New use cases: DeFi, NFTs, DAOs, what’s next?

Gone are the days when sending and receiving coins was the sole use case for a crypto wallet.

Today, Ethereum and other networks enable an ever-expanding range of use cases.

Below is an incomplete list of segments of Web3.

• DeFi: Decentralized finance, which includes trading, borrowing & lending, derivatives, and more.

• NFTs: Nonfungible tokens can represent anything from digital art to property titles.

• DAOs: Decentralized autonomous organizations enable on-chain digital collaboration for any endeavor, from an informal club to a corporation and even a digital country.

• GameFi: A combination of gaming and finance creates new models at the crosssection of work and entertainment such as play-to-earn.

• DeSo: Decentralized social media offers an alternative to digital media monopolies of Web 2.0 tech giants.

New use cases and narratives are being continuously invented. Experimentation within each of the existing applications and a mashup of several existing concepts can unlock unlimited opportunities for creativity.

However, legacy wallets were not built for this diverse and complex environment and it shows.