Original Author: Mankun Brand Department

Preface

Entrepreneurship in Web3, discussing every Wednesday!

"Entrepreneurship Web3.0" is an interview program for Chinese Web3.0 entrepreneurs initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to join our live broadcast. Through positive voices, rational discussions, and experience sharing, we aim to support the compliance and healthy development of China's Web3.0 industry. In this episode, we are honored to invite Wang Pengcheng, a serial entrepreneur in the Web3 industry and the founder of Web3Caff.

As a practitioner deeply engaged in the industry for many years, he has consistently adhered to the principle of "chasing fewer trends and focusing on essence," from early entrepreneurial exploration to focusing on content and research. He has profound insights into the long-termism and trend judgment of Web3. Today, we will discuss the theme "Beyond Trends, Focusing on Essence: Long-termism of Web3 Trends and Advantages" with Wang Pengcheng, covering strategic choices in entrepreneurship, experiences to avoid pitfalls, and the underlying logic of long-term persistence.

(Audio transcription text has been processed by AI and may contain omissions and errors.)

Wang Lei: Welcome to this week's Entrepreneurship Web3 segment. Today, we are honored to have Wang Pengcheng (Gootor), the founder of Web3Caff, who has been deeply involved in the Web3 field for many years. Please say hello to everyone and give a brief self-introduction.

Wang Pengcheng: Hello everyone, I am Gootor. I participated in the industry as an individual in 2017, began exploring the Web3 content track in 2019, and officially founded Web3Caff (a vertical media platform) in February 2022. In September of the same year, we launched Web3Caff Research (a research report analysis platform focused on Web3). As of now, Web3Caff has published over 6,000 high-quality articles and has more than 200 resident authors; Web3Caff Research has produced over 500 in-depth research reports, with a research team of over 80 people, serving a large number of high-net-worth users and institutions, making it an influential Web3 content and research platform in the Chinese-speaking region.

Q1: What important strategic adjustments has the Web3Caff team made in the rapidly changing Web3 industry?

Wang Lei: The Web3 industry is changing very quickly. What important strategic adjustments have you made at different stages? Can you share some key decisions?

Wang Pengcheng: Our strategic adjustments mainly revolve around "compliance and business closure." From February to September 2022, we first established the Web3Caff media platform, but found that the commercialization of media (such as advertising) was significantly restricted due to regulatory policies. This prompted us to explore more compliant directions, leading to the launch of Web3Caff Research in September 2022—focusing on in-depth research reports in the Web3 industry.

This adjustment addressed two core issues: First, compliance—research reports are positive industry analyses that align with regulatory guidance; Second, business closure—achieving stable monetization through paid research reports and membership services. Additionally, we have always emphasized "leveraging external resources," such as collaborating with business media groups to publish Web3 journals and partnering with traditional financial institutions to reach incremental users, amplifying our influence through the combination of "content advantages + external resources."

Q2: What entrepreneurial pitfalls should new teams be aware of?

Wang Lei: Based on your observations of industry pain points, what entrepreneurial pitfalls would you particularly like to remind new teams about?

Wang Pengcheng: There are three core experiences:

• First, compliance is the bottom line. The regulatory policies in the Web3 industry are quite strict, especially in mainland China. Any entrepreneurship must first clarify legal boundaries. I recommend consulting professional lawyers (like Mankun) early on to avoid risks arising from non-compliant framework designs; otherwise, one misstep could lead to total failure.
• Second, do not blindly chase trends. The Web3 industry is particularly good at "creating new terms and hyping narratives," but many trends come quickly and fade just as fast. If you enter the market only when you see a trend, your product may not even be launched before the hype has passed. It is more important to think about "the essential needs of the industry" and choose directions that can create long-term value and are not easily disrupted.
• Third, build a reasonable team and incentive mechanism. Entrepreneurship is a long-term battle that requires excellent partners and teams. You need to design incentive policies (such as equity and dividends) early on to ensure that team members truly "treat the project as their own," or it will be difficult to sustain execution.

Q3: What pitfalls must entrepreneurs experience themselves to truly understand?

Wang Pengcheng: The key lies in "the decision-making intuition gained from experience accumulation." Some pitfalls are hard to deeply understand without personal experience, even if others remind you. For example, "judging market cycles"—during industry downturns, even if you know "persevering may bring opportunities," being in the situation can shake your team's confidence and create financial pressures. Only by personally enduring a downturn can one truly understand "the power of cycles," allowing for a more composed response to fluctuations later on.

Another example is "the details of team collaboration," such as conflicts in division of labor and differences in goals. Others' suggestions can only serve as "methodologies," but how to balance and compromise must be explored through practice to find a rhythm that suits your team. Essentially, the value of experiencing pitfalls lies in "transforming others' experiences into one's own capabilities," which is irreplaceable.

Q4: Why do you choose to focus on content instead of following trends during hot bursts?

Wang Lei: When DeFi exploded and RWA became popular, many teams followed the trend. Why did you choose not to chase the hype and instead focus on deepening content?

Wang Pengcheng: The core is our positioning—Web3Caff has always been a "platform for observing industry cycles." The advantage of the content track is that it is "not affected by a single trend": whether it's DeFi, NFT, or RWA, they are all our research subjects and sources of topics. As long as the Web3 industry exists, content will have value. More importantly, it is about "the belief in long-termism."

At the end of 2022, during the industry's low point, the AI trend emerged, and many advised us to pivot. However, I believe that "if you haven't achieved results in one field, it's hard to succeed by switching tracks." The benefits of any industry belong to those "who build solid foundations during downturns." For example, in the AI field, ChatGPT was developed continuously when no one was paying attention, which allowed it to seize the opportunity for an explosion. We firmly believe that the long-term value of Web3 requires a content platform to record, analyze, and disseminate, which is our "essential battlefield."

Q5: What internal judgment logic do you have when evaluating new trends?

Wang Lei: You regularly pay attention to new trends. What internal judgment logic can you share when evaluating them?

Wang Pengcheng: Our core logic is "whether it promotes positive growth in the industry." Every day, researchers and editors track market hotspots, but when deciding whether to conduct in-depth research, we revert to "qualitative analysis": what is the essence of this trend? Is it pure speculation, or does it solve real industry problems (such as improving efficiency, reducing costs, expanding inclusivity)?

For example, RWA (real-world assets on-chain), we believe its value lies in "connecting traditional assets with Web3 and expanding industry boundaries," which is a direction that can promote positive growth in the industry. Therefore, we invest a lot of energy in research reports; whereas some trends that rely purely on "concept packaging," even if they are hot in the short term, we will treat with caution because they do not create long-term value.

Q6: How do you persist through the long cycle of content accumulation and reputation building?

Wang Lei: The cycle of content accumulation and reputation building is long. How do you persuade yourself and your team to persist through this process?

Wang Pengcheng: The key lies in "consensus and vision." Our team, from core members to ordinary editors, recognizes the long-term value of "Web3 needing a quality content platform." Specifically, there are three supporting points:

• First, positive signals from the industry. For example, the Hong Kong government embracing virtual currencies, Shanghai organizing learning on stablecoins, and CCTV popularizing the Web3 concept—these policy and market changes have shown the team the "meaning of persistence."
• Second, a clear incentive mechanism. There are not only material incentives (such as performance and equity) but also spiritual recognition—letting the team know "they are recording industry history and promoting industry progress." This sense of value is more enduring than short-term benefits.
• Third, transparent communication. During downturns, we do not avoid problems but openly discuss difficulties and solutions. For example, when funds were tight at the end of 2022, we adjusted the cost structure together while clarifying that "if we get through this period, the future will be smoother." This shared experience of overcoming difficulties has instead strengthened our cohesion.

Q7: Can you provide a case to illustrate "focusing on essence ultimately brings advantages"?

Wang Pengcheng: Our research reports are a typical case. The average length of reports from Web3Caff Research is 10,000 to 20,000 words, and we have produced over 140 reports. This "heavy investment" may seem "thankless" in the early stages, but over the long term, it has formed a deep moat. If competitors want to catch up, at a pace of one report per week, it would take at least 2 years and 8 months to reach our scale, during which we will continue to produce.

For example, our RWA research report has over 200,000 views on Twitter and has been recommended by institutions like Meta on their official websites. This is the industry influence brought by "focusing on content quality." This advantage is not built up quickly through trends but is the result of accumulating reports, which is difficult for others to replicate quickly.

Q8: As a founder, how do you get through moments of confusion or wavering?

Wang Lei: Long-termism sounds beautiful, but it is inevitable to feel confused or wavering during the process. How do you, as a founder, get through it?

Wang Pengcheng: I believe that "great companies are forged through long-termism." During moments of confusion, I remind myself of two points:

First, believe in the existence of "explosion points." Every industry has moments of "qualitative change from quantitative change." What we need to do is "prepare well before the explosion point arrives." For example, when we insisted on producing research reports in 2022, we did not know when we would be widely recognized, but after a certain stage of continuous output, we naturally attracted the attention of high-net-worth users and institutions.

Second, accept that "difficulties are the norm." Entrepreneurship is not a smooth journey; the pressures during downturns, doubts from the team, and misunderstandings from the outside world are all part of the process. The key is "not to be defined by temporary difficulties," but to view them as "necessary tests for growth." Just like challenges in life, if you endure them, you will become stronger; if you cannot endure, you will be defeated.

Q9: How do you view the two paths of "taking off in a trend" and "steady growth outside the trend"?

Wang Pengcheng: I prefer "steady growth outside the trend." "Taking off in a trend" may seem fast, but it is mostly "short-term arbitrage," lacking long-term barriers—once the trend fades, teams without accumulation can easily be eliminated.

On the other hand, the core of "steady growth" is "early layout": before the trend arrives, based on an understanding of the industry, quietly refining products and accumulating resources. For example, when we laid out research reports in 2022, Web3 research was not yet a hot topic, but when the industry needed professional content, we were already prepared. This "being well-prepared before leveraging the trend" is more sustainable than "chasing the trend."

Q10: What advice do you have for entrepreneurs considering entering Web3?

Wang Pengcheng: Three points of advice:

First, prioritize compliance. Be sure to consult professional lawyers first to clarify the legal boundaries of your business, especially in mainland China, where compliance is the prerequisite for survival.

Second, a good team and good health. Entrepreneurship is a long-term battle that requires reliable partners and a healthy body. The team determines "how fast we can go," while health determines "how far we can go."

Third, grasp the timing of entry. It’s not about "the earlier, the better," but rather to judge "whether the market is mature enough to support your business." For example, entering some directions too early may lead to becoming a "martyr" rather than a "pioneer" due to insufficient infrastructure. One should leverage their own resources and exert effort at the right juncture.

Q11: How is the research team at Web3Caff structured?

Wang Lei: Many people are curious about the research team at Web3Caff. Do they all come from a Web2 background? How is the team structured?

Wang Pengcheng: Many of our researchers have a Web2 background. For instance, the author of our first research report has a finance background from Tsinghua University and the University of Tokyo and previously worked at Bain & Company before participating in Web3 as an individual. We do not exclude Web2 talent; the key is "learning ability and industry understanding."

There are two paths for team building: First, "signing mature researchers," evaluating their professionalism through topic selection and writing; Second, "cultivating newcomers," such as opening internship positions and providing topics for them to try writing. Those who do not meet the standards are brought into a community where we help them build their understanding through daily sharing of industry information. Typically, we can see growth potential in about three months. Currently, we have signed over 80 researchers, with the core principle being "no background barriers, only looking at understanding and research ability in Web3."

Q12: What are the key directions for Web3Caff in the next 1-2 years?

Wang Pengcheng: The core is "value extension based on research capability":

First, strengthen the core position of the research report platform. Expand the membership scale and enhance penetration into traditional fields, making Web3Caff Research the "benchmark for Chinese Web3 research."

Second, expand education and consulting services. Based on the professionalism accumulated from research reports, launch online courses for beginners and customized consulting for institutions, forming a "content - research - education - consulting" business loop.

Third, deepen industry cooperation. For example, collaborate with business media to expand the influence of journals, establish offline spaces in cities like Chongqing and Shenzhen, and connect online content with offline resources, allowing the value of Web3 to be seen by more people.

Q13: What is the strongest signal you currently see for industry trend judgment?

Wang Pengcheng: Two signals:

First, improvement in fundamentals. The global policy attitude towards Web3 is shifting positively, such as the U.S. promoting stablecoin legislation and Hong Kong embracing virtual currencies, with regulatory frameworks gradually becoming clearer, providing "certainty" for industry development.

Second, the power of long-termism. Web3 is still in the "infrastructure construction stage" (similar to the internet in 1995), and a real explosion requires time. However, as long as the direction is correct, teams that persist in deep cultivation will definitely reap the rewards. Just like our content efforts, although slow, once accumulated to a certain extent, it will naturally form irreplaceable value.

Conclusion

Wang Lei: Thank you, Gootor, for sharing. From strategic adjustments to team building, from experiences to avoid pitfalls to the practice of long-termism, we see the determination of Web3 entrepreneurs to "focus on essence." In an industry where trends emerge endlessly, this attitude of "not blindly following, but valuing accumulation" is particularly precious. If anyone wants to engage in deeper discussions, please reply "business card" in the background to obtain today's guest's contact information. "Entrepreneurship Web3.0" meets you every Wednesday evening; see you next time!

Entrepreneurship is not easy, but your story must be very cool!

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