Combining wallets and exchanges allows users to participate in all Web2 and Web3 activities in one unified service platform, using our Backpack app to achieve this long-term vision.
You may be familiar with Armani’s invention of a new standard, called xNFT. What is xNFT? It’s not just a profile picture (PFP), it’s the tokenization of an entire code, placed on the Solana blockchain for decentralized access at any time.
This sets the stage for a completely Web3-native App Store where various communications, chat apps, games, and more can tokenize their code on a decentralized platform like Solana. Users can interact without the need for any centralized platform, aligning with our long-term vision.
Currently, there are only around 200 xNFTs, with our MadLads being one of them, while the rest are community-created. Our ultimate goal is to merge WEB2 and WEB3, along with a Web3-native App Store that serves as the center of users’ lives, akin to an iPhone where they can trade, invest, and make payments seamlessly.
With our Web3 wallet, users can stake, mine, and engage in various on-chain activities. Additionally, we offer xNFTs like Web3-native telegram chat apps, games, and platforms, embodying our enduring vision. Of course, there is still much work to be done.
The Backpack team has identified three key contradictions in Web3 projects and how to address them:
1. The contradiction between compliance and growth: Many exchanges, especially those outside Europe and the US, may prioritize growth over compliance. Striking a balance between the two is crucial for sustainable success.
2. The contradiction between technical and cultural projects: NFTs are often cultural projects that require a deep understanding of community and consensus. Bridging the gap between technical excellence and cultural relevance is essential.
3. The contradiction between Eastern and Western cultures: Successfully appealing to both regional and global markets requires a blend of experience, connections, and cultural sensitivity.
Our vision is to navigate these contradictions successfully by proving our capabilities in both technology and culture aspects.
Solana is our home base, but we also plan to expand to other Layer 1 solutions to solidify our presence across various ecosystems.
Looking ahead, we aim to blend the paths of Coinbase’s IPO and Binance’s BNB launch, creating new avenues to attract user attention and engagement.
Backpack is still in its early stages, with much room for improvement. We hope to continue innovating and delivering products that meet the needs of every WEB3 user, providing a fresh and immersive experience.
As we move forward, we invite you to follow our journey and try our products, as we work towards fulfilling our vision for a comprehensive and user-centric Web3 experience.
References:
– Backpack MadLads xNFT startup story
– Fenwick West law firm
– Coinbase, a leading US cryptocurrency exchange
– Absolutely Not: FTX’s Former General Counsel Denies Loan Approval
– Solana ecosystem project Backpack secures regulatory license in Dubai
– EU MiCA regulatory framework
– Armani Ferrante, CEO of Backpack MadLads
– Solana ecosystem projects Wormhole and Pyth mentioned in the podcast