Web3Fi: Bucking the Crypto Downtrend with Real World Use Cases ????
DEXs and DeFi form the financial backbone which powers Web3 through real world use cases in the domains of GameFi, SocialFi and EduFi; more specifically:
Based on DappRadar’s data, in the aftermath of the FTX fallout GameFi remains the blockchain market segment with the highest number of unique active wallets (UAW) and transaction volume over the last 30 days. Still 49% of GameFi players indicating that they are only interested in the element of play. With 3 out 4 i.e. 75% investors looking to use GameFi as an onboarding platform to Web3-based gamification, the element of play in GameFi may prove to be a saving grace for the domain as its element of earn is flustered by the market effects of the FTX fallout.
Based on DappRadar’s data, the top 3 GameFi projects for the past 30 days in terms of UAW are Alien Worlds, Benji Bananas and Splinterlands whereas in terms of transaction volume the top 3 GameFi projects are DeFi Kingdoms, Axie Infinity and Gods Unchained.
Statistically, 59% of the world’s population are social media users with an average daily usage of about two and a half hours. The concept of SocialFi aims to address the pain points of the Web2-based social media domain through (1) the use of decentralized identifiers (DIDs) to secure the control of users over their digital identities and personal information and (2) the establishment of a creator economy to facilitate the monetization of user generated content (UGC) through NFT tokenization. Post-FTX fallout, the SocialFi domain has been boosted by the takeover of Twitter by ardent crypto supporter Elon Musk particularly given his recent comments that bringing crypto to Twitter is a no-brainer.
According to CryptoSlate’s data, the top 3 SocialFi projects by market capitalization are Mask Network, Hive and Status Network.
Leading the way for EduFi is Binance with its Learn & Earn program which rewards users with cryptocurrencies for completing courses by reading articles, watching videos and completing quizzes. Additionally Crypto.com’s University allows users to complete courses by completing missions in return for rewards in the form Diamonds that can be used to redeem an array of items. In the wake of the trust busting FTX-fallout, CEXs would need to double down on their EduFi strategies to regain the trust of the crypto community.
A non-crypto exchange L2E service provider is BitDegree which allows users to earn cryptocurrencies by watching short courses and completing simple quizzes.
Through the GameFi, SocialFi and EduFi domains, Web3 is proving to be a decentralized remedy for the centralization pain points of Web2.