Irene Zhao stays bullish on Web3
Loads has modified on the earth of Web3 over the previous yr. Following the crypto market crash, NFT initiatives have struggled to outlive and proceed constructing.
Tasks which saved their funds within the type of cryptocurrencies – like Ethereum and Solana – noticed their reserves depleted by as a lot as 70 per cent in a matter of months. This made it close to not possible for them to comply with by on their roadmaps.
In the meantime, others confronted points corresponding to a rising lack of belief and curiosity amongst neighborhood members. With the collapse of enormous crypto gamers corresponding to FTX, the investor sentiment round Web3 turned extra cautious as properly.
Regardless of all of this, there are some who stay dedicated to the Web3 imaginative and prescient. Amongst them is Singaporean influencer Irene Zhao, who raised over US$5 million together with her IreneDAO NFT assortment in January final yr.
Constructing on this success, Zhao began her personal Web3 social media platform referred to as So-Col. The concept was to revolutionise the way in which wherein creators and followers interacted with one another.
On conventional platforms like Instagram and TikTok, creators depend on sponsors and promoting to earn cash as a result of they’re pressured to monetise their neighborhood relatively than their content material. In distinction, So-Col makes use of Web3 mechanics corresponding to NFTs which permit followers to immediately help their favorite creators.
Regardless of the crypto winter, Zhao has persistently labored on this platform and has religion within the long-term potential of Web3. As of now, IreneDAO has established itself as a thriving neighborhood on So-Col, boasting a membership of over 8,000 members.
Constructing by the crypto winter
There are a selection of obstacles to surviving the crypto winter. “Rug-pull projects and all of these black sheeps have tainted the Web3 industry and slowed progress for the rest of the ecosystem,” Zhao explains, including that the prevalence of scams in crypto has a large impression on the complete trade.
“Funding has slowed down, consumer sentiments have turned south, and these are more challenging to undo than overcoming the educational barrier.”
Regardless of this, So-Col nonetheless managed to boost US$1.5 million this yr, bringing its whole funding since 2022 to US$6.25 million.
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