The jpg image below was sold for $91.8 million! 👇😲
Sounds unbelievable, right?
Imagine trying to sell or buy this without knowing if the seller is the original creator or an impersonator.
Sounds even more unbelievable?
But that’s the challenge people dealing with NFTs and web3 face daily. Everything is anonymous in the entire crypto-economy, all we deal with are alphanumeric numbers.
- Want to send crypto? Here's the wallet address…
- Want to invest in a coin? Here's the contract address…
- Want to know the real NFT owner/minter? Here's the wallet address…
But wait, Who owns that wallet? Who is the actual NFT creator? Who deployed the token? How can we identify that person?
Web 3: The problem of identification
The reputation of creators in web3 is based on their social media accounts. So to verify their identity, developers are left with two choices - a. Use screenshots for verification or b. Build direct API integrations.
Screenshots can be easily counterfeited and require a verification team. Thus, they are not scalable solutions. On the other hand, API integrations are very costly to build and maintain and don’t serve all creators. Their coverage is also generally limited to major platforms.
The Solution: Web2 data for Web3 creators
Phyllo APIs provide access to the data of Web 3 creators from social media platforms. Phyllo helps you access their social media identity, reputation, and engagement data to power various business use cases for web3-based creator platforms.
Phyllo uses the power of web2 to verify and validate a person's identity. Phyllo helps you access their social media identity, reputation, and engagement data which helps companies, other investors, and Dapps to verify a person's real identity.
Business use cases for Web3
With aggregated reputation data from across the entire web3 universe, businesses can create exciting products on top:
- Creator profile showcases - Give your NFT collectors and buyers the required social proof of the creator. Use easy-to-implement APIs to showcase every creator’s Web2 profile information, such as their profile picture, reputation data, and fan following.
- Creator verification - Verify any creator’s existing fans and followers to ensure that buyers see the NFT/ web3 assets from the creator they love and not from an impersonator or a fraud.
- Dynamic token pricing - Do your creators want to leverage their Web2 reputation to launch their social tokens? Phyllo gets you the engagement data on posts (likes, shares, reach, audience, and more!), so you can price the tokens based on the popularity of the creator's content.
The possibilities are endless with Phyllo APIs. Here are a few sectors that have established use cases:
- Social media platforms like Twitter and Bitclout for user verification
- DAO’s for user verification
- NFT marketplaces to verify owners of NFTs
- Trading platforms and price tracking websites like to verify creators of tokens
- Crypto donations and gig platforms to verify the receiver
- Social tokens such as Rally
Here is the impact Phyllo APIs have created for web3 businesses:
- Go to market: Down from 9 months to 2 weeks
- Reduction in engineering costs
- Updated infrastructure: Dynamic addition of new platforms
The Phyllo APIs currently cover 9 social media platforms, 3 e-commerce platforms and 1 content publishing platform. We are continuously adding new platforms to increase coverage.
To know more about our offerings and use cases for web3, contact us here.