure of creating something innovative and groundbreaking is powerful, but it’s essential to remember that history is a valuable teacher.
Gen Z’s and their crypto cohort of Degens need to broaden their perspectives in two directions. First, through relationships and mentorships with people of many ages, i.e. to learn more from those with a deeper reservoir of experience. Second, they also need to develop an insatiable intellectual curiosity by looking into the lessons that can be applied to their present projects.
