Why it’s so Hard to Navigate web3… and How to Make it Easier.
There is so much more to crypto and web3 than people think there is. One of the first things that a newcomer might realize once they start to learn about web3 is that it’s not just about buying coins.
In web3, there are assets, for sure: tokens, NFTs, games, music, and much more is being created using blockchain technology. There are also really interesting social dynamics emerging and being refined around the principles that web3 is built on, such as new ways to:
- organize collaboration and economic participation (many digital artists are receiving perpetual royalties for NFT resales thanks to smart contracts, for example).
- verify value transfers that don’t rely on opaque and biased institutions.
And the beauty of web3 is that all of these assets and social dynamics are traceable on-chain (meaning these patterns are there for everyone to see!). Using blockchain data to uncover the truth and navigate web3 can reveal opportunities for people in the space to create value for themselves and others that have never existed before.
Only an Elite Few have On-chain Literacy
Of course, uncovering the truth and successfully navigating web3 is not that simple. One of the biggest challenges for newcomers and degens alike is extracting meaningful insights from block data, especially with information on-chain growing exponentially and getting more complicated every day.
Until recently, if I wanted to figure out how a person I admire is managing their assets, I’d have to look up their wallet address on etherscan, or a similar site, and discover through intense analysis of their transaction history what they’re investing in. I would find the answer, but it would take a lot of time and effort.
So, although the blockchain is transparent, it is not accessible. Further complicating this is the fact that there is no single place where a web3 explorer can connect the dots across all the different asset types, like DEFI, NFT, DAOs and creator communities, making it impossible to follow patterns and make informed decisions.
What makes web3 feel unsafe sometimes is our vulnerability to bad actors in the space, due to not having full access to on-chain data in a relatable way. They can take advantage of these problems by promoting misleading narratives on web2 social media platforms, where the information they share is not easily verifiable.
Zapper V2 makes web3 Exploration Easier
If we revisit the example above, about finding out how someone I admire is managing their assets, I can use Zapper V2 to get all these answers quickly.
Let’s say an influencer shares on Twitter about an NFT they really like, or a project they believe in.
Maybe I want to invest in the project, but I want to verify that this person has actually made the purchase, to make sure they are being honest about how they feel about the project.
I would go to Zapper, find the account I’m looking for, and search for the collection in the NFT section of their profile:
In this example, I am able to see right away that not only does this account believe in the project they shared, they are heavily invested in it.
After some scrolling (and distracted exploration of this impressive collection!) I am able to confirm that this account owns the NFT they shared on Twitter, and even click on it to learn more about that NFT in particular (including sales/transfer history).
From there, I can use this verified information to make my own decisions about whether or not this is a project I’m interested in. If an influencer I respect has minted or purchased 175 NFTs from this collection, and they are happy enough with the project that they’re sharing about it 4 months after mint, I might consider making a purchase myself. Or maybe my exploration revealed something about the collection I didn’t like. Either way, I am armed with more information to guide my decision making.
Because Zapper surfaces data about DAOs and DeFi apps in addition to NFTs, you can follow these investigative steps for all three web3 verticals.
Most Importantly
Web3 has a lot of potential, and holds a lot of promise for all of us, if we can get it right. It’s magical that information about any transaction ever made on a blockchain is there to be discovered if you know how to find it. Zapper makes it easier than ever before to do this kind of exploration.
