Nick Smith
@iamnick.eth
every L1 and L2 will launch their own opinionated wallet product because there is so much value to be captured across various fee surfaces + owning the distribution channels, not to mention a treasure trove of data and the ability to create a strong brand moat with a rapidly expanding number of composable apps and protocols we’re seeing the WeChat-ification of the wallet as it becomes the entry point into the onchain world I can’t help but notice though that we seem to be creating new walled gardens based on the chains (operating systems) we prefer to use rather than optimising for interoperability. this is even more evident when we consider embedded wallets that are scoped to specific apps it seems the dream of true multi-chain interoperability has been cast aside in pursuit of short term profit maximising I hope we can change this together
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Mike | Abundance 🌟
@abundance
how many wallets do we need tho?
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Arti Villa
@artivilla.eth
This is very much a brand play at the end of the day. The top four will dominate the market. We kind of already have that with MetaMask, Coinbase Wallet, Rainbow, and Phantom and Rabby. I mean, this is the whole thesis with venture-backed that with every industry or category, people can only remember so many names, and so most of the word of mouth flows to a handful of them. Then you have a long tail of products that are specialized. It can still be profitable, but I'm not sure they warrant venture dollars. If you can bootstrap and even have a long tail of customers, you can still win big time. Problem with bootstrapping is you need to be multi-skilled, which most people don't have.
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Nick Smith
@iamnick.eth
I think eventually the wallet will be abstracted away entirely and will be deeply integrated into the operating system (AI models + app ecosystem). App Store + Apple Pay or WeChat + WeChat Pay are probably the most analogous things that comes to mind If these wallets are to survive they either need to become the default wallet infra powering commerce (I think Privy might have a leg up here) or start building their own operating systems Coinbase seem to be most advanced, MetaMask is bloated and can't innovate, Rainbow focusing on the wrong things and Phantom might be too late (Rabby a non-starter)
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laprade
@laprade
Can you share more about Rainbow working on the wrong things / what you think we should be working on? I can also DM or happy to speak on the phone if you have more in depth feedback 🙏
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Nick Smith
@iamnick.eth
see this thread https://farcaster.xyz/artivilla.eth/0x0fd499b1
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laprade
@laprade
Very helpful and much appreciated.
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Nick Smith
@iamnick.eth
all in the spirit of giving constructive feedback 🫂
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