Digital wallets as the next big thing
Digital wallets as a new form of self-expression
Reframing digital wallets and .eth profiles helped me understand why digital wallets are going to be so vital in this next chapter of the Internet.
The catalyst of change in this case is the rapid rise of the pseudonymous economy. We’re already starting to see fewer photos of the people we interact with online replaced by avatars or NFTs people own.
In a world where we don’t know who anyone is, being able to know who to trust, befriend, and work with is going to be more critical than ever.
And because what’s verified on the blockchain is public, digital wallets have the potential to be this important layer of trust.
“What’s in your wallet” actually says a lot about you.
It’s an unfiltered look into someone’s activity — the projects they support, the things they’re interested in, and a bird’s eye view into *their* online game.
What’s crazy: These digital wallets have the potential to be a stronger source of truth over traditional Web2 profiles because they’re grounded in what you actually do, not just what you say.
From a design perspective there’s a lot you could do to help tell a story based on someone’s activity.
Back in 2013 I noticed a similar trend when it came to online dating profiles. Instagram was the place people went to broadcast their interests. It was the go-to platform to share where you were traveling, who you were spending time with, and of course shows you were going to. (All things people previously described in words on traditional dating profiles before the rise of the apps.)
That observation went on to become Glimpse, an app that re-imagined the dating profile, powered by content from Instagram (whose UX is still employed by apps like Hinge today).
The growth opportunity
Over the past week I've been thinking about how one of these digital wallets might help potential customers see value beyond what will eventually be seen as a table stakes utility.
A natural starting point would be to help their community learn about themselves.
There have been countless breakout consumer experiences from things like personality tests to Buzzfeed quizzes that help users see themselves in a new light and then use it to express themselves in new ways.
Brands on Twitter frequently engage their audiences by asking them a question, and respond with a funny, shareable answer based on their profile (that helps them express themselves in new ways).
Earlier this summer, Vacation, a new DTC sunscreen brand went viral by giving people a hilarious business card showcasing their fake summer job when they visited their website. It was an incredibly successful campaign that put them on the map in a fresh way.
Bottom line: If you can help people see themselves in a new (and flattering) light, there’s a good chance they’ll share it with their network as a means of self expression.
Imagine if a digital wallet did something similar for their community — like writing a bio or awarding them superlatives or even badges based on their activity.
You could do this manually by hiring a team of creative writers (like HBO), or through building an AI bot to do it automatically. For example, remember when The Pudding roasted people based on their listening habits? The Internet went bonkers for it.
Doing so would not only give their most passionate users shareable content to raise brand awareness, but also highlight the potential of a digital wallet as a means of self expression.
In a world where this pseudonymous trend continues to grow, the first digital wallet to help their community express themselves in new & meaningful ways has a chance to be the next breakout hit.