Topic: NFT combined with Web3 social, a new chance or a new bubble? (Read 53 times)
The NFT market, like the cryptocurrency market, needs more liquidity and an influx of new investors. Many NFT projects developed by the NFT are currently focusing on developing and building a harmonious community.
https://miro.medium.com/v2/resize:fit:4800/format:webp/1*0lCdII_P0JQnl9nHl4X0Ig.png
With the bear market and the general downturn, there is a fear that NFTs are dead. According to data from NFT data aggregator CryptoSlam, since April 2022, global NFT sales have continued to decline, and are currently down by more than 89.9% from the peak transaction volume of over US$4.9 billion a year ago. Will NFT come back in 2023? This should be a matter of great concern to the industry.
NFTs are disrupting the digital world and industries from art to gaming to investing. But NFTs have yet to reach their full potential. Discussions and analyses on the value and prospects of NFTs are not uncommon, and the answers are different. For most ordinary investors or people outside the industry, the story of NFT seems a bit abrupt. Is NFT the next “brave new world” or a bubble? To be honest, the market results are often a posteriori, and we are often able to explain it afterward, but it is not so easy to determine the direction of this emerging market.
Fortunately, NFT seems to be looking forward to sunshine and spring breeze-Web 3 social platforms using NFT are gaining attention. Aave’s Lens Protocol, for example, has nearly 100,000 users since launching in May 2022. In addition to a lot of quantitative data, there is also a lot of qualitative data showing that the recent NFT boom has led to a large number of powerful Web 2 builders entering the Web 3 space and using NFT to build.
https://miro.medium.com/v2/resize:fit:4800/format:webp/1*oNFW-FNf1XfIP1bBwlcknA.png
Hot Wind: Build a social platform around NFT
When Web3 applications sprung up, NFT social platforms have also become one of the most popular applications in the Web3 social graph. The NFT social platform is a social platform built around NFT. It is associated with NFT in every link of user posting, interaction, following other users, and purchasing collectibles:
1. NFT use cases for posting and interaction: users can get NFT rewards by posting, reposting, and commenting, that is, the Social-to-Earn mechanism;
2. Pay attention to the NFT use cases of other users: users can create personal homepages in the form of NFT, and the platform recommends users who own the same kind of NFT collections according to the user’s NFT collections (for example, both parties are BAYC holders), and users can share information with other users. Users share NFT;
3. Buy collectibles: Users can issue NFT collectibles through social platforms and share advertisements for NFT collectibles.
Representative projects: DeFine, Showtime
DeFine and Showtime can be said to be representative projects of NFT social platforms.
DeFine builds a Web3 social account system, including a badge system, NFT tags, and cross-platform interoperability. Users can share wonderful moments, harvest and trade NFT through the platform.
Showtime allows users to share NFT works. The functions include viewing NFT rankings and creator rankings by popularity, likes, comments, sharing and collecting NFTs, etc. Showtime provides a space for NFT collectors to display and communicate.
https://miro.medium.com/v2/resize:fit:4800/0*q0wwfJmsFvymdXex
But today I want to talk about a new project about Web3 social applications that I came into contact with this year — “Show”, which is not actually a new product, it was launched after a deeper upgrade. It is worth noting that Show currently has more than 100k users. The following will give you an analysis of whether this project is worth your attention:
1. The width of Show3: NFTs of each chain can coexist
NFT and social networking are originally two separate things. When NFT first entered the social circle, NFT had the function of acting as a social avatar. Since then, it has exploded, and changing to an NFT avatar has become a social identity symbol of Web3. Nevertheless, NFT is more about speculation, because different NFTs exist on different chains, and different Web3 social applications also exist on different chains, and there is an obvious competitive relationship between different public chains. The development of NFT seems to be booming. In fact, this is also a circle and monopoly method of different chain project parties. The real Web3 application is user-oriented, which means that users can display their own NFTs in different public chains in a certain Web3 application, rather than independently.
https://miro.medium.com/v2/resize:fit:4800/0*Cfz6TW1f354aB1Oz
Show3 is the first NFT social application that I have seen so far that allows all NFTs to coexist. I think it can make the NFT ecosystem more balanced and healthy. Show is currently adapted and can display and use NFT in ETH, BSV, MVC, and Polygon formats, and will continue to adapt to more different blockchains in the future; in the past, NFT Holders were often distinguished by chains. Holders on Ethereum rarely have the opportunity to contact Holders of other blockchains. And Show’s support for multiple chains will build a larger, richer, and more diverse community.
https://miro.medium.com/v2/resize:fit:720/format:webp/1*YKpn9hLQQxk9e7L58qUOtg.png
2. Show3’s Depth: Every NFT Has a Use
The hallmark of Web3 social applications is the establishment of identity connections through blockchain wallets. Web3 wallets are not just a concept, they are a key point of blockchain infrastructure and the entrance of Web3 social applications. If it is just an identity authentication problem, such Web3 is completely inferior to Web2, and the breakthrough lies in NFT. NFT originally exists in the Web3 wallet. How to fully provide application scenarios for NFT is characteristic of NFT social applications.
https://miro.medium.com/v2/resize:fit:4800/0*__6Mi_A2Ocsy997l
Here I will mention the slogan “Show: NFTize Your Social Life” seen on the Show3 official website. As a completely decentralized social platform with NFT as its core, Show3 has created rich application scenarios for NFT. Here, NFT can become an entry ticket for community channels, a voucher for grabbing red envelopes (dividends), and an avatar social identity. In addition, it also has emoticon packages, sharing and showing off functions, etc., and the functions are still being updated.
https://miro.medium.com/v2/resize:fit:4800/0*sBYqVI-fa1urQQO0
Summarize
Web 2 social media platforms are also applying NFTs. Reddit allows avatars to be integrated, Twitter allows avatars to be showcased, and Instagram can post and mint content as NFTs. However, these are really just “calf trials”. More importantly, I don’t think no matter how hard they try, they can’t get rid of the hat of traffic monopoly.
Only fully decentralized Web3 applications can really benefit global users, and NFT will eventually become the motor of Web3 social development. Although the overall crypto space under the bear market is depressed, I am still confident that I am optimistic about the adoption of NFT and many social-oriented Web3 applications.
With the bear market and the general downturn, there is a fear that NFTs are dead. According to data from NFT data aggregator CryptoSlam, since April 2022, global NFT sales have continued to decline, and are currently down by more than 89.9% from the peak transaction volume of over US$4.9 billion a year ago. Will NFT come back in 2023? This should be a matter of great concern to the industry.
NFTs are disrupting the digital world and industries from art to gaming to investing. But NFTs have yet to reach their full potential. Discussions and analyses on the value and prospects of NFTs are not uncommon, and the answers are different. For most ordinary investors or people outside the industry, the story of NFT seems a bit abrupt. Is NFT the next “brave new world” or a bubble? To be honest, the market results are often a posteriori, and we are often able to explain it afterward, but it is not so easy to determine the direction of this emerging market.
Fortunately, NFT seems to be looking forward to sunshine and spring breeze-Web 3 social platforms using NFT are gaining attention. Aave’s Lens Protocol, for example, has nearly 100,000 users since launching in May 2022. In addition to a lot of quantitative data, there is also a lot of qualitative data showing that the recent NFT boom has led to a large number of powerful Web 2 builders entering the Web 3 space and using NFT to build.
https://miro.medium.com/v2/resize:fit:4800/format:webp/1*oNFW-FNf1XfIP1bBwlcknA.png
Hot Wind: Build a social platform around NFT
When Web3 applications sprung up, NFT social platforms have also become one of the most popular applications in the Web3 social graph. The NFT social platform is a social platform built around NFT. It is associated with NFT in every link of user posting, interaction, following other users, and purchasing collectibles:
1. NFT use cases for posting and interaction: users can get NFT rewards by posting, reposting, and commenting, that is, the Social-to-Earn mechanism;
2. Pay attention to the NFT use cases of other users: users can create personal homepages in the form of NFT, and the platform recommends users who own the same kind of NFT collections according to the user’s NFT collections (for example, both parties are BAYC holders), and users can share information with other users. Users share NFT;
3. Buy collectibles: Users can issue NFT collectibles through social platforms and share advertisements for NFT collectibles.
Representative projects: DeFine, Showtime
DeFine and Showtime can be said to be representative projects of NFT social platforms.
DeFine builds a Web3 social account system, including a badge system, NFT tags, and cross-platform interoperability. Users can share wonderful moments, harvest and trade NFT through the platform.
Showtime allows users to share NFT works. The functions include viewing NFT rankings and creator rankings by popularity, likes, comments, sharing and collecting NFTs, etc. Showtime provides a space for NFT collectors to display and communicate.
https://miro.medium.com/v2/resize:fit:4800/0*q0wwfJmsFvymdXex
But today I want to talk about a new project about Web3 social applications that I came into contact with this year — “Show”, which is not actually a new product, it was launched after a deeper upgrade. It is worth noting that Show currently has more than 100k users. The following will give you an analysis of whether this project is worth your attention:
1. The width of Show3: NFTs of each chain can coexist
NFT and social networking are originally two separate things. When NFT first entered the social circle, NFT had the function of acting as a social avatar. Since then, it has exploded, and changing to an NFT avatar has become a social identity symbol of Web3. Nevertheless, NFT is more about speculation, because different NFTs exist on different chains, and different Web3 social applications also exist on different chains, and there is an obvious competitive relationship between different public chains. The development of NFT seems to be booming. In fact, this is also a circle and monopoly method of different chain project parties. The real Web3 application is user-oriented, which means that users can display their own NFTs in different public chains in a certain Web3 application, rather than independently.
https://miro.medium.com/v2/resize:fit:4800/0*Cfz6TW1f354aB1Oz
Show3 is the first NFT social application that I have seen so far that allows all NFTs to coexist. I think it can make the NFT ecosystem more balanced and healthy. Show is currently adapted and can display and use NFT in ETH, BSV, MVC, and Polygon formats, and will continue to adapt to more different blockchains in the future; in the past, NFT Holders were often distinguished by chains. Holders on Ethereum rarely have the opportunity to contact Holders of other blockchains. And Show’s support for multiple chains will build a larger, richer, and more diverse community.
https://miro.medium.com/v2/resize:fit:720/format:webp/1*YKpn9hLQQxk9e7L58qUOtg.png
2. Show3’s Depth: Every NFT Has a Use
The hallmark of Web3 social applications is the establishment of identity connections through blockchain wallets. Web3 wallets are not just a concept, they are a key point of blockchain infrastructure and the entrance of Web3 social applications. If it is just an identity authentication problem, such Web3 is completely inferior to Web2, and the breakthrough lies in NFT. NFT originally exists in the Web3 wallet. How to fully provide application scenarios for NFT is characteristic of NFT social applications.
https://miro.medium.com/v2/resize:fit:4800/0*__6Mi_A2Ocsy997l
Here I will mention the slogan “Show: NFTize Your Social Life” seen on the Show3 official website. As a completely decentralized social platform with NFT as its core, Show3 has created rich application scenarios for NFT. Here, NFT can become an entry ticket for community channels, a voucher for grabbing red envelopes (dividends), and an avatar social identity. In addition, it also has emoticon packages, sharing and showing off functions, etc., and the functions are still being updated.
https://miro.medium.com/v2/resize:fit:4800/0*sBYqVI-fa1urQQO0
Summarize
Web 2 social media platforms are also applying NFTs. Reddit allows avatars to be integrated, Twitter allows avatars to be showcased, and Instagram can post and mint content as NFTs. However, these are really just “calf trials”. More importantly, I don’t think no matter how hard they try, they can’t get rid of the hat of traffic monopoly.
Only fully decentralized Web3 applications can really benefit global users, and NFT will eventually become the motor of Web3 social development. Although the overall crypto space under the bear market is depressed, I am still confident that I am optimistic about the adoption of NFT and many social-oriented Web3 applications.
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