Combining NFT with TikTok’s personalization and Pinduoduo’s social experience, what kind of sparks will it collide?
Original title: “NFTs version of Douyin and Pinduoduo?” (📱👨👩👧👦💰 The “TikTok/Pinduoduo” of NFTs?)
Written by: Andrew Steinwold
Compiler: DAOSquare
Note: Finance is risky, investment needs to be cautious, the following only represents the original author’s views
If you don’t understand Douyin and Pinduoduo, see below
TikTok is a short video sharing social network App. The most powerful thing about TikTok is its algorithm. After using Tiktok for a few hours, it can determine which type of video you like to push based on factors such as viewing time and engagement.
The market value of TikTok is 180 billion US dollars.
Pinduoduo is an interactive e-commerce platform. Pinduoduo is fascinating because of its cheap price, interesting design and social attributes. Its interesting design encourages people to browse products instead of deliberately searching for products. People can also buy products in the form of “buying”: if you can let everyone in the same group buy the product, then everyone will get a discount, including yourself.
Pinduoduo has a market value of US$114 billion.
What can we learn from Douyin and Pinduoduo? How do we apply it to product development in the NFT market?
TikTok of NFTs = Personalization of NFTs
What will TikTok of NFTs look like? The app displays an NFT, and then calculates your video viewing time and participation. Participation includes activities such as likes, comments, and sharing. Of course, whether to click the “Buy” button. However, unlike video sharing applications, TikTok of NFTs needs to display asset attributes and descriptions, which is different from pure visual media. But there is another problem: NFTs are a very diverse asset class, which spans the following categories:
Collection
Game assets
Virtual land
art
Intellectual property
contract
and many more….
For an algorithm application that specializes in learning from user behavior, having a wide variety is actually not a problem. If you are a loyal fan of collecting NFTs, then this algorithm will learn and match your collecting habits and show you more collections. If you like artistic NFTs, then the algorithm should learn and match to show you more of your favorite artworks. The APP will narrow down the asset types you are most interested in through numerous categories.
As mentioned above, I think one of the main challenges of NFT TikTok is how to better provide background information about NFT when displaying NFT images. Taking OpenSea as an example, we can clearly see the properties of its assets.
The picture above is a list of Axie’s assets in the game “Axie Infinity”. These assets play an important role in Axie’s value and gameplay. But if a person only sees the image of Axie, he cannot accurately judge how powerful it is. The key is that an efficient NFT TikTok needs to refine this information in an extremely concise way, so that people can decide whether to swipe the next asset or learn more details (and possibly buy) in a few seconds.
Pinduoduo of NFT = Create an NFT social experience
Pinduoduo is a completely different app from TikTok, but I think it has some powerful features and is very suitable for NFTs. One of the most powerful functions of Pinduoduo is the “group buying” function. “Group purchase” allows users to form a group. If everyone in your team buys a product, then the entire team can get a discount on that product.
Group buying is perfect for the NFT ecosystem. Users/players can contact friends to form a group, if everyone decides to buy NFT, then they will get a discount. This also helps to increase the stickiness of NFT because it connects a group of people and evolves into a social activity. From the perspective of the NFT project, they just want more users to try their platforms/games and buy their assets. Because creating this type of team-type NFT discount basically does not cost any cost, this is actually two birds with one stone: satisfying multiple users in the platform/game at the same time and increasing the number of token holders. By having more token holders, you can inspire a wider range of people to use the product-more users may mean that this NFT has greater value.
Discounted NFT can also be used as an incentive for the team to complete tasks such as testing, surveying, or suggesting new product features to platform/game developers. Their rewards can be discounts, but they will only be given if everyone has completed a specific task.
These ideas are not directly related to Pinduoduo, but it would be great to rank teams based on factors such as the number of tasks completed or the number of NFTs owned. It would also be interesting if a platform like OpenSea allows users to subscribe to a team’s activity list so you can constantly see what other people are buying.
These team-based activities can encourage healthy user behavior and increase user engagement. The team-based e-commerce platform Pinduoduo has achieved great success. Given that the company was founded in 2015, it is currently valued at approximately US$114 billion.
If we combine the ideas of TikTok and Pinduoduo, create an NFT feed to show user preferences, with group purchase discounts, then I think it can become a very powerful APP. Although there is currently a view that every product is unique. But if a company can organically combine the above ideas, then I think the created project will become a unicorn.
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