While the market is drowning in the sea of red quotation marks, more digital apps and users are turning to crypto and decentralized finance. What will ensure the survival of this market? I have some ideas.
Personalization and blockchainization of social media
It is difficult to overlook how life-changing blockchain is, and its nature extends beyond monetary concerns. Yes, money is crucial for both consumers and content creators, but the true strength of blockchain lies in preventing fraud and creating unique, trackable identities. Social media platforms take cues from these opportunities, for example, there is a ‘coming soon’ project that incorporates blockchain into its rewards distribution system and sustainable economy, as well as the development of really individualized NFTs and customization possibilities. Furthermore, in terms of AI-powered news feed suggestions, this GameFi short video platform draws on the finest practices of traditional social platforms such as TikTok and Instagram. The app's makers encourage users to adopt crypto by making it more available to them so that they can earn money while watching, creating, and playing on the blockchain-based platform (read on to the end).
Crypto mass adoption is moving forward
The crypto market is still far from broad adoption, and the failure of significant players such as Luna, Celsius, 3AC, Voyager, and FTX has slowed the progress. However, the current situation of the industry is a plateau in which the unstable and poor ventures have been weeded out, leaving room for those that are putting their best efforts and time into longevity and product. The projects that provide their users with a free NFT, Free-to-Play mode and in-app crypto wallet will boost the influx of newcomers to crypto. These guys will surely kick off the next bull run. Look for projects that have values, rather than just a desire for obtaining users and their money.
Shift from “money crypto” to “tech crypto”
Tech crypto becomes increasingly helpful due to two trends: 1) the shift of money from centralized to decentralized financial applications, and 2) the emergence of non-financial decentralized apps such as DeSci, social media, consumer incentives, and others. As a consequence, rather than only token (money crypto) acceptance, a developing foundation of Web3 (tech crypto) adoption will emerge. As more cash is held in transparent financial apps rather than shady centralized alternatives, this will lay the groundwork for the next bull market and help buffer against violent market cycles in the future.
Security, privacy, and digitized identity
With the rise of reputation projects, social networks, and decentralized identities, AML/KYC solutions will be brought down to the wallet level. In 2023, there will be a greater emphasis on reputation and identification, as well as stronger regulation and consumer protection for DeFi use (at least in the US). Off-chain credentials and attestations will become the data standard, with an emphasis on free, inexpensive, and privacy-first choices that users may choose to release. What direction will these solutions take? The first version of scalable reputation systems constructed with technologies like MetaMask Snaps, DIDs, and VCs will be seen.
Rise of the attention economy
The most crucial value in the twenty-first century is attention. As communication technologies advance, this resource is becoming more and more limited. Most Internet users' attention is currently focused on social networks, and among all other platforms, short video platforms are growing the fastest. Although they are all vying for the viewers' attention, none have compensated viewers for their time thus far.
However, a project that is currently in the pre-launch phase believes that this scenario is unfair and contends that not only the video creators but also their viewers, should receive compensation. This is Cheelee that will soon totally alter how we see social networks and crypto mass adoption.
The P2E trend of the previous year required users to walk, play, or engage in other activities in order to earn money. But Cheelee rewards users for their attention, a radical breakthrough in the social media industry and the Internet as a whole. The GameFi short video platform is based on the principles of the attention economy and Watch & Earn mechanics. The app will be released this winter already.
The issue of attention deficit has been discussed for a long time. Huge corporations as well as lone bloggers spend unfathomable sums of money to compete for your attention. Only Cheelee had the bright idea to reward the network's user, who was the center of attention, encouraging them to utilize this particular platform. New people joining from all social networks will create a sizable fan base for $CHEEL, the governance token of the platform. A similar level of popularity was expected for Libra, a cryptocurrency that Facebook planned to introduce but was prevented from doing so by regulators.
It appears that the concept of Cheelee will be able to lift the crypto community out of its protracted coma. The influence of a social network, where users are paid for their time spent there, on the other hand, can help crypto gain widespread adoption. Additionally, this will occur naturally. The user flow will be very familiar: users scroll through the newsfeed before, logically, becoming interested in cryptocurrencies; after all, they must find a way to withdraw their earnings.
