1. Sharing some of my thoughts about the big opportunities in web3 consumer products, inspired by the video from Alex Zhu who made Musical.ly (later TikTok), and GMoney who is a fashion guru in web3. The video links are at the end of the article👇🏻
2. When creating consumer products for ppl. Don’t go against human nature, it’s best to go with it. Entertainment is human nature, but education and work are not.
3. Before musical.ly, Alex Zhu developed an educational app called Cicada for hosting short-form education videos. He realized it was never going to take off immediately after this application was released to the market.
4. With only 8% of their money remaining, He pivoted Cicada to Musical.ly for creating 15-second lip-syncing music videos, inspired by teens’ social life and a famous TV show, finally reaching the No. 1 spot in the US iTunes store
5. In conclusion, don't expect ppl would do something against human nature. In the contrary, give them what they want, like social status and social currency which engage ppl in a new community
6. IMHO there're only 5 sectors that have opportunities to establish large-scale consumer products with human nature, regardless of Web2 or Web3. All are related to entertainment except Wallet is about money 5 sectors
Contents
Social
Shopping
Game
Wallet
7. In Web2, all the big giants fall into these 5 sectors. The biggest one, Apple, is the infrastructure and combination for all these sectors
8. In Web3, we're still very early
The status quo is that CEX and DEX own most web3 users, but IRL inventor is only a small group of users, web3 needs more consumers
There is no big web3 native dapp for content and social
GameFi maybe contribute to most of the web3 consumers, but there is still no one that could last long
OpenSea is a kind of shopping for NFTs, but the bottleneck is the limited supply because very few NFTs deserve to be consumed
Web3 Wallet has a higher ceiling than Web2 since there is no data moat and regulation moat. But as an infrastructure, it needs more scenarios to bootstrap. Metamask is growing with Defi and NFT
9. Seeking content and social status is human nature. There is no big web3 native dapp doesn't mean it is easy to establish a new dapp. Anyone must answer the question “why ppl would migrate to a new App from Twitter”, and avoid being a sub-function of Twitter like Clubhouse
10. Shopping and Game are also human natures. The key question for these two sectors are • what ppl would buy for digital assets in further? • How ppl’s behavior change when there are a lot of digital assets in games?
11. @gmoneyNFT shared his observation and insights with the young generations. He noticed that kids changed their skins every 15 minutes in Roblox to fit different digital personas,
and these kids are so used to spending money on virtual outfits to build their social status in the digital world. Actually, stratification and social pressure have been developed for these young generations, e.x. users who don't buy skins are named defaults
12. @gmoneyNFT immediately realized how important digital asset means to the young generations, which would be a new definition of luxury products and identity in the digital world. They are web3 native and would be metaverse native. PFP is with the same logic
13. Fashion is a critical part of digital identity • Digital clothes/accessories can be more creative, including animation, AR, and physical goods integration(A example recently is Azuki PBT and skateboards)
• Digital clothes can be much cheaper, which can help eliminate the fashion hierarchies • With NFT-related technology, digital clothes are more easily to be authentic and tradable, which would make them more valuable
14. In addition, when these young generations spend over half of their time in the digital world, the “metaverse” would be the infrastructure and combination for all these above sectors. There’s already some consensus for top VCs that the game would be the “metaverse” in future
Besides playing games, they generate and consume content, socialize with friends, and trade digital assets. Actually, many use cases already happened in Fortnite and Roblox
15. In Conclusion, the large-scale consumer products in web3 is which can win young generations. The most important thing we should do is to observe and understand their behavior, then create the proper product for them, regardless of which sectors.
16. Let me use the case of Musical.ly to end this thread. Twitter was founded in 2006, Musical.ly still found an opportunity in 2014 since Twitter didn't meet teens’ demand and grew to TikTok, a bigger giant with 1B DAU
17. The Story about How Alex Zhu built Musical.ly (later TikTok) into a disruptive App
18.The Future of Fashion NFTs sharing by @gmoneyNFT. Special thx to @SomiArian and @inpeakxyz to bring this insightful content out to us. InPeak is a fantasy web3 builder community, welcome Join to learn more
https://www.inpeak.xyz/event/fashion-nfts
If you find this article helpful, please feel free to like + retweet + follow the tweet below : )
Welcome to own my NFT and buy me a cup of coffee lol. btw, I made this cup of coffee and latte art by myself : )
Also welcome to have more discussions with me twitter @starzqeth
edition://0x7e4401D18327A93c29ee18a3C13f8adA3bA2245f?editionId=0
1. Sharing some of my thoughts about the big opportunities in web3 consumer products, inspired by the video from Alex Zhu who made Musical.ly (later TikTok), and GMoney who is a fashion guru in web3. The video links are at the end of the article👇🏻
2. When creating consumer products for ppl. Don’t go against human nature, it’s best to go with it. Entertainment is human nature, but education and work are not.
3. Before musical.ly, Alex Zhu developed an educational app called Cicada for hosting short-form education videos. He realized it was never going to take off immediately after this application was released to the market.
4. With only 8% of their money remaining, He pivoted Cicada to Musical.ly for creating 15-second lip-syncing music videos, inspired by teens’ social life and a famous TV show, finally reaching the No. 1 spot in the US iTunes store
5. In conclusion, don't expect ppl would do something against human nature. In the contrary, give them what they want, like social status and social currency which engage ppl in a new community
6. IMHO there're only 5 sectors that have opportunities to establish large-scale consumer products with human nature, regardless of Web2 or Web3. All are related to entertainment except Wallet is about money 5 sectors
Contents
Social
Shopping
Game
Wallet
7. In Web2, all the big giants fall into these 5 sectors. The biggest one, Apple, is the infrastructure and combination for all these sectors
8. In Web3, we're still very early
The status quo is that CEX and DEX own most web3 users, but IRL inventor is only a small group of users, web3 needs more consumers
There is no big web3 native dapp for content and social
GameFi maybe contribute to most of the web3 consumers, but there is still no one that could last long
OpenSea is a kind of shopping for NFTs, but the bottleneck is the limited supply because very few NFTs deserve to be consumed
Web3 Wallet has a higher ceiling than Web2 since there is no data moat and regulation moat. But as an infrastructure, it needs more scenarios to bootstrap. Metamask is growing with Defi and NFT
9. Seeking content and social status is human nature. There is no big web3 native dapp doesn't mean it is easy to establish a new dapp. Anyone must answer the question “why ppl would migrate to a new App from Twitter”, and avoid being a sub-function of Twitter like Clubhouse
10. Shopping and Game are also human natures. The key question for these two sectors are • what ppl would buy for digital assets in further? • How ppl’s behavior change when there are a lot of digital assets in games?
11. @gmoneyNFT shared his observation and insights with the young generations. He noticed that kids changed their skins every 15 minutes in Roblox to fit different digital personas,
and these kids are so used to spending money on virtual outfits to build their social status in the digital world. Actually, stratification and social pressure have been developed for these young generations, e.x. users who don't buy skins are named defaults
12. @gmoneyNFT immediately realized how important digital asset means to the young generations, which would be a new definition of luxury products and identity in the digital world. They are web3 native and would be metaverse native. PFP is with the same logic
13. Fashion is a critical part of digital identity • Digital clothes/accessories can be more creative, including animation, AR, and physical goods integration(A example recently is Azuki PBT and skateboards)
• Digital clothes can be much cheaper, which can help eliminate the fashion hierarchies • With NFT-related technology, digital clothes are more easily to be authentic and tradable, which would make them more valuable
14. In addition, when these young generations spend over half of their time in the digital world, the “metaverse” would be the infrastructure and combination for all these above sectors. There’s already some consensus for top VCs that the game would be the “metaverse” in future
Besides playing games, they generate and consume content, socialize with friends, and trade digital assets. Actually, many use cases already happened in Fortnite and Roblox
15. In Conclusion, the large-scale consumer products in web3 is which can win young generations. The most important thing we should do is to observe and understand their behavior, then create the proper product for them, regardless of which sectors.
16. Let me use the case of Musical.ly to end this thread. Twitter was founded in 2006, Musical.ly still found an opportunity in 2014 since Twitter didn't meet teens’ demand and grew to TikTok, a bigger giant with 1B DAU
17. The Story about How Alex Zhu built Musical.ly (later TikTok) into a disruptive App
18.The Future of Fashion NFTs sharing by @gmoneyNFT. Special thx to @SomiArian and @inpeakxyz to bring this insightful content out to us. InPeak is a fantasy web3 builder community, welcome Join to learn more
https://www.inpeak.xyz/event/fashion-nfts
If you find this article helpful, please feel free to like + retweet + follow the tweet below : )
Welcome to own my NFT and buy me a cup of coffee lol. btw, I made this cup of coffee and latte art by myself : )
Also welcome to have more discussions with me twitter @starzqeth
edition://0x7e4401D18327A93c29ee18a3C13f8adA3bA2245f?editionId=0
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