Messari: Exploring the evolution of the Web3 community

Author: @MessariCrypto Compilation: Vernacular Blockchain

Historically, profile pictures (PFPs), as a type of NFT, have primarily focused on community-based projects. @0xallyzach explains how this has led to users migrating to Web3 platforms that emphasize community engagement.

The rise of the Private Sector Fundraising and Partnerships Division community is evident with the launch of @BoredApeYC (BAYC). Its community-focused approach has attracted retail investors, leading to a surge in user adoption in the #NFT marketplace. But that changed with the introduction of professional trading platforms.

Platforms like Blur and OpenSea embrace professional deals and focus on deal activity rather than community and roadmaps. This narrative shift reduces creator royalties and turns NFTs into speculative assets. The situation has changed and become more favorable for traders.

As PFP programs declined in attracting new users, consumer applications emerged. They offer decentralized social media, digital identities, and blockchain-based domain names. These apps provide meaningful human connection, self-expression, and foster a sense of community.

Attracting former crypto users and new users by providing a comprehensive representation of digital identity, these consumer apps have surpassed traditional markets by becoming the leading apps to experience #NFT interactions for the first time.

Users still seek to build online personas, and consumer apps provide the tools to replicate that experience. Users’ willingness to engage with these platforms across different chains highlights the importance of improved interoperability and a cohesive user experience.

Looking ahead, consumers will continue to seek meaningful connections and unique identities. These new consumer applications provide valuable experiences and drive long-term growth, and there is no doubt that protocols that account for natural network effects through user connections will thrive.