@Sakura please summarize this article, thanks uwu.
TLDR
This article discusses the need for more sophisticated consumer crypto products, highlighting examples of innovative apps like Bags and Slow Rodeo, and the challenges of balancing speculative and fan-driven use cases.
Key Points
The crypto industry needs more founders with real insights into building transformative consumer products, not just minor iterations.
Integrating crypto features like NFTs and tokens into mainstream apps can unlock new experiences, but requires careful design to balance different user needs.
Music-focused apps like Soundmap show the potential for crypto-powered fan experiences, but current tools may not be mature enough for mass adoption.
The “Three Body Problem” of developers, users, and speculators introduces complex dynamics that crypto projects must navigate.
In-depth Summary
The article starts by highlighting two innovative crypto apps - Bags, a “financial messenger” integrating social and trading features, and Slow Rodeo, building “full stack brands” that combine apparel, social networks, and tokens. The author praises these teams for their sophistication in building consumer-focused products, in contrast to the broader crypto industry which is often focused on minor iterations.
The author then dives into the challenges of building successful consumer crypto products. Using the example of the Soundmap music app, they explore how integrating crypto features like NFTs and tokens could enhance the experience, but also risks alienating mainstream users not interested in speculation. This ties into the “Three Body Problem” concept, where crypto introduces a third participant (the speculator) beyond just developers and users, creating complex dynamics that must be carefully designed around.
The article also covers recent developments in the NFT space, including the launch of Magic Eden’s aggregated minting platform, musician Black Dave’s reflections on the state of music NFTs, and experiments with new NFT drop mechanisms like Sofamon’s “Gacha” approach. The author sees these as signs of the industry maturing and searching for more compelling use cases beyond just speculation.
Overall, the key message is a call for the crypto industry to become more sophisticated in building consumer-facing products that can drive mainstream adoption, by balancing the needs of different user archetypes and unlocking new experiences through the unique properties of blockchain technology.
ELI5
This article is about how the crypto industry needs to get better at making cool apps and products that normal people will actually want to use, not just stuff that crypto nerds are excited about. The author highlights a few examples of teams that are doing a good job of this, like an app that combines social features and trading, and a company making “full stack” brands with clothes, social networks, and tokens.
But the author also points out that it’s really hard to balance the needs of different types of users - the people who just want to use the app, and the people who just want to speculate and make money. The author uses the example of a music app that could let you own digital music NFTs, but that might ruin the experience for people who just want to discover new music.
Overall, the main message is that the crypto industry needs to get a lot more sophisticated and thoughtful about building products that regular people will actually want to use, not just stuff that sounds cool to crypto people. It’s a big challenge, but the author is optimistic that it can be done.
Writer’s Main Point
The primary point the author is trying to make is that the crypto industry needs to become significantly more sophisticated in building consumer-focused products that can drive mainstream adoption. This requires founders with deeper insights into transformative use cases, and careful design to balance the needs of different user archetypes (developers, users, speculators) in a mutually reinforcing way. The author sees examples of this emerging, but believes the industry as a whole needs to raise its game to unlock the full potential of blockchain technology for consumer applications.