The non-fungible token (NFT) project by former U.S. President Donald Trump has helped its host network, Polygon, outsell Ethereum on the leading NFT marketplace OpenSea for the second straight month, according to transaction data.
Fast facts
According to blockchain data aggregator Dune Analytics, there were 1.3 million Polygon NFTs sold in December and 1.5 million in January, while Ethereum’s numbers for those same months were 995,000 and 1.1 million.
“Trump Digital Trading Cards” was Polygon’s top project by sales value, if not in individual sales, on OpenSea in January with 5,517 sales totaling 1,760 Eth (US$9.2 million).
Trump’s collection was ridiculed by the right and left alike when it was released in mid-December for both its perceived poor timing in missing the height of the NFT market almost a year before, and for being out of touch with his voter base. The project quickly sold out regardless.
Anndy Lian, author of the new book “NFT: From Zero to Hero,” told Forkast in an emailed statement that Polygon’s growth isn’t really about Trump. The main reason for Polygon’s gain is it has a vast support system with gas fees (costs for transacting on the network) that are much lower than on Ethereum.
“The actual spike in popularity was with [collaboration with social media platform] Reddit in August 2022,” Lian said. “The collaboration with top brands such as Meta, Starbucks and Nike are also key indicators that they are on the right track and well accepted by mainstream audiences.”
Lian added that Polygon is also host to a large percentage of projects with greater utility, such as Sandbox and PlanetIX, which were both top 10 ranked collections across all NFT marketplaces in January.
“When there is demand, there is supply,” Lian said. “This is what we see in the case of Polygon.”
OpenSea is the largest NFT marketplace in the industry, and had 40% of the total NFT sales volume in January, according to DappRadar.
Kenya National Innovation Agency (KENIA) is the leading innovation organisation in Kenya. Dr Tonny Omwansa, CEO of KENIA hosted Anndy Lian to their Webinar Series. The topic is “Redecentralise, Revalue & Reform Blockchain businesses in 2023”.
In 2023, the blockchain business is expected to continue its growth and evolution. The widespread adoption of blockchain technology is likely to drive innovation in various industries such as finance, supply chain management, digital identity, and more. Decentralized finance (DeFi) is predicted to gain more traction, with more people investing in cryptocurrencies and decentralized platforms. The use of blockchain for secure and transparent voting systems is also expected to gain more attention.
Challenges such as scalability, interoperability, and regulatory issues still remain. Nevertheless, as the technology matures, it is likely that solutions to these challenges will emerge, further driving the growth of the blockchain business.
Anndy Lian shared that adopting blockchain technology in a business supply chain can bring numerous benefits such as improved transparency, enhanced security, reduced costs, and increased efficiency.
Here are some steps to follow when adopting blockchain technology in a business supply chain:
Identify the problem: The first step is to identify the pain points in the current supply chain and determine how blockchain technology can be used to address them.
Conduct a feasibility study: A feasibility study should be conducted to determine the potential benefits and costs of adopting blockchain technology in the supply chain.
Choose the right platform: Select a blockchain platform that is suitable for your business needs and that supports the features and functions required for your supply chain.
Develop a pilot project: Develop a small-scale pilot project to test the feasibility and effectiveness of the proposed solution.
Implement the solution: Implement the blockchain solution in the supply chain by integrating it with existing systems and processes.
Monitor and evaluate: Monitor and evaluate the performance of the solution and make adjustments as needed.
Expand the solution: Once the solution has been proven to be effective, expand it to the rest of the supply chain.
Continuously improve: Continuously monitor and evaluate the solution and make improvements as necessary to ensure its ongoing success.
Anndy Lian added: “It’s important to work with experts in blockchain technology to ensure a successful implementation. A well-designed and properly implemented blockchain solution can bring significant benefits to a business supply chain, making it more efficient, secure, and transparent.”
Dr Tonny concluded that blockchain innovation continues to drive new and exciting developments in the technology and its applications, offering new opportunities for businesses and individuals alike.
Dr. Tonny K. Omwansa is also the founding Director of the C4DLab, University of Nairobi’s Innovation Hub. He is also the founder and chairman of the Nairobi Innovation Week which brings numerous stakeholders shaping Kenya’s Innovation Ecosystem. He lecturers at the School of Computing and Informatics, University of Nairobi in Kenya and is the co-author of “Money, Real Quick: Kenya’s disruptive mobile money innovation”.
He holds a PhD in Information Systems in which he researched on the adoption of mobile financial services at the base of the pyramid in Kenya. Besides consultancy services in technology and innovation issues, he is very active in research and capacity building. His research interests are in the design, adoption and impact of innovative low-cost and appropriate technologies in developing countries.
Anndy Lian is a well-rounded business strategist based in Asia. He offers advice across multiple industries for both local and international companies, as well as public listed corporations and governments. With early involvement in the blockchain space, Lian is a seasoned entrepreneur, author, investor, board member, and keynote speaker.
His latest publication, “NFT: From Zero to Hero,” is a guide for anyone eager to explore the potential of NFTs. The book encourages readers to embrace the limitless possibilities of this new technology and to become “heroes” in their own right by taking advantage of its early stages. “NFT: From Zero to Hero” can be purchased on Amazon and Bybit, with over 8,000 copies sold.
In 2022, Lian received an Hon Doctoral Degree from Ulaanbaatar Erdem University, in recognition of his contribution to the advancement of productivity science in Mongolia.
This event is organised by Kenya National Innovation Agency (KENIA). And supported by Block Review, Redecentralise, Blockcast.cc and GoChapaa.
AI and the Symbiotic Web are key technologies that will drive the development of Web4, the next generation of the World Wide Web
Web4, also known as Web 4.0, is a term used to describe the next generation of the World Wide Web. It is a vision of an intelligent, decentralised web that is more secure, private, and equitable than the current web.
Web4 is built on the following key principles:
Decentralisation: power and decision-making are distributed among multiple participants rather than being centralised with a few large tech companies.
Interoperability: devices and services can work together seamlessly, regardless of their underlying technology.
Self-sovereignty: users have control over their data and identities and are able to use them across different services without the need for a central authority.
Privacy: users’ data is protected and kept private, rather than being collected and sold by companies.
Transparency: users are aware of how their data is being used and have the ability to control it.
Web4 aims to provide a more secure and private web, where users have more control over their data and how it’s used. It also aims to create a more equitable web, where access to information and services is not limited by wealth or location.
Web4 is still a concept, and many experts believe that it is still in the development stage. Some of the technologies that are being developed to make Web4 a reality include blockchain, peer-to-peer networks, and decentralised AI.
The Symbiotic Web
The Symbiotic Web is a concept that envisions a decentralised and distributed web where users have more control over their data and privacy. The idea is to create a web where users can share their data with other users or services in a secure and mutually beneficial way rather than having their data controlled by a central authority.
The Symbiotic Web is based on the idea of a web of relationships between users, devices, and services, where each participant has their own autonomy and agency. The goal of the Symbiotic Web is to create a web that is more resilient, secure, and fair for everyone by giving users more control over their data and how it is used.
The Symbiotic Web is built on several key principles, including:
Decentralisation: power and decision-making are distributed among multiple participants
Interoperability: devices and services can work together seamlessly
Self-sovereignty: users have control over their data and identities
Privacy: users’ data is protected and kept private
Transparency: users are aware of how their data is being used
AI and the Symbiotic Web
To me, Web4 and the Symbiotic Web are relatively new concepts, and they are closely interlinked in many ways.
The Symbiotic Web is a concept that envisions a decentralised and distributed web where users have more control over their data and privacy. The idea is that users can share their data with other users or services on the web in a secure and mutually beneficial way.
Artificial intelligence (AI) can play a role in achieving decentralisation in the Symbiotic Web by allowing for more sophisticated and decentralised decision-making. For example, AI algorithms can be used to analyse and make decisions on data shared by multiple users in a decentralised network without the need for a central authority.
One way that AI and the Symbiotic Web can work together is through the use of decentralised AI models. These models are trained on decentralised data and can be shared and used by multiple users in the network. This allows for more accurate and personalised AI services while also maintaining user privacy and control over their data.
Another way is through the use of decentralised AI protocols. These protocols allow users to share and collaborate on AI models and data in a decentralised network without the need for a central authority. This can lead to more accurate and robust AI models, as well as more equitable access to AI services for all users.
Final thoughts
AI and the Symbiotic Web are considered to be key technologies that are driving the development of Web4, the next generation of the World Wide Web.
AI has the potential to enable more sophisticated and decentralised decision-making on the Symbiotic Web by allowing for the analysis of data shared by multiple users in a decentralised network without the need for a central authority. This can lead to more accurate and personalised services while also maintaining user privacy and control over their data.
