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Messari: Top Ten Trends in the Cryptocurrency Consumer Space
Prominent cryptocurrency data and research firm Messari recently released "Messari Theses 2024," pointing out that consumer cryptocurrency applications, once considered "optional," are now a "solid infrastructure" that urgently needs correct and rapid development. In addition, NFTs and public blockchains are becoming indispensable in the AI-driven future.
Messari sees significant opportunities in this field and summarizes ten viewpoints and trends regarding cryptocurrency consumption and the NFT market.
1. **Decentralized Social Media Platforms (DeSoc):**
Elon Musk's influence on Twitter to promote free speech faces pressure from authorities and resistance to propaganda. Decentralized social media platforms (DeSoc), such as Lens, Yup, and DeSo, are expected to play a crucial role in combating censorship and protecting freedom of speech. Messari believes that DeSoc solutions are no longer just "optional" but are becoming essential in upholding open discourse. The alignment between products and the market is becoming clearer, and Messari expects DeSoc challenges to be addressed in 2024.
2. **Portable Social Graphs:**
DeSoc addresses the issue of portable social graphs, enabling users to maintain a social network even if content is deleted on platforms like Instagram. This is particularly relevant for content related to cryptography, civil rights, and scientific issues. DeSoc's flexibility in the backend resolves this problem in the medium to long term.
3. **Anti-Censorship:**
The portability of social graphs is a crucial long-term solution to prevent the erasure of digital identities.
4. **Control Over Algorithms:**
DeSoc breaks traditional technology stacks, providing developers with more interfaces to build new business models and features. With attention being a scarce resource, DeSoc disrupts traditional AI-driven content generation, making attention more challenging to obtain.
5. **Creator Economy:**
Traditional social platforms generate $300 billion in revenue annually, with most of it flowing to platforms rather than creators. DeSoc presents an opportunity to shift profits back to creators, utilizing the strengths of cryptographic technology.
6. **friend.tech:**
friend.tech, an emerging application in the DeSoc space, stands out with its unique cryptographic features and excellent user experience. It introduces small and unique digital communities, gamification of scarcity in economics, and controversial discussions. friend.tech's success lies in its innovative features, seamless onboarding experience, and viral spread through incentives for users to connect X accounts.
7. **NFT Market Model:**
The NFT market, led by OpenSea, faced challenges in 2023, with a downturn in prices due to the abundance of NFT projects lacking cultural or artistic value. Blur's impact, introducing complex trading tools, contrasts with friend.tech's low-fee model, and OpenSea had to make adjustments in creator royalties.
8. **Ordinal Theory:**
The rise of Bitcoin's ordinal theory involves serializing or numbering individual satoshis, introducing collectibility to Bitcoin and allowing users to engrave alternative sats, transforming them into NFTs.
9. **Crypto Games and Native Digital Brands:**
The gaming industry is thriving, and the rise of crypto games resembles the rise of free-to-play games a decade ago. Cryptocurrency-supported monetization will dominate the gaming business model.
10. **Token Bound Accounts (TBA):**
Token Bound Accounts, proposed with ERC-6551, are smart contract wallets linked to individual NFTs, operating on any Rollup or EVM chain. TBAs open opportunities for growth in markets like OpenSea, disrupting the traditional NFT market model.
11. **Co-Creation & UGX:**
Building a digital world is expensive, and decentralized virtual worlds driven by blockchain technology could break the stagnation in game development.
12. **Bet-To-Play Gaming & Information Markets:**
Predictive markets, focusing on political events, offer alternatives based on probability and could improve accuracy by gamifying facts or data, increasing market liquidity and influence.
13. **Network States:**
The concept of network states, as advocated by Balaji Srinivasan, envisions creating new countries in the digital realm, leveraging blockchain technologies beyond cryptocurrencies and decentralized internet.
14. **Technological Optimism:**
Despite challenges, the future of cryptocurrency remains hopeful. Innovators and creators, by building products people love, respecting ethical standards, and outnumbering opponents, can lead the way in the crypto space. |
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Post time 29-12-2023 12:35:26