【TheBlockResearch】2024消費(fèi)級加密催化劑為日常用戶設(shè)計(jì)的去中心化應(yīng)用程序研究報(bào)告

THEBLOCK.COAUGUST2024

OVERVIEW

decentralizedsocialmediaplatformsofferingcustomizablecontentcurationalgorithms.Inaddition,weexplorethepotentialemergenceofnewsubsectorssuchason-chainAIagentsandtokenizedpersonaldatamarkets.

Finally,Section4explorestheon-chainconsumerregulatorydirectionbyanalyzingpastenforcementactionsandtheirpotentialimplicationsforthefutureofconsumercryptoproducts.Thissectionalsoprovidesahigh-leveloverviewoftheregulatoryapproachtoconsumercryptoacrosskeymarketsinNorthAmerica,Europe,andAsia,offeringinsightsintothepotentialimpactofdifferentregulatoryframeworksonthedevelopmentandgrowthofon-chainconsumerproducts.

Theconsumercryptolandscapeispoisedtoreshapehowindividualsinteractwithproductsandservicesintheireverydaylives.Thisreportfocusesondefining,mapping,andanalyzingtheemergingsectorofconsumercrypto,whichreferstoblockchain-enabledplatformsandservicesdesignedforthegeneralpublic'suse.Despitethegrowinginterestinthisspace,thereisalackofclarityaroundwhatconstitutesconsumercryptoandhowitdiffersfromothersectorsinthebroadercryptoecosystem.Toshedlightonthisnascentsector,weprovideacleardefinitionandacomprehensivetaxonomyofthevarioussubsectorswithinconsumercryptowhichissetoutinSection1.Thisreportaimstoequipstakeholderswithasolidfoundationforunderstandingandnavigatingtheconsumercryptospace.Byprovidingclarityaroundthedefinition,taxonomy,andkeytrendsshapingthissector,itseekstofacilitateinformeddecision-makingandcontributetotheongoingdevelopmentofblockchain-poweredconsumerapplications.

Thereportisstructuredasfollows:

Section1definesconsumercryptoandprovidesastructuredtaxonomybreakingdownthekeyapplicationandinfrastructurelayersubsectors.Theapplicationlayersubsectorsidentifiedincludecommunity/brandengagement,decentralizedsocial,gaming,media,andmessaging.Theinfrastructurelayersubsectorsincludewallets,payments,networks,identitymanagement,metaverse,analytics,anddecentralizedphysicalinfrastructurenetworks.

Section2exploresthecurrentmarketlandscapeacrossboththecrypto-nativeecosystemandtraditionalconsumerbrandactivity.Itcoverseachapplicationandinfrastructuresubsector,highlightingnotableprojects,useractivity,andventurefundingtrends.TheanalysisalsoreviewsdataonFortune100companiestogaugethepenetrationandmaturityofconsumercryptoinitiativesamongtraditionalconsumerbrands.We’vefoundthatbothventurefundingandusergrowthhasincreasedacrossallfiveapplicationlayersubsectorsoverthefiveyearsfrom2019to2023.Additionally,nearlyone-thirdofFortune100companieshaveconsumercryptoinitiativesindevelopment.

Section3envisionstheroadaheadforconsumercrypto,identifyingthekeybarrierstomainstreamadoptionsuchashightransactionfees,complexuserexperiences,negativepublicperception,andregulatoryuncertainty.Thissectionalsoprojectshowthesubsectorswe’veoutlinedmayevolve,suchas

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2TheConsumerCryptoCatalyst3

THEBLOCK.COAUGUST2024

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ACKNOWLEDGEMENTS

MorphisanEthereumLayer2scalingsolutionthatutilizesrolluptechnologytoimproveblockchainaccessibility,efficiency,andusabilityfordevelopersandconsumers.Morph'sapproachincorporatesadecentralizedsequencernetwork,whichaimstooptimizeefficiency,reducecosts,andmaintaindecentralization.ByintegratinganoptimisticzkEVM,Morphseekstoprovideasecure,performant,anddeveloper-friendlyenvironmentbycombiningaspectsofoptimisticandZKrollups.Morph'sdesignarchitectureismodular,consistingofSequencerNetwork,Rollup,andOptimisticzkEVMmodules,whichoffersflexibilityandcomposability.Morphfocusesontheconsumerblockchainlandscape,providingdeveloperswithtoolstocreatedecentralizedapplicationsthatcatertoeverydayconsumers.

MoreaboutMorph:

Website

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LinkedIn

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Twitter

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Documentation

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Discord

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WewouldliketothankMorphforcommissioningthisresearchreport.Wewouldliketothanktheir

teamforprovidingfeedbackandinputforthisreport.Wearealsogratefultothosethatshared

theirvaluableperspectivesthroughinterviewsforthisreport:

?AndreasNicolos(AccessProtocol)

?CeciliaHsueh(Morph)

?JessePollak(Base)

?LucaNetz(PudgyPenguins)

?PochangWu(SongProtocol)

?ReidMoncada(InBetweeners)

?RobbyYung(AnimocaBrands)

?ScottDukeKominers(a16zcrypto)

RESEARCHEDBY

Theauthorsofthisreportmayholdtokensmentionedinthisreport.PleaserefertoTheBlock’s

TheBlockPro

isTheBlock’spremiumproductportfoliodesignedtohelpinstitutionsevaluateopportunitiesindigitalassets.Pro’sresearch,news,anddataproductsarepoweredbyteamsofsubjectmatterexpertsdeeplyentrenchedinthedigitalassetecosystemwhodeliveractionableintelligencesobusinessescanmakeinformeddecisions.

financialdisclosurespageforauthor

tokenholdings

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AUTHOREDITOR

IanDevendorf

ResearchAnalyst

Twitter

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MarcelBluhm

Director,ResearchReports

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TheBlockResearch

producesresearchcontentcoveringthedigitalassets,fintech,andfinancialservicesindustries.

CONTACT

Email:

research@theblock.co

Twitter:

@theblockres

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TheConsumerCryptoCatalyst

BY

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TABLEOFCONTENTS

2OVERVIEW

5ACKNOWLEDGEMENTS

6TABLEOFCONTENTS

8PART1:INTRODUCTION

14PART2:CURRENTMARKETLANDSCAPE

152.1Blockchain-NativeConsumerApplicationCryptoLayer

422.2Blockchain-NativeConsumerCryptoInfrastructureLayer

532.3TraditionalCompanyAnalysis

62SECTION3:THEROADAHEADFORCONSUMERCRYPTO

633.1BarrierstoMainstreamAdoption

693.2EvolutionConsumerSubsectorsofExistingCrypto

783.3NewConsumerSubsectorsEmergenceofCrypto

82SECTION4:REGULATIONANDCONSUMERCRYPTO

834.1On-ChainConsumerDirectionRegulatory

884.2RegulatoryOverviewbyRegion

96SECTION5:CONCLUSIONANDOUTLOOK

98APPENDIX1:TRADITIONALCOMPANYANALYSISMETHODOLOGY

100APPENDIX2:CRYPTO-NATIVEUSERACTIVITYMETHODOLOGY

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6TheConsumerCryptoCatalyst7

THEBLOCK.COAUGUST2024

PART1

INTRODUCTION

WhenBitcoinwasintroducedoveradecadeago,itpopularizedtheuseofpublicblockchainsasinfrastructureforpeer-to-peerpayments.Sincethen,theusecasesforblockchainshaveexpandedsignificantly,largelydrivenbytheintroductionofsmartcontractsbyplatformslikeEthereum.NewsectorssuchasDeFiandNFTs(non-fungibletokens)thatarebuiltusingsmartcontractsexperiencedrapidgrowthinusageandrelevancethroughout2020and2021,respectively.Inaddition,theproliferationofapplicationsacrosssectorsincludingmedia,sportsandentertainment,gaming,andothershasledtotheemergenceofadistinctsector,whichwewilldefineinthereportasconsumercrypto.

Whileearlysuccesseshaveprovidedaglimpseofblockchain'spotentialinsupportingconsumerusecases,theyhavebeenmostlytransient.Despitesomesignsofsuccess,thegrowthpotentialofthenascentconsumercryptosectorremainsuntappedlargelyduetolackinginfrastructure.Asblockchaininfrastructureimproves,theseearlysuccesseswilllikelygivewaytoapplicationswithstrongerproduct-marketfit,positioningconsumercryptoasakeyentrypointformainstreamadoptionofblockchaintechnology.

Althoughmanyhaveanintuitiveunderstandingofwhatconsumercryptoentails,thetermstilllacksaprecisedefinition.Identifyingaclearandspecificdefinitionhelpsestablishacommonlanguageforstakeholders—investors,developers,regulators,andconsumersalike.Alongwithacleardefinition,weaimtoprovideastructuredtaxonomyofconsumercrypto,delineatingitsvarioussubsectors,andprovideanoutlookintoitsfuture.Thisclarityiscrucialforestablishingasharedunderstandingwhichcanfacilitatemanypositivedownstreameffectssuchaspromotingadoption,guidingregulatoryframeworks,andattractingincreasedinvestmentanddeveloperactivity.Toeffectivelycontextualizethesignificanceofconsumercrypto,it'simportanttounderstandthescaleandimpactoftraditionalconsumerindustries.AccordingtotheU.S.BureauofEconomicAnalysis,consumerspendingaccountedfor67.8%oftheUnitedStates'grossdomesticproductinthefirstquarterof2024,highlightingtheeconomicinfluenceofthissector.Byexploringthepotentialofblockchaintechnologytoenhanceconsumer-facingindustries,thisreportaimstoprovidethenascentconsumercryptoecosystemwiththeattentionitdeserves,givenitscapacitytoimpactasectorthatformsthebackboneoftheglobaleconomy.

Toeffectivelydefineconsumercrypto,it'shelpfultosetthecontextwithaclearunderstandingoftraditionalconsumerindustries.Aconsumercompanyreferstoabusinessthatsellsproductsorservicesdirectlyto

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theend-userforpersonaluseratherthanforresaleorfurtherprocessing.Theconsumerindustryencompassesawiderangeofproductsandservicesincludingfootwearandapparel,foodandbeverage,sportsandentertainment,travelandhospitality,electronics,digitalandsocialmedia,leisureandrecreation,toysandgames,andmuchmore.Theseindustriesarecharacterizedbydirectinteractionwithend-users,whosepurchasingdecisionsrevealthevalueandutilityoftheproductsorservicesoffered.

Consumercryptorepresentsatransformativeextensionoftraditionalconsumerindustries,weavingblockchaintechnologyintothefabricoftheconsumerspace.Moreprecisely,consumercryptoreferstoblockchain-enabledplatforms,usecasesandservicesdesignedforthegeneralpublic'susethatfacilitateeverydayactivities.Thisincludesanythingfromtokenizedloyaltyprogramsandcryptocollectiblestoblockchain-basedgaminganddecentralizedsocialmediaplatforms.On-chainconsumerproductsseektofundamentallyreshapethewayweinteractwithandexperienceproductsandservices,creatingmoreefficient,transparent,anduser-centricsolutionsthatchallengestandardpracticesinconsumerindustries.Whilesomeexistingconsumerusecasesmayremainlargelyuntouchedbyblockchainrails,thepotentialofon-chainconsumerproductsspansawiderangeofusecasesacrossessentiallyeveryconsumerinternetservicecategoryandwithinmanyphysicalgoodscontextsaswell.

Thisreportwillprimarilyexploreon-chainconsumerproductsfocusedoneverydayutilityandengagementratherthansectorscharacterizedbyastrongfinancialemphasis,suchasDeFi,GameFi,orNFTFi.Whilethesesectorshaveapplicationsthatdirectlyserveend-users,thefinancialcomponentshiftstheprimaryfocusfromeverydayutilityandengagementtoprofitandspeculation.Furthermore,althoughtherearecertaincontextsinwhichthosefinanciallyorientedsectorsintersectwithconsumerusecases,thoseapplicationstendtobewell-coveredbyexistingresearch.Tomakethismoreconcrete,wedefinebelowthesubsectorscomprisingtheapplicationlayerofconsumercrypto:

CommunityandBrandEngagement:Thecommunityandbrandengagementsubsectordefinesthesetofapplicationsthatservetostrengthenconnectionswithincommunities,includingtherelationshipbetweenbrandsandtheiraudiences.Thissubsectorincludesapplicationsspanningloyaltyrewardprograms,socialandfantokens,NFTsanddigitalcollectibles,aswellassubscriptionandmembershipproducts.Theseapplicationsaimtoenhanceuserengagementandencourageongoinginteractionandloyalty.

Media:Themediasubsectorencompassesapplicationsthatleverageblockchaintechnologytoauthenticate,establishownership,anddistributeawiderangeofmediacontent.Thissubsectorincludesapplicationsthatfocusonvarioustypesofmediaincludingart,podcasts,music,video,andblogsandarticles.Theseapplicationsenablegreatertransparencyincontentdistribution,empoweringcreatorstomaintaincontrolovertheirworkanddirectlyengagewiththeiraudience.

DecentralizedSocial:Thedecentralizedsocialsubsectorincludesblockchain-enabledsocialnetworkingapplicationsthatallowuserstocreate,share,andexchangeinformationandcontentwithothers.Theseplatformsdifferentiatethemselvesfromtraditionalsocialmediabyleveragingblockchaintechnologytoensuredataintegrity,security,andusersovereignty.Bydecentralizingthecontrolovernetworkdata,theseapplicationspreventanysingleentityfrommonopolizinginformationoruseractivity,therebypromotingamoreopenandtransparentenvironment.

Gaming:Thegamingsubsectorincludesblockchain-basedgamesandgamingplatformsthatoftenrepresentin-gameassetsasNFTs.Thisintegrationofblockchaintechnologyallowsforuniquein-gameeconomieswhereplayerscanown,sell,ortradetheirdigitalassets.Thesegamesspanavarietyofcategoriesincludingstrategyandresourcemanagementgames,autonomousworlds,esports,adventure,role-playinggames,andmore.

Messaging:Themessagingsubsectorreferstoapplicationsandprotocolsthatfacilitatecommunicationdirectlybetweenwalletaddresseswithoutrelyingonacentralizedapplicationtostoreandmanagemessages.Theapplicationsinthissubsectoraredevelopingcrypto-nativechatandnotificationservicesthatcanbeleveragedacrossapplications.

Whilemuchofthefocusofthisreportisaimedattheapplicationlayer,it'salsoimportanttoconsidertheinfrastructurethatconsumercryptoapplicationsrelyon.Thisfoundationallayeriscrucialbecauseitnotonlysupportsbutalsoenhancesthefunctionalityandscalabilityofapplications.Thebreakthroughsinuserexperiencethatleadtolastinggrowthintheconsumercryptosectorwilllikelybedrivenbyadvancesinthisinfrastructure.Innovationsherecanleadtoimprovedsecurity,fastertransactions,andmorerobustintegrationcapabilities,allofwhichareessentialformainstreamadoption.Below,weoutlinethemaincomponentsoftheinfrastructurelayerunderlyingconsumercrypto.

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Wallets:Thewalletsubsectorisafundamentalinfrastructurecomponentforconsumercrypto,providingtheinterfaceforengagingwithblockchainapplications.Thissubsectorincludesapplicationsrangingfromuser-friendlysoftwarewalletswithbasicfunctionalitytohardwarewalletswithhighersecurity.Inparticular,newwalletfeaturessuchasaccountabstraction,embeddedwallets,andwallet-as-a-servicewillworktoredefinetheuserexperienceacrossconsumercryptoapplications.

Payments:Thepaymentssubsectorprovidestheinfrastructureforconsumercryptoapplicationstoembedpaymentfunctionalitywithintheirplatforms.Thisincludesnotonlyfacilitatingstraightforwardpeer-to-peertransactionsbutalsoenablingmorecomplexoperationslikemicropaymentsorautomatedsmartcontractexecutionsforrecurringexpenses.Additionally,paymentonandofframpsprovidecriticalgatewaysforuserstoonboardfundstoconsumercryptoapplications.

DePIN:TheDePINsubsectoriscomprisedofpeer-to-peernetworkswhereindividualscontributephysicalinfrastructureresourcessuchasdatastorage,networkconnectivity,energygrids,andmoreinreturnforrewardsaccordingtoaprotocol’sincentivemechanism.Thesenetworksareincludedasinfrastructureinthecontextofconsumercryptoastheyproducephysicalanddigitalresourcesthatcanbeleveragedtosupporteverydayconsumeractivities.

Network:Thenetworksubsectorreferstotheunderlyingblockchaininfrastructurethatconsumercryptoapplicationsarebuiltonaswellasnetworkinfrastructurebuiltontopoftheconsensuslayerthatcanbeleveragedbyconsumercryptoapplications.Blockchainsdesignedwitharchitecturesthatprioritizescalabilityareparticularlyrelevant,astheyarebettersuitedtotherequirementsofconsumercryptoapplications.

Analytics:Thissubsectorencompassesarangeofapplicationsdesignedtocaptureandanalyzedatageneratedwithinweb3environments.Thesetoolsaredesignedtogivedevelopersinsightsintouserbehavior,preferences,andtrends,enablingthemtotailortheirapplicationsmoreeffectivelytomeetuserneeds.Additionally,thesubsectorincludesinnovativeadvertisingprotocolsthatoffertargetedadvertisingsolutionsspecificallyforcryptoplatforms.

Metaverse:Themetaversesubsectorencompassesplatformsdesignedtosupportawiderangeofactivitieswithinimmersive,digitalenvironments.Unlikeautonomousworldsattheapplicationlayer,whicharespecificallydesignedforgamingandentertainmentpurposes,thegeneralconceptofmetaversecouldbeappliedtoactivitiesoutsidethescopeofconsumercrypto.Whilenotanexplicitconsumercryptoapplication,metaverseisaplatformthatcansupportconsumercryptousecases.

IdentityManagement:Theidentitymanagementsubsectorreferstoapplicationsandprotocolsthatallowuserstomanageandcontroltheiridentity.Itencompassessystemsthatenablesecureauthentication,verification,andthesafeguardingofpersonaldataacrossvariousdigitalplatformsandservices.Advancesinidentitymanagementsolutionsprovideopportunitiestoreduceuserfrictionacrossconsumercryptoapplications.Forexample,theinteroperabilityofidentitycredentialsenablestheuseofasingle,securedigitalidentityacrossmultipleserviceswithoutrepeatedverifications.

Whilethistaxonomy1offersacomprehensiveframeworkthatappliestothecurrentlandscapeandaimstoprovidecategorizationforfuturedevelopments,it'scrucialtoacknowledgethatthesubsectorsidentifiedaredynamicandsubjecttochange.Asnewtechnologiesemergeandgiverisetoinnovationsatboththeapplicationandinfrastructurelayers,thesesubsectorswillinevitablyexpandandadapt.Thisongoingdevelopmentmayintroducenewcategoriesandredefineexistingones.Ourframeworkprovidesmorethanjustasnapshotofthecurrentstateofconsumercrypto;itservesasasolidfoundationforunderstandingthespaceandaidsinanticipatingfuturedevelopments.

1Inclusionofaprojectorcompanyinthisreportisnotanendorsementofthesame.Wehighlightselectedconsumercryptosubsectorsusingrepresentativeexamplesofapplicationsandentitiesoperatingineach.Pleasenotethathighlightedprojectsorcompaniesmayfitintomultipleconsumercryptosubsectors.Wehavecategorizedprojectsandcompaniesinthesubsectorswherewesawthemfitprimarily.Ifyoufeelyourorganizationwasmiscategorizedorthinkitshouldbeincludedinfuturereports,pleasecontactusatresearch@theblock.co.

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THEBLOCK.COAUGUST2024

PART2

CURRENTMARKETLANDSCAPE

Theprevioussectionoutlinedadefinitionandsupportingtaxonomyofsubsectorsthatcompriseconsumercrypto.Thisframeworkwillnowbeleveragedtoexplorethecurrentlandscapeofconsumercrypto.Thelandscapeincludesbothtraditionalconsumerbrandsandcrypto-nativecompanies.Traditionalconsumerbrandsareincreasinglyventuringintothecryptospaceastheybegintorecognizethepotentialforblockchaintechnologytochangethewaytheyengagewithconsumersanddelivervalue.Byintegratingcryptorailsintotheirexistingproductsandservices,thesebrandsareexposingtheiruserbasetothebenefitsofblockchaintechnologythroughafamiliarandaccessiblelens.Thisapproachhasthepotentialtohelpdrivemainstreamadoptionofon-chainconsumerproductsandbridgethegapbetweenthecrypto-nativecommunityandthebroaderconsumermarket.Meanwhile,crypto-nativeconsumerprojectsarebuildingouttheapplicationandinfrastructurelayersofconsumercrypto.Theseprojectsareleveragingblockchaintechnologyincreativewaystochallengetraditionalbusinessmodels.Understandingthecurrentlandscapeofbothtraditionalconsumercompanyinvolvementandcrypto-nativeprojectsactsasacrucialfoundationforenvisioningthefutureofthespaceinSection3.

2.1BLOCKCHAIN-NATIVECONSUMERCRYPTOAPPLICATIONLAYER

Whileit'sworthnotinghowtraditionalconsumerbrandsareexploringWeb3technologiestoenhancetheirbusinessandimprovecustomerengagement(coveredinSection2.3),ourprimaryfocuswillbeonthecrypto-nativecompaniesandprotocolsthatarebuildingoutthetechnologyandlayingthefoundationforthenextgenerationofconsumerexperiencesontheblockchain.Theseprojectsarenotonlypushingtheboundariesofwhat'spossibleintermsofconsumerapplicationsbutalsodevelopingtheunderlyinginfrastructurenecessarytosupportmassadoption.Byanalyzingthenascentmarketlandscapeofcrypto-nativeconsumerproducts,wecangainvaluableinsightsintothecurrentstateoftheindustry,identifyemergingtrendsandopportunities,andbetterunderstandhowtheseinnovativesolutionsarereshapingtheconsumerexperience.Inthissub-section,wewilltakeadeepdiveintotheapplicationandinfrastructurelayersofthecrypto-nativeconsumerproductlandscape,exploringthevarioussubsectors,useractivity,andventurecapitalfundingthataredrivingthegrowthofthisspace.

Attheforefrontoftheconsumercryptolandscapeistheapplicationlayer,whereprojectsarebuildinguser-facingsolutionsthatleverageWeb3technologiestocreatenewexperiencesandexploreinnovative

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businessmodels.Theseapplicationsspanawiderangeofsubsectors,eachaddressingspecificaspectsoftheconsumerjourney.Whilethisreportoutlinesdistinctsubsectorstohelpbetterunderstandtheconsumercryptolandscape,theboundariesareblurred.Giventhecomposablenatureofcrypto,thereisagrowingconvergenceoffeaturesandfunctionalityacrossvariousapplicationcategories.Thistrendislikelytoaccelerate,leadingtoconsumercryptoapplicationsthatspanmultiplecategoriesandofferawiderangeoffunctionalitywithinasingleplatform.

“Ithinktherewillalsobeaconvergenceofmanyofthesesectors,meaninga“product”willbemuchmorehorizontalthanvertical.Thecontentistheplatform.”

–RobbyYung,AnimocaBrands

Inthefollowing,wewillexplorethesubsectorsthatcomprisetheconsumercryptolandscape,outliningtheusecases,notableprojects,andtrendswithineach:

2.1.1:COMMUNITY/BRANDENGAGEMENT

?CommunityandBrandEngagementwillexplorehowapplicationsareleveragingNFTsandothercrypto-nativetoolstocreatedeeperandmoremeaningfulconnectionsbetweencreators,brands,andtheiraudiences.

Thecommunityandbrandengagementsubsectorofconsumer

cryptoencompassesawiderangeofapplicationsdesigned

tocreatestrongerconnectionswithincommunitiesand

betweenusers,creators,andbrands.Giventhebreadthofthe

communityandbrandengagementsubsector,itislikelythat

astheconsumercryptospacecontinuestomatureandevolve,

thissubsectorwillneedtobefurtherbrokendownintomore

specificandspecializedcategories.Forexample,breaking

downthissubsectorintomorespecificusecasessuchasNFT

ticketing,sportsandentertainment,fashion,travelandhospitality,andmorewillbecomeincreasingly

?DecentralizedSocialwilllookathowprojectsareaimingtocreatemoreuser-centric,transparent,andcensorship-resistantsocialm