Phantom Social Feed:- Crypto Wallets are no longer the mere dipository of users’ digital assets. They have now evolved into multi-purpose application with increasing integration of DeFi services. The most recent trend adopted by crypto wallets is the integration of social feeds within the wallet.
Coinbase is also in the process of revamping its wallet to integrate Mini social apps within its interface.
In a similar latest instance, Phantom has introduced a social feed in its wallet interface. Currently in beta, this feature aims to “connect” traders and friends by bringing real-time on-chain activity and community insights directly into the wallet experience.
Announced on Thursday, the update enables users to follow the trading activity of friends, monitor “whale” moves, and discover trending tokens without ever leaving the Phantom interface.
Are Crypto Wallets Like Phantom the New Business Model?
The success that social media applications like X, Facebook and Instagram is perhaps the most innovative business model of the 21st century.
Crypto wallets today are trying to replicate that success only within their application. Phantom’s social feeds somewhere also replicates that, however, for crypto trading in web3.
At its core, the social feed of Phantom functions much like a micro-social network for on-chain data. Users can follow individual addresses of friends or prominent traders to see what they are doing or trading.
Further, the feed also allows users to follow specific tokens, curating a personalized stream of buy/sell swaps, token reactions, and new follow events.
Thus, much like a social media feed, each feed update appears in real time. This implies that new stories will populate every few seconds, ensuring that traders can spot emerging trends and notable large-scale transactions as they happen. Once enabled, the feed automatically prioritizes activity from the addresses and tokens you choose to follow.
According to the company’s announcement, privacy considerations have been addressed with granular controls. By default, only activity from a user’s “default public address” appears on feeds.
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Emergence of on-chain Socials Within Wallets
While traditionally crypto wallets have focused on transaction management, Phantom’s social feed taps directly into the trend-spotting needs of active traders. Many crypto wallets are now offering integrating these social feeds.
Recently, Coinbase Wallet also introduced its beta. It also introduces a native social feed where creators can post updates, users can tip, and NFTs can be accessed and shared in real time.
Apart from social feed, Coinbase wallet has also integrated several mini apps. These onchain experiences live inside the crypto wallet under the apps tab. Without the standalone downloads, they helps users in accessing it within the crypto wallets.
Thus, if successfully implemented by Coinbase or Phantom Wallet, this can also push other crypto wallets to follow the same model.
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