Exclusive Interview with Fuad Fatullaev, Co-Founder and CEO, Web3 ecosystem WeWay

Blockchain technology is evolving, and so are businesses engaged in an industry. We haven’t fully uncovered Web3 possibilities, but some enthusiasts are determined to make a move to Web5. However, the lack of understanding and education in the field may be an issue affecting the crypto adoption level and the development of an industry. WeWay, a Web3 community-driven ecosystem, was born as a platform for influencers and content makers. Later, the company made its goal to facilitate education in the field to allow broader audiences to acknowledge and employ crypto tools, and WeAcademy was born. Analytics Insight has engaged in an exclusive interview with Fuad Fatullaev, CEO and co-founder, who told us about the hottest trend in the blockchain sphere — crypto education and how it can contribute to mass crypto adoption.  

1. Take us through your entrepreneurial journey. When did you start your journey in crypto, and how was WeWay established?

After graduating from Harvard Extension School, I opened a startup in the UK in partnership with McKinsey’s startup club. That’s how my ambition to become an entrepreneur was born. Later, I gained more experience working at a C-level position in one of the largest energetic companies in Сentral Asia. I had a huge responsibility running projects with a contract value of over $16M.   But my fascination with blockchain technology and everything crypto arose in 2017, thanks to a close friend. Since then, a lot has changed in the industry, but my passion for it has never ceased. That’s how WeWay was born — first, an ecosystem for influencers and content makers to support their metaverse presence and teach them how to reach their full potential.  

2.  When did WeWay make it its goal to focus on crypto education, and why?

This transition was a logical one. And here is why.  As the CEO of WeWay, I never stopped educating myself on the latest the blockchain had to offer. After all, blockchain is in its infancy, and knowledge and the ability to adapt quickly are great assets in this industry. As I mentioned, I became a blockchain enthusiast due to a friend. I was lucky enough to get his support and guidance; not everyone can give that. While being invested in this field and working with influencers for some years, I quickly realized a lack of understanding of how technology works among broad audiences and even less experienced crypto users. Neither celebrities nor their followers truly comprehend the NFT and metaverse market and how it works. And the lack of understanding implies unrealistic expectations they won’t be able to meet. Another issue is crypto fraud. Everyone hears success stories about earning money fast via crypto but forget about being cautious like you would be with traditional finance schemes. Considering that over $1 billion have been stolen in crypto scams since 2021, more than through any other payment method, there is a vivid lack of crypto literacy among users. Thus, I launched a crypto academy (WeAcademy), initiated and made it our goal to promote education in the field to allow broader audiences to acknowledge and employ crypto tools. Giving a fishing rod is much more important. So, the educational aspect permeated the project from the beginning and acquired its final form.  

3. Share your thoughts on the future of crypto education. Will it be a trend in the future?

I see the great potential and a great advantage in crypto education for the world as a whole. Sooner or later mass adoption will become a routine process for most of the nation. Nowadays, there is real competition between several nations to implement CBDCs — China, India, EU states, the US, you name it. But what is missing is a proactive approach to education. We teach kids the notions of traditional finance through games or practical cases, but we do not explain to them the future of decentralized finance. How are they supposed to become native users and get the hottest jobs on the market? El Salvador was the first nation to adopt Bitcoin as a legal tender back in 2021. Very few except for those who initiated the process knew exactly what cryptocurrency is, how it works, or could explain the concept to the citizens. Only recently, a year after to be precise, the program “My first Bitcoin ” was launched to educate children and adults about cryptocurrencies. The Salvadoran government should have started this program much earlier. I believe— having all these adoption initiatives while keeping it pretty elitist without providing general knowledge among the people – is the worst possible scenario. Education is the future and the most evident solution.  

2.    What are your thoughts on the social responsibility of crypto institutions and national governments in the issue of crypto education?

My experience in the field taught me that it is not enough to create a high-quality Web3 product that will serve a certain number of users. Even within a community of less experienced crypto enthusiasts, there is a lack of effort to self-educate despite the availability of resources such as FAQs, beginner guides, and other forms of content. The average person usually does not even know where to start when learning about blockchain or crypto. They are intimidated by the technical jargon and do not have time to delve into all the information and Terms of Use. As CEOs and founders, we need to explain the logic behind it and how it can benefit the larger group of people, not just those tech enthusiasts you meet daily. Some companies have already realized its importance. Binance, Coinbase, Revolut, and of course the WeAcademy, have already started investing in educational tools and resources to help people understand crypto. The national decision-makers should likewise recognize the importance of joint work and collaborative projects with the crypto world in the matter of education. We know how it works, we bring the knowledge and expertise to the table, and they have the means to scale up the approach to solving a problem.  

3. How do you evaluate the current level of crypto education among proactive internet and TradFi users?

I think that almost all active TradFi and internet-savvy users are aware of crypto, but many shy away from it. A lot of people from traditional markets are still sceptical about the industry, despite the evidence of participation of traditional funds in crypto. After all, TradFi and DeFi can thrive in tandem. The former has an excellent infrastructure and licenses, and the latter sets the trend for the future of fintech with immediate access to advanced technology to save time and resources. It is only a matter of time before the two create a fruitful symbiosis.  

4. How does WeWay`s strategy facilitate the transformation of the crypto industry? How do you see your company’s impact?

First and foremost, we educate people with the help of our WeAcademy, making them more crypto and financially literate before they start their crypto journey. The more crypto-savvy users we raise, the more open, inclusive, and scammers-free the industry will become. The best way to combat scammers and detect red-flagged projects is to grasp how they work to protect users at a higher level. Another exciting project we’re working on is WePad, an IDO launchpad based on Binance Smart Chain that will open new fundraising opportunities for the best crypto start-ups. Also, we’re launching a unique Madbackpacks game with one-and-only mechanics of the first Find-to-Earn game. Thus, we are pushing forward the boundaries of the crypto market.  

5. What would you advise other entrepreneurs who want to join the crypto industry?

When it comes to the crypto market, you need to adapt very quickly to market changes and be aware of the latest trends when working on your business model. While it takes years to see changes in the traditional sector, it takes only months to see similar changes in the crypto. After all, WeWay, along the road, also made a transition of its mission statement accordingly. If you’re looking at non-entrepreneurial career paths in crypto, consider entering the market as a developer. There is a great scarcity of professionals in the field, and it is open to Web2 developers that are interested in switching to a new exciting, and challenging Web3 environment. And finally, do what you really love, no matter how trite it may sound. There are so many different niches and topics, but the most important thing is to choose the one you have a passion for and be ready to be consistent and persistent to succeed.