“NFTs and SocialFi: The Key to Widespread Crypto Adoption” BitMart Off-the-Chain AMA #8 Recap
BitMart and BitMetis hosted their final event, Day 3 of The BitMart & Friends 5th Year Anniversary series. The topic of discussion was the role of NFTs and Social Finance in crypto adoption. The event was co-hosted by Kaimin Hu, Chief Business Officer at BitMart, and Amelia Li, Chief Marketing Officer at BitMetis.
Two different panels were held: the first panel focused on Rising Innovations in GameFi & SocialFi, while the second panel focused on Self-Sovereign Identities and Digital Ownership.
The GameFi & Social Fi panel featured Olivia from SecondLive, Jerry Zhang from Delysium, Jimmy Liu from Ultiverse, Jon Monahan from Splinterlands, and James Wolf from Alterverse.
The self-sovereign identities and digital ownership panel featured Anne Well from GALXE, Jack He from Aspecta, Joseph Thompson from AID Technology, Andras Kristof from Galaxis, and Victor from Humanode.
The AMA has been refined for clarity and made more concise. A link to the full AMA can be found at the end of this article.
Panel 1: Rising innovations in GameFi & SocialFi
Amelia Li: Would you share major milestones that your project plans to achieve in 2023?
Olivia:
Second Life plans to improve editing tools and launch a mobile version with added features. Second Me, a decentralized 3D digital identity generator, will allow lifelike avatars during live streams and conference calls. We’re also working on AR and VR support.
Jerry Zhang:
Delysium’s AI virtual beings in-game and Discord communities were interacted with over 200 million times. We gained 100K registered users and 50K subscription users during pre-alpha, with a day-one retention rate of 40%. Delysium received over 5K Web3 publisher applications and grew to 170K Twitter followers, 120K Discord members, and 7.5K Medium followers, with 300M media coverage. In 2023, we aim to improve gameplay, with 500M API calls, higher MAU and retention rates, and doubled metrics.
Jon Monahan:
One upcoming development for our Invennium platform is a new soccer-oriented game called Genesis League Goals, in partnership with the Major League Soccer Players Association. Our platform offers full governance and decentralization, with power in the hands of the community. We’re also launching Arcade Colony, a free game listing platform with a token economy and NFT shop page. Our land expansion program is creating scarcity and driving asset value higher.
Jimmy:
As authors, we’ve had an exciting quarter! Our Meta Jeff Moonlight NFT, with a collection of 23k and almost 10k Uni holders, was launched on the BNB chain. We also had an alpha launch of Terminal City in January and a demo day event with Binance Live, which received over 200k views. In February, we released the Mission Runner app, where users can complete missions and compete for rewards.
Our aim is to create a Web3 world like Ready Player One, with top performers earning bonuses from the AlterVerse treasury. We’re partnering with 200+ games from Web2, and this year we plan to start with 5–7 games, including the mobile game Metaverse, which will launch in April. Additionally, we’ve hosted events like Cyberpink and Y-day Metaverse, with a 50k prize. Our mission is to attract more Web2 users to Web3 and offer diverse products to cater to different interests.
James Wolf:
Sky City released alpha and beta versions in December and April, respectively. A public game and Ace Token are set to launch in June or July. The game will expand to multiple platforms, including mobile, web, Mac, console, and VR. Additionally, two more games are in development. AlterVerse plans to offer decentralized servers for organizations to create their metaverse experiences. Easter Egg promo with BNB chain and an AMA with Finance Labs are upcoming promos.
Amelia Li: Do you believe that GameFi and SocialFi will achieve mainstream adoption faster than any other Web3 domains? How do you feel about BitMart’s recent moves to focus on GameFi and SocialFi?
Olivia：
It’s difficult to predict which domains will achieve mainstream adoption faster, but GameFi and SocialFi are the most easily understood. However, education is still necessary for adoption. BitMart’s focus on these domains is a smart strategy, especially since they’re in their early stages. The industry requires a long-term perspective, and we’re excited to see how BitMart and guest speakers will build the metaverse in Second Life.
Jerry Zhang:
Gaming and social lives are important, and for Web3 games or public chains, playability is more crucial than technology. Good games attract players, and with high user engagement, Web3 adoption becomes easier. Acquiring Web2 or traditional gamers will be a product-oriented challenge rather than a technical one. Advancing game strategy is wise as a product, IP, or content can move into Web3 quickly. User onboarding is becoming smoother, more convenient, and more efficient. High-quality content and SSO systems can attract game users and onboard them using email or their on-chain wallet. Tiny triggers can help players create wallets on-chain unconsciously. The user journey is critical, and it is essential to deal with things based on the trade-off between traditional tech and blockchain tech.
Jon Monahan:
With over three billion avid gamers worldwide, many invest in their gaming experience by purchasing items in games they don’t own. As Web3 gaming improves, gamers will realize the potential to invest in something they can trade, sell, or rent. Gaming is an entry point to Web3, teaching financial management while having fun. Solving product problems could lead to a marketplace for three billion people to learn decentralized finance and economics.
Jimmy:
BitMart’s potential in GameFi and SocialFi is interesting, and UV should consider shifting its strategy. These components of MetaFi are key drivers for growth in the metaverse and Web3. GameFi offers a low-risk entry point for users to experiment with new technologies and engage with Web3. BitMart’s focus on GameFi and SocialFi could achieve mainstream adoption quicker due to the size of the gaming and social media industry. As long as BitMart remains innovative and adopts what users want, it can be a strong strategy.
Amelia Li: How can GameFi project founders align incentives to attract the Web2 audience?
Olivia:
To avoid losing player interest in PlayToEarn games, the emotional value must be considered alongside monetary incentives. Complex games with high transaction fees may not be perceived as valuable, leading to player disengagement. To attract Web2 users, games must have an embedded wallet and simple, enjoyable gameplay. Layer two solutions can enhance game speed and reduce transaction fees, which may drive mass adoption.
Jerry Zhang:
For successful Web3 games, players need easy entry and the ability to purchase in-game content. In traditional games, in-game items generate the most revenue, but Web3 games’ token focus can lead to an unsustainable death spiral if not managed correctly. The key is creating a great game for players who want to pay for and use the cash flow to support financial leverage. Web3 games should have a mechanism for consumers, entertainers, workers, and investors. Ultimately, Web3 games will have a modularized approach that combines in-app purchases with on-chain approaches.
Jon Monahan:
Token economy design is crucial for Web3 game success, requiring a balance between value coming in and out, scarcity, and deflationary mechanics. Early adopters pulling value out without putting it in can lead to an unsustainable rug pool. Aligning sources and syncs is key for a strong gaming ecosystem.
Jimmy:
Collaborating with mainstream gaming companies is more beneficial than building new games every time. Partnerships with successful Web2 companies can help bridge the gap and create blockchain gaming projects. Extending the incentive cycle to the ecosystem as a whole, rather than focusing on one tokenomics model for each game, is also important. A mission runner that allows players to earn rewards across different games can onboard more players and reduce reliance on one game’s success.
James Wolf:
To attract Web2 users, projects should focus on two things: streamlining the onboarding process and building an addictive game. By doing these well, Web3 game projects can naturally attract more Web2 gamers.
Panel 2: Self-Sovereign Identities & Digital Ownership
Amelia Li: What do you think about digital ownership and how DID protocols will impact our lives and work in the future? How do you see centralized exchanges like BitMart collaborating with DID protocols in the broader context?
Anne Ouellet:
Galxe began as a data credential infrastructure to build digital identity by collecting on-chain actions. They found a use case for rewarding users for specific actions like trading on Ave or not being liquidated. Galxe rewards users for community engagement, and digital identity is crucial to their protocols. With digital identities, users can prove their actions on-chain, which is the foundation of all they do.
Jack He:
Aspecta is a digital identity provider that uses AI to aggregate users’ data from various sources such as GitHub, Twitter, and blockchain transactions. We aim to create a user-centric digital identity with actual use cases, allowing users to demonstrate their skills and participate in various opportunities. To achieve this, Aspecta incorporates an AI layer into its ID system, collaborating with metaverse companies to input user data into tag systems. This allows users to build their metaverse strings and participate in the metaverse. Aspecta believes that digital identity should be utilized and aims to pioneer user-centric digital identity with actual use cases, including metabolic strings, representing the future of the intersection between AI and Web3.
Joseph Thompson:
Our approach allows individuals to mint their identity as an NFT linked to their reputation and captured value, empowering them to monetize their reputation and choose how to use it. Global NGOs and governments have appreciated our user-centric focus, and we are currently working with organizations in the US to help natural disaster victims. Our focus is on reputation-building through volunteering.
Andras Kristof:
Regarding NFTs, I believe their full potential is yet to be explored. However, I differ from the other panelists as I think it is wise to separate digital identity from asset ownership to maintain privacy. With proper NFT implementation, creative people can monetize their work. BitMart has the potential to capitalize on emerging trends and technologies by creating a hybrid centralized-decentralized entity.
Victor:
SocialFi is an exciting development in the crypto industry, potentially bringing new solutions to gaming using civil-resistant decentralized identifiers to ensure unique accounts and solve bot problems in MMORPGs. Blockchain technology can create more structured economies in gaming and combine ideas to attract many users. BitMart can leverage available credentials like DJen scores to provide discounts to high-volume traders, and as a centralized exchange, it can interact with Web3 and issue its credentials to provide opportunities beyond BitMart.
Amelia Li: What new use cases can we expect in the DID sector this year? And how can BitMart shift its product and strategies to foster more collaboration with projects in the future?
Anne Ouellet:
I’m excited to see the integration of digital identity with in-person actions on-chain, such as diplomas on-chain. Bringing newcomers and students onto the blockchain is crucial, and Galaxis is doing quests to complete on-chain tasks. However, we need to take the next step and bridge our actual lives and actions to on-chain, not just Web2 and Web3. Disco.xyz is one of the protocols working towards this goal.
Kaimin Hu:
Creating on-chain diplomas, skill verification, and educational experiences is a great solution to the problem of fake accounts and exaggerated past experiences on LinkedIn. I am currently incubating a startup from Stanford that aims to address this issue and make it easier for employers to find the right employees.
Jack He:
Aspecta ID was created to address the issue of evaluating the skills of Web3 developers who may lack traditional qualifications or work experience. It assesses their abilities based on their GitHub contributions, Twitter, and Stack Overflow activity. Aspecta is collaborating with Ethereum Foundation Alchemy University to integrate its ID into course counting platforms, allowing learners to receive soulbound tokens as on-chain credentials. This will make the Web3 identity ecosystem more transparent and verifiable. Additionally, Aspecta’s air layer will assist startups and projects in conducting precise airdrops and campaigns.
Joseph Thompson:
AID TECH is developing a user-friendly Web3 wallet with an on-chain reputation system, aimed at capturing the attention of non-crypto users. The wallet will reward users for real-world interactions and behaviors and will be released with proof of attendance protocols to ensure validity. AID TECH believes in creating simple, user-friendly products with real-world applications and encourages other companies to shift their focus from speculation to product development. Multi-chain options should be made available to users in the future, with the aim of making it so simple that they are unaware they have a Web3 wallet.
Andras Kristof:
Digital identities on the blockchain are crucial, but privacy and individual control over personal information should be prioritized. As we develop solutions, we must avoid the mistakes of centralized platforms that abuse data. Blockchain technology can help reclaim data ownership, but privacy must be continuously considered. Users must have control over their data and with whom they share it. Privacy is a top priority, and I hope to see continued emphasis on it in upcoming features.
Victor:
Web3 ID systems have the potential to revolutionize voting, but current token-based systems are struggling to gain adoption and make a real impact. However, integrating ID products with platforms like Snapshot is a promising development, and further integration with Web2 applications like Discord could bring even more benefits. Given Discord’s strong software and established communities, it’s an especially exciting opportunity to explore.
Amelia Li: Can you provide more context about the collaboration with BitMart?
Anne Ouellet:
I have exciting news to share, but I can’t reveal everything yet. Please follow Galaxy in the next few weeks for amazing product launches. We’ll introduce features to better reward partners. There’s also a new feature to benefit NFT projects. I’m happy to help set up campaigns on Galaxy for BitMart.
Jack He:
Our beta program will be released in 2023, and we’ll be inviting 100 key builders to join our Aspect ID ecosystem. We’ll also be announcing collaborations with other projects and ecosystems. Follow us on Twitter for updates and more collaboration opportunities within the BitMart network.
Joseph Thompson:
We have some exciting announcements related to big government and retail coming up, but I can’t share details yet. However, we will soon release a white paper or a light paper for a volunteer and earn wallet. We’d love to collaborate with BitMart. We’ve already signed up a client with 10 million Web2 users and we’re excited to bring them into the Web3 world.
Andras Kristof:
We have some exciting news coming up, but I can’t reveal it yet. Our assets will be available on BitMart in May.
Victor:
My collaboration with BitMart has been great. We are not only working together to list on BitMart, but also to run programs to drive adoption to Humanoid and offer perks to BitMart users. Our program is designed to benefit both communities, and we believe that BitMart will continue to grow as the number one trading venue for assets that we love and engage in the DAOs. Our community will also become your users. Stay tuned for more updates on our collaboration.
>> Listen to the full AMA here <<
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