We’re about to see an entirely new onboarding of online consumers into web3. How? Through the ease of launching new storefronts, familiarity with applications, and bridging of the physical and digital world.
Buying digital goods should offer more than just financial value to customers. Today that is not the case. We are building a company to help solve customer problems by knowing what has worked well in Web2, its pitfalls, and applying learnings to the start of today’s paradigm shift.
We forget that every new era, every wave of technological innovation, has to start somewhere and that despite all the current challenges, there are a lot of good and endless opportunities by leveraging blockchain and bridging Web 2.0 and Web 3.0. We believe this is not an OR scenario but an AND, an additional way of thinking through new technology and tools for IP owners to ultimately create what is best for their community.
The majority of the crypto market’s early adopters has mostly been made up of three types of customers:
2. Speculators - collectors who try to get in early and quickly flip the asset, known as a “pump and dump,” leaving main street (back to my Homer Simpson reference) yet again out in the cold.
3. Collectors - hobbyists of artwork or those part of communities who collect for the pure enjoyment.
Overall, both the early builders and adopters of what we have called Web3 have shown the rest of us the good and the bad of how to use and leverage blockchain technology. However these early groups collectively only make up a finite piece (fractional) of the entire online consumer population or in crypto terms, <1M wallets. OpenSea = 425,000 users a month.
The challenge today is not just in launching more projects for creators around the world but ones that provide additional value to customers and communities rather than merely a financial objective. We are aligned with how Solana Pay approached this concept a few weeks ago. To help anyone with a community build a new Web3 presence and at the same time educate the masses.
Today, billions of online customers do not fall into today’s crypto buyers because most of the population doesn’t understand stocks so why would they invest and get involved in the way crypto looks and operates today?
We need to enable tools for creators to do what they do best, CREATE. For fans and super fans to see the value and to ultimately create a mutually beneficial economy for all. To unlock opportunities for the middle class of creators and not just the 1%.
Enter the Era of Utility.
We believe that are two fundamental problems to solve:
1. Easily launch Web3 storefronts
2. Moving crypto assets beyond strictly a financial vehicle
Before we can provide more underlying utility to projects, we first believe there needs to be a new platform building experience that abstracts all the technical complexities that IP owners do not, and should not, want to deal with. Almost all web3 projects are hard coded with complex variables: need for technical expertise, what protocol to choose, finding a team that knows each protocol language, how payments work, site builders and more.
So much complexity.
So much money (~$100K) to stand something up.
Enter Kyro Visual Builder
Our team helped to power the first 50M websites during the start of the internet, when everyone thought it was crazy, and have created a builder for partners. Web3 is now simpler.
We are excited to provide this infrastructure and rails to select chain partners and their IP partners (creators, artists, photographers, athletes, brands). Think of us the same way Stripe Connect helps to power merchants (Uber, Doordash) and their customers.
Unlocking value beyond the current realm
Now that there is an easier foundation, we believe the future lies in creating robust programs where physical, digital and metaverse utilities tied to digital ownership will catapult the entire ecosystem forward.
We are beginning to see big brands test select utilities:
Adidas NFT: Buying an NFT gives owners access to special physical goods and upcoming digital experiences
Nelk Boys: ownership will provide access to events, exclusive events and much more
The Hundreds: ownership provides early access to events, drops, exclusives
Stoner Cats: ownerships provides access to the television episodes
These are just a few early examples of creators beginning to provide basic utility, tied to digital ownership, beyond the financial trading value of the crypto asset.
Customer Relationship Management 3.0
ALL types of crypto assets (millions of assets), even those not in existence today, will provide ongoing utility for billions of customers around the world. These owners will need the support and infrastructure to create, launch, and most importantly manage new customer journeys.
Example -- multiple utilities are being offered to an owner of a NFT, coin, or token. A purchaser buys the asset from the original owner and chooses to use / redeem one of the many utilities. That utility needs to be burned. The purchaser now wants to sell the asset, removing one of the used utilities but now there are extra utilities added to the asset (part of the community roadmap).
The complexity of managing assets through its full lifecycle needs a robust Web3 management system the same way loyalty programs operate.
To support and empower the millions of IP owners and merchants around the world, Kyro has closed $10M in Series A and SaaS revenue from several of the largest blockchains and native crypto venture funds including Avalanche (Blizzard), Polygon, Rally, Tezos in addition to introducing a native integration on Flow.
Investors in the round also include Decasonic, Drive Capital, Fenbushi Capital, Information Capital, LLC, Signum Capital, UOB Venture Management, Woodside Incubator and Brad Koenig, the former global head of Goldman Sachs Technology. As part of the round Brad Koenig has joined the Kyro Digital Board of Directors.
Kyro plans to decentralize over time, and we’re grateful to have a group of investors that will support Kyro on our path towards community ownership.