Notes: Digital Identities
TLDR; Bearish on current crypto social media networks, talk about pfps and usernames and how it relates to identities, metaverse predictions will come true.
Author’s view:
- Only advantage to blockchain social media to web2 social media is that web3 social media users can profit off of it.
- Introducing money to social media will have serious consequences — eg: wealth can be used to divide users on networks.
- Blockchain social media networks (BSMN) are trying to gain traction at the moment, but not a lot of users are interested in crypto to begin with. Similar to L2s suffering from liquidity fragmentation problem, users are fragmented across multiple apps and multiple chains.
- It is more likely that Twitter will morph into a BSMN with substantial amount of users.
- Bearish on BSMN in current state.
Importance of PFPs and usernames in digital world
- PFPs: allow to convey an image of your identity — a reflection of some part of you.
- Usernames: throwing in crypto-savvy references in a username can mark yourself as an enthusiast of the group. Eg: 0x, .eth, XBT, defi, evm, mev, cap/capital and 🧙♂️⚛☢🔺⛓🐸✊🦇🔊(3,3).
- Profile pics and usernames are products of web 2.
- Digital identities will become more complex as web3 and the metaverse mature.
- MMORPG players are already familiar with these ideas and how these goods can be valuable — shape and sizes, furries, VR luxury brands.
- Metaverse will have its own fashion scene and social hierarchy — VR and physical world blending in for eg: LV x LoL
- Forming of social groups: eGirl cap and Waifus Annoymous have become analogous to mainstream media groups like Keeping Up with the Kardashians.
