[Music]
hello everyone thank you for coming to
our talk on how crypto goes mainstream
it's a topic that's very near and dear
to our
heart I work at privy and privy is an e
easy and Powerful way for crypto
products to onboard their users and
privy Powers many of the most popular
crypto apps from Trading apps like hyper
liquid and pump. fun to restaurant
loyalty projects like Blackbird to
social apps like Zora and friendtech and
so from supporting many of the most
popular consumer teams we've gotten a
really good lens into what makes a great
consumer crypto
product and it's really exciting at this
Devcon to hear how many people are
talking about consumers and and apps and
you know one of the things I've seen a
lot on Twitter is people saying where
are the apps and how are we going to get
more users on chain and this is a
problem we think about a
ton and at
privy
we we um actually I'll tell you a little
a little bit about what we're going to
talk about first and then we'll dive
into it so we're going to talk about the
changes in our market like why as an
industry we've gone from you know not
not giving much airtime to Consumer to
it being something that everyone is is
referencing and talking about we're
going to talk about the crossroads we're
in and why we're starting to see a
really exciting acceleration in the
crypto Market we're going to talk about
what great looks like in consumer so
what some of the qualities of the most
popular cons consumer apps will look
like we're going to talk about where we
go from here how we're going to get
every consumer product on chain over
time at priview we we we talked a lot
about you know what what will it take
for a consumer product to break out and
new tech often needs to power
experiences that are orders of magnitude
better than the status quo and so to use
an internet analogy like if you were
building a new internet
if you build something that's better
than dialup you know that's not going to
cut it because now we have fiber and so
with consumer you know we need to build
something that's you know a better
experience a more compelling experience
than something like Uber or Facebook or
Tik Tok in order to get you know
everyone to start using it and to us
there there are three things that we get
from building on crypto rails that you
know aren't possible if you're building
offchain the first is you know this idea
of ownership the assets that you're
accumulating in your app are yours you
you can get kind of shut off from the
app but you still have the assets that
you've earned and you can take them with
you which is related to the second Point
around interoperability by building on a
blockchain you can take your assets
experiences with you from app to app so
you can mint an nft on Zora and then go
sell it on openc or any other nft
Marketplace and the third is around
payments so crypto offers a digital
first instant payment layer which is a
really exciting new capability that's
not possible
offchain historically
getting that combination of attributes
in a product required using something
like this metamask it accomplished you
know everything that crypto enables
really well but it requires you to to be
very familiar with crypto and if you
know you don't care about crypto or
you're not willing to go through the
Hoops to set up you know your crypto
life this might be too daunting to you
and it's you know been a big reason why
many crypto apps haven't you know been
able to cater to people who don't know
much about crypto and a lot of the first
popular crypto app experiences powered
by you know these external wallets they
looked like this um they were great for
discreet
onetime user experiences come in do a
financial transaction get what you need
leave and then you know come back when
you need to do your next financial
transaction but they weren't they
weren't well set up for multi-session
user
Journeys and the teex stack has come a
very long way to enable these richer
consumer experiences so you know a lot
of time a lot of the time we talk about
like what are the barriers to
consumer products really breaking out at
C you know on on crypto rails and
there's sort of like a lot of the ux
around making crypto apps easy to use
there's scalability cheap you know fast
reliable
blockchains and then there are kind of
elements around the transaction
experience and making that easier and
for the first time we have a Tex stack
that kind of combining all of these
attributes allows us to build great
consumer
experiences and as a result we've seen
the market evolve quite a bit so we've
gone from you know here we're
highlighting you know what we see as
like kind of the most popular most
visible consumer products consumer
crypto products of the year um starting
with you know Financial one-time defi
use cases to much kind of broader defi
use cases to Bringing art and culture on
chain to gaming um to social social
interactions and now having a full
social
layer and you know now we're starting to
see these more kind of Rich consumer
product
experiences but we're at a crossroad so
we have kind of everything we need to
build a great consumer experience um but
we're not at the point where every app
we're using is on crypto rails and so
the question we ask a lot at privy is
What will what will it take for that to
happen and we see two trends that are
both very exciting that are both
accelerating a ton right now that we
think
will unlock the next wave of crypto
products for consumers the first trend
is crypto native app so products that
are built on crypto rails the crypto
infrastructure is very much core to you
know the product experience that are
going after a mainstream audience that
are trying to really hide abstract a lot
of the crypto mechanics away from users
but crypto is like fundamental to the
product from the outset so one of the
you know most visible examples of this
right now is poly Market which is a
product built on crypto rails but you
know has
attracted orders of magnitude more users
than the kind of core crypto native
population and you know openc
accomplished this this Blackbird the
restaurant loyalty app is accomplishing
this pump. fun is accomplishing this and
the number of crypto products you know
that are Crypton native crypto from the
outset that are catering to a broader
audience is accelerating a lot and this
is one Trend that we think is going to
continue
accelerating and we break down kind of
like there are four four common
attributes a lot of a lot of these
experiences
have the first is that they engaging
like they're experiences that people
want to use and come back to and
participate in so whether that is you
know something like Zora where you can
consume content you can like content as
a Creator you get rewarded for posting
content to games like friend pet to
receipts which is a fun competitive
fitness app on chain you know we're
seeing you the Baseline of just a fun
experience that people want to engage
with again and again as the most common
attribute for crypto native products
that are breaking out into a broader
audience the second and one that's very
kind of close to home for us at privy is
uxx for everyone so even though it is a
crypto experience at its core it is
friendly and familiar to people who know
absolutely nothing about crypto so
whether it's you know what we have on
the left with
pirate nation which is one of the most
popular crypto games which allows users
to sign in with Google login or Discord
and get a fully self- custodial powerful
wallet under the hood that could do
anything you need it to on chain to
anime um which is a fun ecosystem of
experiences centered around anime where
you know you could sign up and start
collecting onchain assets but you have
no idea that you know anything
interacting with is
crypto to B3 who implemented an
experience uh we call guest mode where
you can get a wallet without actually
creating an account uh which is an
experience that's familiar to people who
shop online for example and aren't going
to create an account in order to
purchase something you know a lot of a
lot of the ux elements of these apps are
accessible for people who don't know
anything about
crypto the next is uh real world tie-in
so a lot of the most popular apps we see
are manifesting in the real world in
different ways so whether that's you
know Blackbird who has many of the most
popular restaurants in New York there
are physical pucks at the restaurant
that you can tap your phone to to earn
rewards points that you could redeem to
either pay your bill or
um get a free drink at the restaurant to
you know seeing onchain Assets in
Walmart and Target as as the pudgy
Penguins team is accomplishing you know
showing onchain Assets in the real world
is another very common element for apps
that are breaking out and then the last
piece is around account funding and
getting people to transact on chain
without taking them through the the
multi-step journey of getting crypto
assets so we have a video here of one of
our customers Rodeo who has a really
nice Apple pay funding flow where you
can you know purchase
uh balance that allows you to Mint nfts
in the rodeo app using Apple pay and you
know once you once you have your credits
as they're framing it here you could
just go and collect the asset and it
feels familiar and leverages you know
payment methods you're already familiar
with so those are some of the attributes
of these Crypton native experiences that
are targeting mainstream users and then
there's this parallel trend of
products that were built you know
without crypto in mind that are
leveraging crypto infra to accomplish
things that wouldn't have been possible
without it and this is one of the most
exciting things we're seeing at privy
right now and it's accelerating a ton
where many many
fintechs in particular are starting to
leverage crypto for payment rail
benefits and and we'll get into some of
the other attributes um but this is this
is this parallel Trend where these
products already have a ton of reach
they have tens hundreds of millions of
users and they're giving them access to
crypto rails and the attributes that a
lot of these projects have in common are
one they're looking to use crypto rails
to give users access to USD balance so
this this is a product do they're uh one
of the most popular Neo banks in Latin
America and they're using crypto infra
to give people in Mexico and Argentina
access to USD balance um but you would
never you would never know there's a
trace of crypto infra in the app it just
feels like you have a dollar balance you
can you know earn your paycheck in USD
which is a great store of value and then
spend it you know with a card attached
to the account anywhere you know
merchants accept card
so that's a really cool Trend we're
seeing another is that mainstream apps
are are starting to use crypto as just a
more efficient payment and rail so this
is an announcement from deal the payroll
company which allows any contractor on
the platform to accept their payroll in
usdc and so not only are you know
contractors getting faster access to the
payment but they're not dealing with a
lot of the kind of big FX hits you take
on both sides of the transaction uh if
you know you were converting from uh
payment in USD to you know a foreign
currency and the bank would you know
take a pretty big fee on the FX
conversion so that's a really exciting
Trend as well and then the last Trend
we're seeing with mainstream products
and experiences building on crypto rails
is some of the inter ability you
benefits you get from building on chain
so earlier this year at
Coachella users who had specific assets
that they bought on openc could then go
on to the Coachella website and Link um
link the same wallet they used to
buy the assets on openc and unlock VIP
passes and there was a special kind of
section of the Coachella venue where
users could go and you know get access
if they had this NF in their in their
wallet and this is like a very early
example of some of the Cross app
experiences where users can users can
take history or purchases they've made
in in one crypto app or one thing on
chain and unlock things completely
elsewhere so the two trends that we're
really excited about that we think will
unlock the next wave of crypto usage are
one you know these very kind of crypto
deliberate products that are finding
ways to attract uh mainstream user base
with poly Market as like a great example
of this we think that's going to
continue accelerating and then on the
other hand you have all of these
products fintech and and largely fintech
but over time we expect many more that
are looking to build on crypto rails to
unlock some of the interoperability and
payment benefit you get and in our view
these are Moment In Time
distinctions eventually you know we're
just going to talk about crypto as an
enabling technology that products build
on and so this you know Crypton native
vers mainstream product is a very moment
in time distinction we think you know
these two Trends will converge and
everyone will start building on crypto
rails in order to access the things you
get that make crypto special
we think kind of as that plays out it's
important
to keep your keep your focus on the
things we get from crypto and what we're
all building toward and
not you know concern ourselves with okay
I believe crypto needs to evolve in you
know whether it's this chain or this
user base or that user base and just
really focus on what are the unique
benefits we get from building on crypto
rails and you know the last thing
will'll leave with is you we really
believe there's never been a better time
to be building products on chain you
have all the infrastructure coming
together you have all of the energy
behind crypto the visibility we're
getting as a market and we're really
excited to see the next wave of products
that that come so thank you all very
much for the time and if there are any
questions happy to take them
Thanks Max I hope everyone took some
notes on how to build a popular product
so without further Ado let's go talk
about some of the questions so we can
look right here the first one is what is
an example of a popular feature that
drove massive adoption for a
project
yeah one of the most kind of Novel
things we saw in a
product since starting privy was how
friendch really leaned into an existing
social graph to make the first time user
experience a much richer experience um
you had a bootstrapped so to to rewind
for a second frch when you signed up
asked users to link their Twitter
accounts and then there was a populated
social graph and you know users that you
were familiar with and that kind of
immediately gave the app experience some
more life you had kind of friends and
recognizable faces on the app and I
think that is one of the patterns that
that team introduced that you know we
still see everywhere today that made for
a much richer experience agreed so the
next one would be why is most web tree
adoption focused on speculative platform
like poly markets or mcoin is the trend
overshadowed the development of real
world utility in the web tree space
yeah well
because the crypto rails make for easy
transaction
experiences you know facilitating
whether it's trades or or bets is like a
very kind of easy to stand up use case
we we have a we have a framing at privy
uh where there's sort of we we call it
the carrot in the stick and up until
very
recently
because the ux around crypto experiences
was a bit tougher it was a bit kind of
more Hoops to jump through to get up and
running in the
app apps needed to incentivize you know
why should I use this app with a little
bit more of a carrot whether that's like
speculation or or yield to get the user
to drump through the the hoops and we
think kind of as the ux improves you can
have less speculative use cases because
it's you know the same reason why I
would get up and start using any product
um I can just kind of use the crypto
product and enjoy whatever the real
world experience is behind
it okay so the next one is the tradeoffs
required to enable ux things like Google
login wallet seems to stretch Definition
of non-custodial is it really
non-custodial if I need to log through a
specific provider yeah so this one gets
a little bit into like the mechanics of
how privy works but when a user creates
a wallet with privy we split the user's
private key into different
shares and they're assembled in a way
that you know neither privy nor the
customer we working with has the ability
to access the user's private key the
user is the only party that can and
actually you know assemble the key on
their device and control the wallet and
so even though you know Google is the
signin method that's only one the the
kind of oth link is only one out of the
three shares that we split the key into
and so you know that doesn't kind of
make the wallet experience
custodial okay so we have time for one
last question this pretty interesting
one as well what's the industry that you
think will on board the most users on
chain in the next 5 years yeah we're
really excited about what we're seeing
in the finch and payments market so
seeing you know all of these Neo Banks
really starting to lean into crypto
payment rails to give users access to
USD faster cheaper payments you know
potentially better Financial products
over time we think that's a really
powerful driver of adoption and you know
if every banking product over the next
five years somehow incorporates a crypto
payment Rail and gets their users
wallets that's a really massive Tailwind
for usage in the
market Thanks Max can we give him a
round of applause for an insightful
conversation they
had stay tuned we'll be right back at 3
p.m. with the next session all right
thank you