One of the key benefits of blockchain technology and crypto projects is their ability to reduce the costs of networking. . Startups can bootstrap digital platforms solely by relying on early adopters and investors to compete against established players without the need to resort to traditional funding. (Catalini & Gans) With incentives primarily geared towards users or other providers of key resources, early adopters are keen to experiment with those platforms hoping that the increased network activity results in greater diffusion thereby increasing the value of the native crypto asset. The increase in price of the token attracts further users thus generating a positive feedback loop. While investors might focus on the potential token appreciation, others will need to derive a utility from participating in that ecosystem. That utility can come in the form of a better interface, simply being an alternative to established market players or other factors. While network effects can be mostly attributed to the nature of blockchain technology itself, research at MIT has also shown that “who” those early adopters are can substantially influence the diffusion of a product or technology ( ). Catalini & Tucker Their research shows that when a technology is first adopted by Natural Early Adopters (NEAs) as opposed to the masses, overall diffusion is greater. While there is no clear definition for NEAs, most of them share the need to be special. Tech-savvy crypto users with privacy and performance concerns certainly fit the part. Think about early FireFox users or those running a Metamask extension in their Chrome browser. Instagram influencers, but for techies. Brendan Eich, Brave’s founder, experimented with the power of NEAs first-hand when Firefox did a search deal with Google many years ago. Despite having only a few million users at the time, the deal became highly lucrative. Google’s co-founder, Sergei Brin pinned the success down to Firefox users: They searched better, refined their searches better and bought a lot more… Cryptography and cryptocurrencies have been at the centre of since inception. Brave and its Basic Attention Token (BAT) The browser blocks ads and protects privacy by cutting Ad Tech companies out of the value chain allowing Ads to be better targeted and value to be shared in a more equitable way between users, advertisers, and publishers. Like Brave even uses Zero Knowledge Proofs to protect users’ privacy while satisfying advertisers’ need. Zcash, The browser’s adoption has so far been greater than that of the token, most probably because of the inconveniences associated with the opening of a custodial wallet and that of making micro payments on the costly Ethereum blockchain. This however does not mean that early Brave adopters and users are not crypto enthusiasts, quite the opposite. Most Brave Ads are in fact . crypto focused In continuation of its efforts in making the browser a , Brave has just launched a browser native self-custody wallet. This will please current users, encourage them to use BAT, but also attract a whole range of new users: Crypto Traders, Gamers, and all types of users. The wallet, like BAT is not only Chain Agnostic but also permits users to swap tokens on the fast and cheap blockchain or make micro payments when using Dapps, hanging out in the Metaverse or tipping content creators. It is a full-blown Decentralized Exchange (DEX). Super App Metamask Solana This should foster the Basic Attention Economy which until now has suffered from the high transaction costs of the Ethereum Blockchain leaving users and creators unable to incentivize themselves in any meaningful way. Brave is attracting NEAs across many different verticals. Some users might be attracted by its privacy, speed, or crypto wallet capabilities. Others by the ability to live their crypto life at the tip of one single application. For most, the browser has just become a decentralized bank, wallet, and crypto broker. As for investors, they should look at the sum of the parts. And the loop goes on…

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