Conversation with Co-Founder of EyesFi: Web3 Social Lifestyle

EyesFi is an Ethereum-based Web3 application for value discovery of NFTs. In the process of EyesFi's continuous development, the team gradually realized that individuals' cognition and recognition of information is also a kind of information that can judge the weight of things. In addition to the information providing platform, each user is also an important participant in value discovery.

According to this, EyesFi tries to improve the application by adding user behaviors into the application, gradually forming the Like to Earn It is an information platform centered on the concept and has two elements of Game-Fi and Social-Fi at the same time.

Similar to Stepn's need to "wear shoes" to earn Tokens, in EyesFi players also need to "wear" NFT glasses, through Curate and Like valuable NFTs to earn income. In addition, EyesFi has also designed a unique "delayed incentive system". Specifically, the number of Tokens obtained by users for curation and likes is determined by the price of NFT and the real changes in transaction volume, so that Tokens can be distributed to all players fairly, effectively to avoid cheating. Players can also "follow", interact, give gifts, etc., and more importantly, they can observe other OGs and understand which types of NFT others are optimistic about. While improving sociality, it also promotes the generation of more high-quality Web3 content. Enable users to more efficiently discover valuable NFTs through their applications.

Aside from this, EyesFi's most prominent bright spot is its externality. Disadvantages, understand that regardless of the scale of the economy, the ability to generate external value is the foundation of the sustainability of the system. Therefore, EyesFi tries to continue to optimize the economic model, and establish an open and verifiable system while establishing a complete value evaluation system.

BlockBeats conducted an exclusive interview with Shaun, one of the co-founders of EyesFi, let us learn about his understanding of NFT and its value What are the views in the field of discovery?

NFT development process

BlockBeats: As far as we know, you are very active and influential in many NFT communities such as CryptoPunks, Artblocks, fxhash, etc. #8149), ArtBlocks, and many other NFTs, how did you bet on these well-known NFTs?

Shaun: I think there are two reasons that are obviously different from others. First, I Probably one of the most curious people in the whole Crypto circle. Second, unlike most collectors, I bought CryptoPunks very early and collected a lot of works in the ArtBlocks community in the first half of last year.

Most people think that the NFT craze started with the avatars in the second half of last year, including the series of BAYC, Azuki and Moonbirds But in fact, a more obvious upsurge was driven by CryptoPunks and ArtBlocks in the first half of last year, but most people did not have any obvious actions in this wave.

Before Crypto was more inclined to chase ups and downs in currency speculation, but as an entrepreneur, I hope to be able to This field makes applications that are used by more end users and are more biased towards Web3. A simple ERC-20 Token may not be able to carry these, so we started to explore in the NFT field very early, until the outbreak of CryptoPunks and ArtBlocks and the rise of the Opensea trading platform in 2021, really brought NFT into a boom, so that we finally NFT can be called an industry. We started with a community tool and slowly made a product like EyesFi.

BlockBeats: You said that you participated in this field very early, so as a senior NFT Collectors, I think you must have a deep insight into the market. From your perspective, do you have any views on the blockchain NFT field?

Shaun:I think the rise of NFT is not accidental, we all know that Crypto has three obvious bull markets , respectively in 2013, 2018, and 2020, and the real upsurge of NFT was only last year. Compared with digital currency, it is still at a very early stage. It has just emerged and has a longer-term future.

In the first wave of NFT bull market, many early NFTs had an increase of about a thousand times, such as the Chromie Squiggle price of ArtBlocks from 0.03 ETH has risen to 10 ETH, and the price of Fidenza has risen from 0.1 ETH to 300 ETH, and the increase has reached 3,000 times, but it is difficult for the currency circle to experience a 3,000-fold increase. Therefore, NFT is a track that rises faster and is easier to rise due to attention.

Most people will think that the market is in a bear market. Today's NFT market BAYC has fallen by about 80%. Moonbirds, Azuki and other floors The price of NFT has also fallen sharply, but I think it is because everyone only pays attention to PFP. In fact, the cycle of the NFT market is much faster than that of the entire Crypto. Although it is currently in the bear market of Avatar for a short time, it will often have new hot spots, and it is prone to local outbreaks. It only takes dozens or hundreds of people to pay attention to stimulate the NFT market. In such a market, we need a tool that can gather everyone's attention and opinions.

As an example, luckily for me, I bought three Fidenzas in ArtBlocks, and in the last bull market It rose to 300 ETH, and the reason I bought Fidenza was because my Twitter friend Bona, he wrote an article about why Fidenza is a landmark project in the entire digital art field, NFT is a cultural product, we are more likely to understand Gain more benefits because of some insights.

BlockBeats: Generally speaking, the NFT cycle is faster, the growth rate is higher, and the hotspot rotation is more Intensive, can you specifically talk about how you see the past, present and future of NFT?

Shaun: I think NFT can be divided into three types in terms of form, one is only one 1/1 of the Art, such as beeple, XCOPY works, the other two are generative art and avatar. There are two main types in terms of types, one is Utility (functional) NFT, and the other is NFT that is biased towards Art.

Some PFPs will move to promising Utility, but all similar items are currently down, like Cool Cats. Apparently it was a blue-chip NFT before, then made the game and promised to deliver a metaverse to the community, unfortunately their metaverse was very poor, so Cool Cats became a very marginal NFT. Another example is the 3D metaverse promised by BAYC, but this is not necessarily the best field.

In fact, it is best that NFT should provide a certain degree of Branding and IP, just like the situation of BAYC before it released monkey land, such as Like Curry, many powerful people use monkeys as their avatars, and Li Ning bought BAYC as an extension of brand management. This type of NFT does not promise a certain function, it is itself, the most typical is CryptoPunks, which is the villain itself composed of pixels, and does not promise to deliver anything to users. I personally think that the NFT life cycle that represents itself will be longer, and the market for Art will be longer term.

There are some new crazes brewing in NFT, such as music NFT is on the rise, short videos, long videos, and even movies in the future etc. can be used as NFT. However, the current audience is very small, but with the popularity of Crypto wallets, if the entire NFT user base can increase by dozens of times, all digital content in the future may be presented in the form of NFT. This is the future of NFT. It will become easier for everyone to trade digital copyrights. NFT will definitely replace our current way of trading digital content and spiritual wealth, so I am very optimistic about NFT, and it will have a bigger future. Using the scene, there will be a lot of prosperity in different fields.

BlockBeats: NFT has more room for imagination in different fields, so why did you just choose What about creating EyesFi in this area of NFT value discovery?

Shaun: There are also many NFT tools in this field, but I found that all NFT tools have lag It only shows which NFT is currently hot, has many buyers, and has a high price. I agree with the two mainstream opinions on Twitter. First, you should buy NFT at a price you can afford, and second, don’t buy it when this collection is the hottest.

When the NFT market has not yet risen, the scope of spread is very small, just like when I bought ArtBlocks, it appeared When there was such a big increase, none of my friends who speculated on ERC-20 talked about it, so I thought it was a good time to buy it, but I still need more information to know which works are worth collecting. But this information is distributed in different Medium, Twitter, and Discord, and the information in the chat room Discord is difficult to retain and search, so it took me 4-5 months to collect information to complete the collection of ArtBlocks, which is very time-consuming .

And it only takes one day for many collections to rise a hundred times, and we usually pay attention to it after it rises, and then it keeps falling. A lot of news is scattered in some very private domains. Since we have no intersection with it, we missed a lot of information and a lot of valuable NFT. We need a platform for important information about NFT in the public domain, to discuss and share important information through social means.

Our original intention of doing EyesFi is to hope that whenever there is a collection, people with clear information can disclose the information and need information People can get first-hand information, making some KOLs penetrate their information from a small private domain to a larger traffic pool. On the one hand, this product is like a platform for planting grass, and on the other hand, it is like sharing financial and financial information. It can be regarded as a combination of the two.

BlockBeats: In addition to integrating important bits and pieces of information, EyesFi is also unique in that it sees the project itself Limitations, try to improve the original economic system. What do you think of other X to Earn projects? How does EyesFi plan to improve?

Shaun: In the early days of the blockchain, many people began to try to find out some kind of practical function Landed economic models, but all failed. I think the problem with their economic model is that they ignore the sustainability of the economy.

Later, X to Earn has two more influential projects, one is Axie and the other is Stepn. I personally feel that both use a very simple static Ponzi model. Because the price of purchasing interest-earning assets in Axie is fixed, and the returns obtained tend to be static, so the behavior of players will inevitably constitute an unsustainable Ponzi, gradually forming a death spiral.

In essence, there is no shortage of successful Ponzis in the world, such as BTC, but it has no interest-bearing assets. In addition to ArtBlocks, Fxhash. There are artists, buyers, and platforms on Fxhash. The platform collects transaction fees, and artists regularly collect copyright fees. However, the loss of these funds did not cause the entire platform to collapse. On the contrary, it contributed to the prosperity of the platform, and the same is true for ArtBlock. In the cycle of this economy, some people take money and some people want to give money, but it does not have continuous interest, so my personal opinion is that Ponzi can continue in the soil of X to Earn, but the interest of interest-bearing assets needs Make some sort of change.

So in EyesFi, we have turned the practice of receiving fixed interest every day for users similar to Stepn into a one that depends on Uncertainty about future unpredictability. If a user makes a greater contribution in the community, he will be appreciated by others and thus get more rewards. The two systems of curation and praise distinguish human behavior and introduce externalities into EyesFi. Combining social feed streaming products with user rewards, through the unpredictability of rewards, makes the system tend to be a positive sum game, so that the game can have a longer life cycle.

EyesFi’s value

BlockBeats: So what advantages does EyesFi have over other NFT value discovery projects on the market?

Shaun: There are two big problems in the application of tools. First, when users It’s too late to participate when you see some NFTs on the tool. Second, NFTs are different from Defi. They have no economic model themselves, and it is difficult to have a suitable application scenario for issuing Tokens.

But last year, we made a complete analysis of NFT data, trying to give EyesFi a natural economic model this year. The data platform is essentially a static tool, but the most valuable part of the NFT field lies in the series of behaviors performed by users around NFT, such as transactions, mutual cognition, and consensus formation. Based on this information, we put the X to Earn model on to motivate users.

I myself am a loyal user of EyesFi, I go to curate exhibitions every day, and I also perceive the market based on data and other people’s feedback. Subtle changes in this field. Many people don't know that ArtBlock experienced another small bull market last month, which was superimposed by three factors. One is the NFT.NYC offline event held in New York, the other is that the drop in ETH has led to active transactions, and the third is that Bona, as I mentioned before, has created a new project. Based on these clear information, I went to Mint and Sell according to my own ideas. But many people don't know this information, and under the guidance of the community, rushing to ArtBlock is now being caught miserably.

So through tools like EyesFi, we know the factors that contributed to this wave of bull market, and then judge whether these factors are strong upward signals, and do Make a trading decision. The difference between EyesFi and other NFT tools is that we not only give data, but also pass the advanced testing method to inform users of the core of other players’ insights.

BlockBeats:The core of EyesFi is to provide key information for users to judge the buying and selling point, so the recent To present the core functions and carry out prize-winning activities on Discord, which aspect do you want to verify?

Shaun: We are doing X to Earn and need to improve the relevant settings, so that other games can The gold coins or the number of steps in Stepn can be mapped to Token. But for EyesFi, the difficulty lies in the fact that we need to convert such a vague and difficult-to-judgment of NFT market performance into Token.

Our team invented a set of algorithms for this purpose, mapping a nearly infinite set to a limited set, Calculate how many tokens the user can get. What needs to be verified in Discord is that the specific value of the increase in the NFT price, transaction volume, etc. is mapped to the amount that the user should obtain, and then combined with the user's equipment value to convert the total number of Tokens that should be obtained.

The difference from other similar applications is that in Stepn, users can predict how much they can get paid, but in EyesFi, it is better There is about a 20-fold gap between good curation and bad curation, which tests whether users have real insight and real thinking ability in this field.

BlockBeats: That is to say, according to the value provided by the user, the number of Tokens obtained by the user is mapped, From unilateral NFT value discovery to user cognition and judgment, it becomes a two-way interaction. So how do you plan for the future of this product?

Shaun: The next step is to add likes to the large-scale test of Discord.

Users only have two behaviors in the APP: curation and praise. Twitter, we all expect likes from others, it's a big part of being social. In EyesFi, the focus is on the NFT field, and the number of likes won will also affect the Token that the user finally gets.

A KOL must not only have sufficient insight, but also need the followers of others, relying on fans to monetize. We have simulated this set of Web2 methods into Web3, and the Like algorithm has also been developed. Currently, the iOS version of the app has been developed, and the Android version will be developed by the end of September.

Web3 Lifestyle

BlockBeats: Although the recent market has eased compared with June, it is still clearly in a bear market stage. What impact do you think the bear market has on NFT?

Shaun:Obviously, the bear market is good for NFT. At present, it can be regarded as a market that has gone through one and a half waves. For ArtBlocks, it has come through a clear peak and trough, followed by another bounce. For avatar projects, it has just experienced a peak in January and has not experienced a trough.

NFT is equivalent to some kind of derivative in the sense of Token. For example, holding an NFT is equivalent to holding a double option, which is a bearish option for the USDT standard. If the price of ETH is 4,000 US dollars today, and the user buys NFT with 1 ETH, there is a high probability that the ETH will fall to Selling at a price of more than 4 ETH when the price is 1000 US dollars or less is approximately equal to selling at 4000 US dollars. For the ETH currency standard, more ETH is obtained.

From projects like ArtBlocks that have gone through at least one and a half cycles, it can be clearly seen that when the price of ETH falls, buy There will obviously be more NFT people, but this is not so obvious in avatar projects such as BAYC and CryptoPunks, because the total number of such projects is more, and human behavior becomes more complicated.

But the overall NFT cycle is opposite to that of Crypto, and the cycle of NFT can be used to hedge the cycle of Crypto, and the cycle of NFT The cycle is faster, and when Crypto is sideways, it can also complete the rise and fall. So I think NFT has gained a better right to choose at the cost of the loss of liquidity.

BlockBeats: What important events do you think are worth sharing with us?

Shaun: The difference between this product and other Crypto projects is that many projects are copied , such as swap, lending, NFT market, etc. But EyesFi is an original product of ours, and there is no such product that uses NFT in the form of X to Earn before.

Most of the previous social products were very simple, and many of them were flooded content, but EyesFi is precise in rewarding user-generated content. It is essentially aimed at everyone's life on Web3, inspired by my own life and that of our team. I believe that everyone will become more and more accustomed to such a social life that crosses national boundaries and crosses offline.

BlockBeats: Finally, would you like to talk about your future plans?

Shaun:Since 2021, my way of life is to watch EyesFi, observe the NFT market, Learn about changes in the ArtBlocks marketplace. The second is to look at my Twitter. Although I don’t have many fans, they are all artists and collectors in the NFT field, so the content is all about NFT and Art. The third I will watch Discord, the fourth I will go to EyesFi for Curate today, which has constituted my main life. Apart from fitness in reality, I have almost no life offline.

It used to be Move to Earn, but now there is only Move without Earn.

This Web3 lifestyle is more personal, I remember this year Su Zhu proposed the concept of "sovereign individual", which means that people's dependence on the outside world, whether it is on companies or on the country, will become less and less. Now everyone's own means of production (ETH) are in their own hands, and their own behavior determines the daily production (content). No matter where it is easy to achieve this kind of Web3 life state, I believe that many people will live in this relatively free way in the future.

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