First of all, a brief introduction of TikTok and Pinduoduo can be found as followed in case you are not familiar with them.
As a short-form video-sharing social networking app, TikTok achieves success due to its algorithm. Following a few hours spent on the app, it can figure out what kind of videos you like in accordance with factors such as watch time and engagement. At present, TikTok is worth $180 billion.
While Pinduoduo - an interactive e-commerce platform - enables people to feel excited as a result of its cheap prices, playful design, and social nature. This playful design advocates fun browsing rather than deliberately searching for products. Pinduoduo is now worth $114 billion.
What can we learn from these two platforms, and how can we take advantage of these learning to develop products in the NFT markets?
The Personalization of NFTs
TikTok of NFTs would show you one single NFT at a time and measure your watch time and engagement. Engagement would cover activities such as liking, commenting, sharing, and, for sure, hitting the "buy" button. But different from a video-sharing app, there would be a need for the app to display asset properties and a description. What's more, NFTs embrace an incredibly diverse asset class.
If you are interested in collectible-related NFTs, the algorithm should learn as well as adapt to you more collectibles. While you favor art NFTs, the algorithm should be changed accordingly and allow to show you more art. These vastly different categories would be narrowed down to center on whatever types of assets you are most devoted to.
One of major challenges beforementioned is how to display the NFT’s background information and the visual NFT image in a better manner. For instance, the properties of an asset can be seen clearly on OpenSea.An NFT Social Experience
Unlike TikTok, Pinduoduo boasts some powerful features that would be very applicable to NFTs. The "team buying" feature is the single most powerful part of Pinduoduo.
If this feature can be applied in the NFT ecosystem, that would be perfect. Users/Players could connect with friends to form teams, and if everyone decides to purchase an NFT, then a discount is provided, helping enable NFTs to be more sticky in that it connects various people and becomes a social activity.
NFT projects only want more users to attempt their platform/game and purchase their assets from an NFT project's view. A wider group of people to employ the product can boast incentives by having more token holders. During the process, more users indicate that the NFTs have greater value.
Meanwhile, the teams could be incentivized to take specific actions such as beta testing, taking surveys, or suggesting new product features to the platform/game developers. Discounted NFTs could be their reward, but would only be allocated if everyone had the specific task done.
These kinds of activities based on team could encourage all types of healthy user behaviors and increase engagement. It has proven that team-based e-commerce Pinduoduo secured a massive success in that founded in 2015, the firm is now valued at nearly $114 billion dollars.
If an NFT feed can combine the idea of TikTok and Pinduoduo showing users the exact types of NFTs, along with the ability to form teams to purchase NFTs at a discount, it would become a very powerful app and even a unicorn in this sector.