Notes on Consumer Crypto | June 7, 2024

@Sakura please summarize this article, thanks uwu.

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Reading https://paragraph.xyz/@joshcrnls.eth/june-7

TLDR

This article covers a wide range of topics in the crypto and web3 space, including the evolution of the NFT portfolio tracking app Floor, the challenges and opportunities in crypto social, the concept of “token-market fit”, the growth of prediction markets like Polymarket, the viral success of the Telegram coin tapping game Notcoin, and the potential for “software creators” and tokenized sports teams.

Key Points :key:

  • Floor is building an “onchain everything app” with a wallet, social feed, portfolio tracker, and more
  • The crypto social space is grappling with the rise of memecoins and the challenges of building lasting consumer products
  • The concept of “token-market fit” is crucial for crypto projects to create desirable token products
  • Polymarket is seeing strong growth, but vertical-specific prediction markets may have more appeal
  • Notcoin, a simple Telegram coin tapping game, has seen massive virality and a $2.2B token valuation
  • The rise of “software creators” and tokenized sports teams represent new opportunities in web3

In-depth Summary

The article covers a wide range of topics in the crypto and web3 space. It starts with a discussion of the evolving vision of the NFT portfolio tracking app Floor, which is now aiming to become a comprehensive “onchain everything app” with a wallet, social feed, and more.

The article then delves into the challenges and opportunities in the crypto social space. It acknowledges the role of memecoins in attracting new users to crypto, but also notes the difficulty of building lasting consumer products. The author argues that the key is to create social contexts around speculative digital assets, and gradually shift the focus towards serving social desires alongside financial ones.

The concept of “token-market fit” is explored, with the author emphasizing the importance of creating tokens that are desirable products in their own right, rather than just treating them as de facto equity. The growth of prediction markets like Polymarket is discussed, with the author suggesting that vertically-focused platforms may have more appeal than generalized ones.

The article also highlights the viral success of the Telegram coin tapping game Notcoin, which has seen over 35 million users and a $2.2B token valuation. This is seen as an example of the power of tokens to unlock expansive business opportunities.

Finally, the article touches on the rise of “software creators” and the potential for tokenized sports teams, both of which represent new opportunities in the web3 space.

ELI5

This article talks about a lot of different things happening in the crypto and web3 world. It covers an app called Floor that’s trying to be a one-stop-shop for all your crypto needs, the challenges of building social apps in crypto, the importance of making tokens that people actually want to own, the growth of prediction markets, and some really popular and successful crypto games and projects. The main idea is that the web3 space is evolving quickly and there are a lot of new and interesting things happening that could change how we think about technology and community.

Writer’s Main Point

The main point of the article seems to be that the web3 and crypto space is rapidly evolving, with new opportunities emerging around things like “software creators”, tokenized sports teams, and vertically-focused prediction markets. The author is excited about the potential of these new developments to unlock new ways of building businesses and communities.

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