Web3 Market

Opera’s DegenKnows About NFTs (and You Can too)

One way to get ahead in the NFT world, and make the most of it right here, right now, is to stay up-to-date on the latest industry news and developments. Web3 browser Opera is here to help you stay in the loop. The company has recently announced what is not only its most recent innovation but also a meaningful contribution to the NFT sector: DegenKnows.

Opera DegenKnows NFT project navigation

The NFT world is an exciting and ever-changing industry overflowing with new business opportunities for both individuals and corporations. But there is, without a doubt, a dark side to this wildly dynamic nature of NFTs. In reality, navigating the complex space can be difficult, cumbersome, and downright excruciating even for the experienced. It is a learning curve that is both rewarding and challenging to overcome.

DegenKnows, a new Web3 tool from Opera, aims to help users navigate the complex world of NFTs with ease, providing you with on- and off-chain data insights, as well as social media analysis you can’t really afford to go without these days. Here’s what you need to know about DegenKnows and how it can help you get the most out of your NFT trading.

What Is the Purpose of DegenKnows?

DegenKnows is designed to provide users with a deep, detailed, and comprehensive analysis of NFTs through the implementation of several not only advanced but extremely useful tools and functionalities:

1. On and off-chain analytics

The platform includes both on- and off-chain analytics, meaning that users can get a complete picture of any given NFT project before it gains popularity or even before it is minted. On the on-chain side, this tool provides users with data such as individual transactions and token transfers. On the off-chain side, users can see social media data from Twitter and Discord, including feeds from key opinion leaders and official accounts.

2. Team analysis

In addition to providing insights into each NFT project, DegenKnows also includes an analysis of the team behind each project. This includes data such as the number of social media followers, true fans and total mentions over 24 hours. This data can be highly valuable in helping you determine which NFT projects are worth your time and attention.

3. Smart filter

DegenKnows has a “Smart Filter” functionality that allows users to quickly scan for red flags that might indicate a project is not worth their time or money. This function searches through a project’s social media activity, transaction history, token holdings and more to look for any irregularities that might be cause for concern. 

For example, if a project has recently received a large amount of transfer activity from known scam wallets, DegenKnows will flag it as being potentially suspicious. This may prevent the users from investing in unreliable and suspicious projects.

The Future of Web3 Projects

The internet as we know it is changing. With the rise of blockchain technology, a new type of internet is being built, one that’s more decentralized, secure, and efficient. This new internet, often called Web3, has the potential to transform the way we interact with the online world.

A number of groundbreaking projects such as DegenKnows are already being built on Web3 infrastructure and the list is only growing. From social networks to gaming platforms, there is a wide range of applications that stand to benefit from the features of Web3.

As technology matures, it is likely that we will see an increasing number of people and businesses migrate to this new paradigm. In many ways, Web3 represents the future of the internet and it is rapidly becoming more important.

1. DegenKnows may bring positive changes for NFT investors

The launch of DegenKnows comes at a time when the world of NFTs is growing at an unprecedented rate. In just the past few months, we’ve seen a surge in activity in the NFT space, with more and more people buying, selling and trading these digital assets. 

As the NFT market continues to grow, tools like DegenKnows will become increasingly essential in helping users make informed decisions about which NFT projects to invest in.

2. Japan to create a DAO for exploring Web3

The Japanese government’s Digital Ministry is reportedly planning to create a DAO (decentralized autonomous organization) for exploring Web3 technologies. The DAO will be tasked with investigating and testing new technologies that could potentially be used to advance the government and the economy of the country. 

The ministry is said to be particularly interested in exploring new ways to use blockchain technology. However, it is not yet clear how much funding the DAO will receive or when it will be launched.

3. Decentralization of the gaming industry

Game developers are looking to Web3 technologies to create the next generation of games. However, traditional firms are unlikely to be the ones leading the charge, according to WAX CEO William E. Quigley. 

Web3 games will be built on decentralized infrastructure, meaning they’ll be more resilient to censorship and fraud. In addition, they’re expressing a clear potential to offer players greater control over their in-game experiences and data. 

However, Quigley noted that traditional behemoths of the gaming industry are generally risk-averse and may be hesitant to invest in new technologies. As a result, it is more likely that Web3 games will be developed by small startups and independent developers. 

Nevertheless, traditional firms will still play a role in the development of these games, as they will likely provide funding and other resources. Ultimately, the success of Web3 games will depend on the ability of developers to create compelling experiences that appeal to players.

4. Alice Delahunt launches Web3 digital fashion platform

Ralph Lauren’s former digital chief, Alice Delahunt, has launched a new digital fashion platform, Syky. The purpose of the platform is for users to be able to curate, trade and own digital fashion using blockchain. 

Syky is just one example of how the rise of digital fashion is upending traditional business models and creating new opportunities for entrepreneurs. Other companies are also exploring how to use blockchain to create a more sustainable and efficient supply chain for the fashion industry. While there are still many challenges to overcome, it’s clear that digital fashion is here to stay, thanks to the rise of Web3 technologies.