What comes to mind when you think of a quest? Perhaps you envision Frodo and Sam on their journey to Mount Doom, or you think of countless days grinding in World of Warcraft for gold.

Web 3 Questing infrastructure is a new user acquisition method that will reshape how we engage and reward communities moving forward. Quests allow users to complete gamified tasks in exchange for crypto, NFTs, and soul-bound tokens — SBTs. These tokens can then be converted into fiat or can provide reputational benefits for a user’s digital ID.

In essence, you can get paid for doing mundane tasks like following a company on Twitter, joining their Discord, reading their White Paper, and even sharing what you have learned on socials as a form of UGC marketing.

There are several players innovating in this space already.

DeQuest focuses on Web 3 gaming with deep questing capabilities that create a world of reward incentives as a user acquisition play for game companies.

Polkastarter Gaming takes Web 3 gaming quests to the next level by layering on a content marketing element that makes the site a trusted source on Web 3 gaming news and reviews. The reviews and creator content from Polkastarter serve as the inbound funnel for new users who can then delve deeper into their favorite gaming ecosystems with direct rewards incentives through questing.

Finally, I have to mention Soulbound a cross-game, player acquisition, engagement, and retention platform that is building a white-label solution for companies to create native quests for their platform.

Needless to say, there is a lot of innovation happening here and various companies are competing to build questing infrastructure that can onboard new users at scale. However, it’s worth noting that questing is not an entirely new phenomenon.

Versions of this have existed in the past.

Gleam is probably the most popular platform that comes to mind. Gleam contests are one of the best ways for new companies to scale their users through raffles. Users will perform mundane tasks like email registration, following on socials, linking to Discord, etc. to earn tickets that are entered into a raffle for rewards. Although users are not directly paid for completing “Quests”, you can see where the inspiration for many modern questing platforms came from.

Another interesting inspiration for questing is the early Learn to Earn integrations on Coinbase. I remember the pitch ”Learn about crypto to get rewards”. I would flip through a few slides with information about a new coin followed by a quiz. Upon completion, I would get rewarded in crypto. This was how I acquired my first GRT, AMP, and NEAR tokens. Although the learn-to-earn model has a different feel to it, the underlying foundation is questing.

I didn’t realize it at the time but one of the ways I was onboarded to crypto was through questing.

Perhaps you were as well.

As always thank you for reading.

https://x.com/wasifmoramen

Data is the new oil and right now there is an arms race in Web 3 to build the best marketing tech stack that leverages the information on the blockchain. There are several players competing in this space already. Dune Analytics, Helika, and Sesame Labs are some of the names that come to mind. In fact, we see new Web 3 data brokers emerge regularly each with its own unique way of analyzing and presenting quantifiable metrics. However, there is a fundamental problem with Web 3 data that will prove to be a hurdle for even the most seasoned marketers.

The reason there are so many emerging data analytics companies is simple, the blockchain offers open access to data. By analyzing wallet activity, we can understand a lot of things about a user.

For example:
✅ We can tell who the whales are.
✅ We can determine who are the day traders.
✅ We can even distinguish true believers from the ROIBOI.

While this information can tell us a lot about the audience we want to target, there is a limitation to this dataset. Even with nuanced wallet information, we still lack some of the most fundamental data points about a given user.

This includes:
✅ Age
✅ Gender
✅ Location

(AGL)

Although (AGL) data points are practically a given in Web 2, a lot of this information is non-existent in Web 3 by design and poses a serious challenge for marketers.

After all, how are you going to craft a compelling marketing strategy when you don’t know how old your audience is or what language they speak?

If you are creating an NFT collection directed at female buyers, how are you going to determine your total addressable market?

There are two potential solutions here:

The first solution involves scraping Twitter to associate ENS domains to specific wallets in order to ascertain some data points about users that could include (AGL). However, this solution would only account for the small subset of users with ENS domains and the data is incomplete at best.
The second solution involves some kind of an opt-in system where users are asked to sign up and link their wallets with Twitter or Discord. This is usually effective when there is a reward incentive for the user to link said platforms to their wallet.

Think allow list campaigns or redemptions for being part of a Web3 community.

By linking a wallet with Twitter, and Discord, we have a more complete picture of the potential user in question however, since this solution is opt-in, there are inherent limitations to this information outside the already engaged userbase.

Blockchain was designed from the outset with the aim to preserve anonymity and sensitive user data. However, the open nature of the blockchain makes it a potential goldmine. That said, we will have a truly complete user profile once we are able to adequately combine traditional Web 2 (AGL) data with Web 3 wallet activity.

The first Web 3 data analytics platform to achieve this will be the dominant data broker for our industry.

As always, thank you for reading.

https://x.com/wasifmoramen

On The Limitations of Web 3 Data was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Current discussions around Web 3 interoperability have missed the mark on what is realistic: “Could you just imagine how cool it would be to take your Fortnite skin into League of Legends…how about using your Pokémon in God of War?” — Web 3 Gaming Interoperability Panels

We live in the attention economy and game developers are optimizing for user retention. As it stands there is no real upside in creating incentive structures that drive users to a different gaming ecosystem.

I hate to be the bearer of bad news but we are unlikely to see Fortnite skins in Call of Duty or vice versa.

So where does that leave the interoperability narrative? Is it just a buzzword or is there something of substance here?

Interoperability of digital assets in games will happen but it will likely be with games that have a shared ecosystem.

We are building towards a future where the NFTs in the Gala ecosystem have cross-functionality across games and potentially music and film.

The same could be said for the games in the Immutable and Mythical Games ecosystem.

When Blizzard Entertainment or Riot Games inevitably enter Web 3 gaming, I could see those companies offering cross-functionality of digital assets across their games portfolio.

Admittedly this is not the singular open and interoperable metaverse we all imagined. Rather what will likely exist is a series of smaller metaverses of interoperable games and digital assets.

This begs the question…do we really need the blockchain for this? To a certain degree, we already have interoperable gaming IP in Web 2.

✅ The Starcraft Sarah Kerrigan skin for Widowmaker in Overwatch comes to mind.

✅ In Diablo 3 you could acquire the Overwatch Mercy Wings by purchasing the Origins Edition of Overwatch.

✅ An even better example would be the Blood Dragon Armor from Dragon Age which is available in Mass Effect 2.

Given these examples, one could make the case that if we eventually have smaller metaverses of walled gardens the digital assets could all be database items instead.

The counterargument:

The practical case for blockchain integration in games is digital asset ownership. Interoperability only makes the case for digital asset ownership stronger.

Going back to my prior examples of Web 2 database items. If the Starcraft Sarah Kerrigan Skin or the Blood Dragon Armor were NFTs, their value would only accrue as more interoperability options were added to those digital assets. That would make it worthwhile to acquire and potentially trade these assets even if their value was limited to the walled garden of the developer’s ecosystem.

Blockchain integration in gaming matters because when you truly own the assets, you can fully realize the value of interoperability.

Would be curious to hear your thoughts on this.

As always thank you for reading.

https://x.com/wasifmoramen

“We are no longer an NFT project.” — A recent announcement on the Doodle’s discord has stirred up a fair bit of controversy and highlights the challenge of making the transition from an NFT project to a Web 3 company.

With the infusion of venture capital at the height of the bull market, some NFT projects that made the transition include the likes of Yuga Labs, RTFKT, and Doodles. However, as the bear market set in, some of these organizations are struggling to lead their communities through the crypto winter as the fundamental premise of what it means to be an NFT project seems to be at odds with the bigger ambition of becoming a Web 3 company.

Web 3 is all about community and with that comes an expectation of transparency that is standard for our industry. While its easy to “build in public” as a community-led NFT project, the model often does not work for Web 3 companies that need strong leadership and a sense of direction.

To build in public means to have every buisness decision questioned by the masses and as a result, the organization is perpetually beholden to community feedback. Conversely, to build with a strong sense direction requires building in private or with a disregard for how the community feels about the leadership’s decisionmaking. Thus transitioning to a Web 3 company requires a level of centralization that runs counter to the community-led nature of NFT Projects.

This is the dilemma that many Web 3 orgs find themselves in. Community led growth works really well up until it starts to become a drawback that stifles strong leadership.

Perhaps the financialized nature of NFT projects is at the heart of the issue.

“We are not going to spend any resources appeasing those with financial motivations. We never have and never will.”

Many NFT projects live and die by the communities they have created and NFT communities today are really just a collection of investors.

Investors in NFT collections expect regular updates as a driving factor of their faith in a project. This is especially pronounced during a bear market when holders observe the value of their NFTs precipitously drop day after day and they need some hope to cling to.

During the bull market all that mattered was “Floor go up.” In order to make the transition to a Web 3 company, an NFT project needs to transcend a collection of JPEGs whose value is derived from floor prices. The project needs to become a company whith a mission and a vision. Only then can it create a loyal following that is not swayed by market fluctuations.

That is a real community.

To go from an NFT project to a Web 3 company is no easy task. Strong leadership and strong communities are both integral to the success of any Web 3 organization. Finding that balance will be the difference between the NFT projects who will perish and the Web 3 companies that are poised to survive the crypto winter.

As always, thank you for reading.

Follow my career on LinkedIn:

https://x.com/wasifmoramen

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From an NFT Project To a Web 3 Company was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

When Facebook rebranded to Meta in 2021, I took it as a sign that times were changing and we are entering a new era of technological innovation powered by Web 3. After all, I believe Facebook represents the shift from Web 1 to Web 2 when we went from static web pages to user-generated content.

Through the early 2000’s the internet consisted of websites owned by brands and corporations. With Facebook, we saw a shift in what made the internet compelling. The content on Facebook was comprised of posts from our friends and family and the platform made being on the internet about being with our peers.

Over time we saw normal people attract an online following and some people went from relative obscurity to being famous on the internet. This trend only accelerated with platforms like Twitter, Youtube, and Instagram which gave rise to the modern creator economy as we know it.

Zuckerburg could spot trends from miles away and he has always been quick to pivot. He saw the shift from desktop to mobile and pushed Facebook to adopt a mobile-centric strategy. He also purchased Instagram to solidify Facebook’s positioning in the modern era of mobile-first applications and social media.

However, the latest pivot from Facebook to enter the Metaverse may have been a step too far. In 2021, Facebook rebranded to Meta.

I was confused by the rebrand initially.

That was when someone explained the Metaverse to me for the first time.
It’s the world of Ready Player One except it’s not just a work of fiction. Facebook was attempting to create the metaverse using Web 3 technology. They owned Oculus and had VR capabilities in-house so the synergy was already there. I grew up watching the Dot Hack anime and Sword Art Online. I understood the potential of virtual worlds powered by VR headsets and the immersion potential that existed with such tech, especially in video games. Moreover, they were going to integrate blockchain and NFTs into existing platforms in an effort to onboard the masses. If Meta could pull this off, it would be a massive technological feat.

It was around this time I quit my job in the creator economy to chart a course in the Web 3 industry.

The crypto space was booming at the time and the momentum felt unstoppable.

However, a lot has changed over the last few months.

Meta’s first attempt at a metaverse, Horizon Worlds fell short of expectations netting only 200,000 users in the year post-launch.

This was when we saw the first round of layoffs.

Meta is now dropping NFT support for Instagram and Facebook as well as laying off 10,000 additional employees likely involved in their Web 3 initiative.

“We’re looking closely at what we prioritize to increase our focus. We’re winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.” — Stephen Kasriel Meta’s head of Commerce and Financial Services

I still hold quite a lot of hope for the future of Web 3 and the metaverse so it’s difficult to see things play out this way.

Perhaps the metaverse was just a bull-run pipe dream or too ahead of its time.

It seems clear the world is not ready for the metaverse especially not one led by Meta.

As always, thank you for reading.

https://x.com/wasifmoramen

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A Shift In The Meta — Facebook’s Pivot Away From the Metaverse was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

“I would imagine you would feel some level of guilt when some of the companies that you are promoting end up leaving retail investors holding the bag.”

This was a line from Hasan Minhaj during a 34-minute debate with Kevin O’Leary on The Daily Show.

O’Leary is an iconic investor, educator and judge on Shark Tank. He is fondly referred to as “Mr. Wonderful” and is one of the most influential figures in modern finance.

The crux of the debate fell on O’Leary’s dual role as an investor and spokesperson for FTX.

Hasan Minhaj pointed out that O’Leary has a lot of influence over retail investors and was handsomely compensated for promoting FTX while his followers lost their life savings.

My highest-performing article from last year was titled “Why Influencer Accountability Matters”.

Sponsored By FTX — Why Influencer Accountability Matters

It was about the influencers who promoted FTX and their lack of accountability after the collapse of the infamous crypto trading platform.

A lot of people said I was being too harsh.

No one knew FTX was a giant ponzi scheme and it’s unfair to hold influencers accountable for what had happened.

That’s totally valid.

To be clear, I don’t think we should blame influencers for the consequences of the FTX debacle…and in hindsight, I may have failed to convey my actual point.

What I wanted to bring to light was the disparity in outcomes for the influencer and the influenced.

The parasocial relationship is at the heart of what makes influencer marketing powerful.

The audience looks to their favorite finance influencer as someone who could be relied upon for quality education and advice. No one expects to lose their life savings on a recommendation from an influencer they trust.

The dynamic is further complicated by the fact that a lot of influencers are being paid to provide financial recommendations.

What the FTX situation demonstrates is that influencers have little regard for the outcomes of their recommendations. At the end of the day…the audience is just stats and metrics on a dashboard.

Influencer accountability is important because it entails a greater sense of responsibility for what happens to your audience.

When shit hits the fan, a person like O’Leary can wash his hands clean of the situation and walk away. He has many other investments and he will financially recover.

Meanwhile, his audience will lose their homes, and their kid’s college tuition and some are going to get divorced.

It was refreshing to see Hasan Minhaj relentlessly challenge Kevin O’Leary on his position of influence over retail investors.

The outcomes for the influencer and influenced are drastically different and there should be a greater sense of accountability in this space overall.

As always, thank you for reading.

https://x.com/wasifmoramen

Web 3 Shower Thoughts | Wasif Rahman | Substack

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You Can Take The Losses and Retail Can’t — Challenging Kevin O’Leary was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

The video game industry is changing rapidly and there is no better example than the overwhelming presence of Web 3 at GDC 2023.

The Game Developers Conference (GDC) brings the game development community together to exchange ideas, solve problems, and shape the future of the gaming industry.

I attended my first GDC last year when I began working in the gaming industry. It was the first GDC since the pandemic and I was told it was unlike any of the conferences from years prior.

I was expecting GDC to be a gaming-centric conference with a small contingent of Web 3 organizations trying to capture the attention of Web 2 gamers and game developers.

As I descended the escalator into the Moscone Center, I was pretty surprised to see the massive presence from Gala Games. They had practically taken over an entire wing of the conference. I did not work at Gala at the time and had heard they were the leading organization in the Web 3 gaming scene.

Gala’s presence at GDC left no doubt.

Beyond Gala’s strong showing, the entire conference seemed to consist of mostly new Web 3 companies.

Blockchain integration seemed to be the prevailing narrative for the games industry and its future.

Although Web 2 gamers had no love for Web 3, the people who work in the industry seemed to understand that gaming as we knew it was about to change.

As things shape up for GDC 2023, it looks like the Web 3 presence will be stronger than ever with more than 20 sessions dedicated to blockchain gaming.

Moreover, there will be a slew of phenomenal Web3 organizations that will be in attendance including:

✅ Polygon Labs
✅ Avalanche
✅ Bullieverse
✅ ConsenSys
✅ Immutable
✅ and Aurory

I also have to shout out my friends at Chainlink Labs. We will be demoing a Gala title at their booth so keep an eye out and come say hello.

There are also many notable Web 2 gaming organizations that will reveal their plans for Web 3 expansion in more detail like Nexon America.

They are hosting a session to discuss their upcoming game Maple Story Universe.

The session is titled: ‘MapleStory Universe’: Perfecting the Core MMORPG Experience with Blockchain

This is Nexon’s foray into the Web 3 MMORPG space and a considerable move by an established Web 2 gaming organization.

Finally, I am excited to showcase some of the amazing titles from Gala Games.

We will be hosting a private room accessible to friends, industry partners, and the press. We have been quietly building these past few months and have some amazing new updates to share with the gaming community.

Drop me a comment and let me know if you would like to connect.

Although GDC is intended to advance gaming as a whole it’s starting to feel like a Web 3 gaming conference given the current zeitgeist.

The gaming industry is changing rapidly and Web 3 is leading the way.

I will see you in San Francisco.

Cheers,

https://x.com/wasifmoramen

Winds of Change — GDC and The Future of The Games Industry was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

I have been thinking about the different types of NFT traders and the motivations that drive people to exchange digital assets. Here are some of the cohort categories I’ve been considering.

✅ Dabblers are intellectually curious individuals who are willing to dip their toes into the NFT space. These are retail consumers who don’t have a lot of capital to deploy in speculative assets. They are cautiously optimistic about the potential of NFTs and consist of a demographic that will make up the next wave of Web 3 adoption.

✅ Collectors consist of users who are in the NFT space for the love of the game. They like to build a diverse portfolio consisting of a wide range of collections that are seen as a form of self-expression. Collectors will only buy assets they are comfortable holding for a long time and will only sell if it’s an offer they can’t refuse. While they enjoy pondering theoretical returns, they are not really in this space to make money.

✅ Speculators are believers in the potential of specific NFT projects over a long time horizon. They are specifically looking for the next big thing and are willing to make outsized bets on projects they really believe in. They generally have a long-term exit strategy in mind.

✅ Pro NFT Traders consist of flippers, investors, and whales who drive a significant portion of the volume in the NFT space. It is important to break down the individual subgroups within this category to better understand the cohort as a whole.

✔ Flippers like to get in and out of an NFT project fast. They will mint and list within a day if it means an easy 2X gain on a project. They also like to study market trends to quickly arbitrage undervalued assets. They are not emotionally attached to any given collection and prioritize gains over anything else.

✔ Investors generally tend to stick to a project a bit longer than flippers. They are looking for projects with a promising future and are doing due diligence to ultimately score a 10X or even 40X return. These are power users who are willing to deploy a ton of capital behind something that will go up in value.

✔ Whales are individuals who hold a significant amount of valuable NFTs. They tend to have an outsized social and financial influence and can exert a sense of gravity on the NFT market through their buying and selling activity. Whales have so much power that they can skew the supply and demand dynamics within this space.

While the motivations for whales can vary, they are perhaps one of the most fascinating groups in the NFT space to try and decipher. They make up a significant portion of the transaction volume on NFT marketplaces like OpenSea and more recently on Blur.

The NFT community is not a monolith and it’s important to understand the individuals and the motivations that drive user activity in the Web 3 space.

Let me know your thoughts on my categorizations and if there is anything I missed.

Thank you for reading.

https://x.com/wasifmoramen

The Different Categorizations of NFT Traders was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Blur is the most disruptive new platform in the Web 3 space. As I dug deeper into the new NFT marketplace, I learned more about Blur’s pseudonymous founder Pacman and the person behind the digital avatar, Tieshun Roquerre.

According to LinkedIn, Roquerre was still in high school when he moved to San Francisco in 2014 to work as a full-time engineer at Teespring. In 2015, he dropped out of high school to start StrongIntro to help tech companies grow their engineering teams through employee referrals.

Roquerre went through Y Combinator for StrongIntro before starting his undergrad at MIT in 2016. He dropped out of MIT to start Namebase in 2018 and went on to receive a grant from the Thiel Fellowship before raising a $5 million round for his startup. In 2021 Roquerre successfully sold Namebase to Namecheap and went on to start a stealth company in 2022 which turned out to be Blur.

Blur is currently the top NFT marketplace and has logged over 1.4 billion in trading volume to date. What is more significant is that the platform only launched in October 2022 and has managed to overtake Opensea in a matter of months.

Roquerre has undoubtedly achieved a monumental feat at a very young age.

He has disrupted the entire NFT ecosystem by creating a platform that strictly appeals to the pro-NFT trader. This is in stark contrast to OpenSea which was designed with the retail buyer in mind.

Although pro-NFT traders are a very niche demographic, they tend to be whales with considerable sway in the wider NFT ecosystem.

According to @proof_eth on Twitter,

✅ 20% of Blur’s volume comes from only 15 wallets.

✅ 50% of Blur’s volume comes from less than 300 wallets.

One possible explanation for Blur’s success is reflexivity in markets which Roquerre has written about in his blog.

“Stock markets don’t reflect the true price of assets, they reflect the prevailing social perception of the value of assets.”

This is understood as the prevailing bias and can be applied to the NFT market.

NFT trading volume has a massive impact on the prevailing bias about NFTs and the biggest drivers of trading volume are whales.

If you can build a platform that appeals to whales and incentivize high trading activity, you can drive reflexivity in the NFT market.

“What most people don’t consider is that the prevailing bias can affect the underlying value of the asset and vice versa.”

The $blur token airdrop which is awarded to users who buy and sell with frequency on Blur is designed with reflexivity in mind.

“When the prevailing bias of a market affects the underlying value, and the change in the underlying value feeds back to affect the prevailing bias the market falls into a positive feedback loop.”

The $blur token as an incentive is the primary driver of high trading volume on Blur. It creates a feedback loop that attracts new users to the platform resulting in exponential growth.

However, the feedback loop means the main value proposition of Blur is its token airdrops which artificially generate trading volume driven by whales.

Time will tell if this is a sustainable long-term strategy.

Curious to hear your thoughts on this.

As always thank you for reading.

https://x.com/wasifmoramen

The Rise of Blur and Reflexivity In The NFT Market was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.

Twitter user Coby had a very controversial take last year when he referred to NFTs as shitcoins with pictures. I have recently begun to reevaluate my view of NFTs as cultural markers of taste as I observe the frenzy around the new NFT marketplace BLUR.

Blur is an upstart NFT marketplace that has managed to overtake trading volume on OpenSea by a wide margin over the last few weeks. This is partly due to the gamification of trading on the Blur marketplace where users can earn Blur tokens by buying and selling NFTs.

According to DappRadar, over the last 30 days:

Upstart Blur has generated over $1.24 billion in trading volume.

While established OpenSea is sitting at a trading volume of $436 Million.

To be trailing an up-and-coming marketplace by about 1/3 of the trading volume is a major blow to Open Sea, the once-dominant NFT trading platform.

With the NFT marketplace wars heating up, it’s worth asking what makes Blur such a strong competitor.

✅ Blur does not have any marketplace fees.

✅ Blur does not enforce creator royalties.

✅ Blur’s implementation of its native token rewards incentivizes high-frequency trading on the platform.

More than anything else, it’s the token rewards that have led to Blur’s dominance as an NFT marketplace.

In season 1, Blur airdropped its native token to everyone who traded on the platform. While the exact tokenomics and criteria for the airdrop were not explicit, it was clear that those who transacted frequently on the Blur platform received a greater share of the Airdrop token pool.

After the Season 1 token distribution, crypto Twitter was in a frenzy as the FOMO for those who missed out reached a fever pitch.

With Season 2 underway, Blur has clarified how users can take part in the next airdrop.

Traders can accrue “Listing Points” and “Bid Points” by interacting with the platform and their odds of receiving an airdrop increase in proportion to the number of points they have. Moreover, users can increase their odds of receiving the Blur airdrop by making use of all of Blur’s listing and bidding features.

While Open Sea will not compete with Blur on token airdrops for regulatory reasons, they have been forced to make changes to their policies on creator royalties.

OpenSea recently announced that they will temporarily eliminate their 2.5% marketplace fee as well as their enforcement of creator royalties on NFT sales.

“There’s been a massive shift in the NFT ecosystem, In October, we started to see meaningful volume and users move to NFT marketplaces that don’t fully enforce creator earnings. Today, that shift has accelerated dramatically despite our best efforts.”
- OpenSea Twitter

With the erosion of creator royalties and the further infusion of DeFi yield farming in NFT marketplaces, we can see NFTs for what they really are.

“It’s extremely simple. They are altcoins with pictures. Anything suggesting otherwise is larp and cope.”
 — Cobie (@cobie) August 14, 2022

Thank you for reading.
https://x.com/wasifmoramen

BLUR — Why NFTs are Shitcoins With Pictures was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.