Phantom Network Depth Analysis Report

——Deep insights into the underlying logic of the new benchmark for NFT community operations

Investment Research Report --Issue 4

 

Phantom Network's team has strong technical capabilities. The team leader is a big influencer in the cryptocurrency space. And he can deeply integrate into the community and has a full crypto mindset including his own unique and valid views on business and operating models. Also, the team boasts a comprehensive configuration, full consensus and appeal, and members who are willing to be dedicated to realizing the common vision.

In terms of narrative, the project can fill in the gaps while following market hotspots, so it can attract enough users and fulfill contracts at the same time. Through effective marketing, the social media popularity of the project began to grow rapidly after entering April, gaining 100,000 new followers in just 12 days, and realizing a total number increase of more than 50% compared to the end of March. By leveraging traffic effectively, Nanoverse and PXN's marketing teams have done an astonishing feat - bringing in 100% organic real traffic through zero-cost marketing campaigns (in terms of both promotion and collaboration).

In terms of community operation, the team leader's deep involvement in the project and his "mutual empowerment" with the community and its members have laid the foundation for the formation of an altruistic culture in the Phantom Network community. As a result, the members constantly feel cared for and valued, and gain a sense of superiority and participation. It can be said that the community operation of this project is the best practice so far in the field of NFT.

 

Investment researchers

memeswap.bit | Jer | softlipa | Ming | NFTWhalesClub Twitter Link https://twitter.com/NFTwhalesclub1

 

4-19-2022

Table of Contents

I. Overview
(1) Project Profile
(2) Project Parameters
II. The Team
(1) Founder & CEO
(2) Other members
III. Community Activity and Operation
(1) Comparison of front-end traffic
(2) External cooperation
(3) Community operation
IV. Operational Analysis
(1) The new traffic interface has laid a strategic foundation for the subsequent layout
(2) Excellent team achieves strong promotion
(3) The positive cycle of PxN and personal IP (traffic attraction and fission)
(4) The construction of community culture
V. Summary
(1) Technical ability
(2) The team
(3) Narrative
(4) User growth
(5) Community operation
(6) Social media popularity
(7) Others Disclaimer

Phantom Network Depth Analysis Report
——Deep insights into the underlying logic of the new benchmark for NFT community operations
Project Summary:
As the NFT market generally has lower barriers to competition, more consideration should be given to technology, team, narrative, incremental users, community activity and social media popularity when choosing investment targets.
Phantom Network's team has strong technical capabilities. The team leader is a big influencer in the cryptocurrency space. And he can deeply integrate into the community and has a full crypto mindset including his own unique and valid views on business and operating models. Also, the team boasts comprehensive configuration, full consensus and appeal, and members who are willing to be dedicated to realizing the common vision.
In terms of narrative, the project can fill in the gaps while following market hotspots, so it can attract enough users and fulfill contracts at the same time. Through effective marketing, the social media popularity of the project began to grow rapidly after entering April, gaining 100,000 new followers in just 12 days, and realizing a total number increase of more than 50% compared to the end of March. By leveraging traffic effectively, Nanoverse and PXN's marketing teams have done an astonishing feat - bringing in 100% organic real traffic through zero-cost marketing campaigns (in terms of both promotion and collaboration).
In terms of community operation, the team leader's deep involvement in the project and his "mutual empowerment" with the community and its members have laid the foundation for the formation of an altruistic culture in the Phantom Network community. As a result, the
members constantly feel cared for and valued, and gain a sense of superiority and
participation. It can be said that the community operation of this project is the best practice so far in the field of NFT.

I. Overview
(1) Project Profile
Phantom Network (PxN for short) is a project that aims to establish a unique web3.0 NFT platform for innovation and social exchange. The platform will provide users with valuable tools, and the initial 10,000 Ghost NFTs will be used as tokens of the platform. Currently, the project party's plan is to bring online the application platform after the launch:

1. A P2P marketplace similar to eBay, which supports transactions with inside tokens of the PxN network and Eth, and will provide performance guarantee services.
2. The white box system to be launched later, which corresponds to the black box of Nanopass and has a similar mechanism, the difference between the two is that the tokens obtained by PxN would be reserved for the trading market. Although not the first to establish a whitelist market, PXN is indeed the first to introduce a marketplace that contains both virtual (NFTs, whitelists, tokens) and real-world items.
   Phantom Network is one of the projects in Nanoverse's metaverse ecosystem, and the

metaverse's vision is to create an all-encompassing ecosystem. As the first project in the Nanoverse's metaverse ecosystem, Nanopass has a total circulation volume of 5555, and its floor price as of the time of publication of this article is 4Eth. Here's a brief review of the Nanoverse's development history:
• Phase 1 of the Nanoverse is Nanopass, which is both an early access pass and a piece of
virtual land in the Nanoverse.
• Each holder gets a BLACK BOX every Monday which can be opened to get NFT, whitelist permission, and fragments.
• Each holder is definitely whitelisted in Phase 2 and receives priority access to future projects.
• The target of the second phase is A.I Assistant 3D PFP NFT. Similar to Siri, this intelligent assistant can interact and chat with users on Mac and Windows systems. Users can issue
commands to it. In addition, the assistant can also act automatically (such as reading, sleeping, etc.) and has learning functions that can be unlocked using pieces of data contained in black boxes. The development concept at this stage was inspired by Tamagotchi and Iron Man. Each holder will get the corresponding 3D file and can participate in the interaction in video streaming and other scenarios. PFP upgrades can be retained upon the transaction, but their AI data is stored locally (to ensure privacy protection).
• Using a 3D designer from a world-class game company, Phase 2 enjoys first-class design
quality.
• Holders can use the utility of PxN.
• Phase 3: Launch the Nanoverse metaverse, where Nanopass lands can be used.
• Phase 4: Modularization, ie adding various modular functions to Nanoverse.

Whale Club analyst Jer alpha called Nanopass in on March 18. After that, the price of Nanopass started to rise from around 1.9Eth on March 18th to 19th to 5.2Eth on April 4th.

(2) Project Parameters Circulation volume: 10,000. Issue price: TBD
Art style: 2D animation, PFP, Japanese and Korean style (high quality).
Technology: TBD

(Fig. 1 A sneak peak of some PxN contents)
Although not much is said about the technology used, a glimpse of which can be had from the project working party's Medium. When the project working party proposed to use the black box system, they began to design an airdrop plan for users who have held Nanopass for more than 1 week.
The working mechanism of the black box is as follows:

1. Black box airdrop requires holding the asset for a whole week.
2. If the Nanopass is traded, the user who gets it will not be able to get any black box airdrop for the first week of holding it.
   In terms of snapshots, the original rule is to take a snapshot every Monday and compare it with the snapshot of the previous week (if the owner’s address is not changed, it means it has been held for a week). This is an acceptable solution, but it has its limitations (the user can sell and buy back the asset within a week).
   The earliest program took close to 20 minutes to take a snapshot. After the first optimization, this time was reduced to 3-5 minutes. However, the technical team believed that there was still room for improvement and moved the relevant code to the chain. The final version of the program takes only 1 second to take a snapshot and is suitable for any ERC721 project. The source codes of the snapshot system have been made public on-chain so that all NFT communities can benefit from them.
   Through the above technical debugging cases, it can be seen that the technical team has the geek spirit of pursuing perfection and the crypto spirit of sharing. Such a team is worth our trust.

II. The Team
(1) Founder & CEO

1. From traditional entrepreneur to full-time Nanoverse operator
   Rei (Founder & CEO) is the founder of the entire Nanoverse ecosystem, a traditional entrepreneur who owns a group of companies engaged in PMCG and hospitality services. Rei recently stated that he is ready to sell his companies and dedicate himself to Nanoverse fully, and once that is done, he will disclose his personal information on Twitter.
   Rei also founded 0xygen Labs and NFTY KEYS. Oxygen Labs is an NFT issuance platform, the team of which will build a large number of utilities in the Nano metaverse to establish mature use cases for its tokens, allowing other projects to use the issuance platform to integrate these applications into their own projects. NFTY KEYS is the first NFT keyboard brand on the market, which allow users to obtain tokens through mining, and then use these tokens to buy cosmetics or other goods.
2. A large group of supporters in the field of NFT and deep involvement in community building
   Rei's Twitter account has a total of 152.2k followers, including a large number of Kols and project leaders from Chinese communities, such as SafePal (491k followers), Azuki (277k followers), KaijuKingz (122k followers).
   Rei has been deeply involved in community building, including posting more than 4,000 sentences in NanoverseHQ's discord and more than 3,000 sentences in PxN's discord. Nearly one-third of PxN's 60+ announcements were made by Rei. Rei also interacts with the community through announcements, using humorous language to invite community members to vote on the reward plan for certain activities.
3. Formation of Phantom Ghost Divition
   Phantom is the core strength of the Nano community. Rei shared his thoughts on the Phantom team via his own Twitter. He stated that, aside from the community and the project, what he is

most proud of is the Phantom team. The Phantom members are all die-hard fans who were the first to participate in NANO and have now developed a deep friendship with Rei. Rei believes that if he maintains close partnerships with 100 people, and each of those 100 people has 100 close friends, a total of 10,100 people will become the backbone of the Nano community. And, since each Phantom member has a uniquely styled social media account and followers, they can collectively form a large and effective voice on the social network.
From the introduction of Rei, it can be seen that Rei has a great influence in the field of cryptocurrency, can deeply integrate into the community, and has his own unique and valid views on business and operation models. At the moment when investing in web 3.0 projects equals investing in people, a good leader is more likely to lead the project to gain a unique competitive advantage and achieve ultimate success in a market with a generally low barrier.

(2) Other members

1. Other founders
   Co-founder & COO: Pants (105.9k Twitter followers), former Deloitte consultant, financial manager of an SEO company's subsidiary, CPA, and lawyer. Responsible for providing support on cryptocurrency-related legal and tax issues.
   Co-Founder & Chief Digital Officer: Dex (91.5k Twitter followers)
   As Chief UX/UI Designer, Dex has more than 15 years of experience working for billion-dollar companies. He was instrumental in the launch of several apps that have obtained millions of users. He participated in the development of the #1 app in Japan, the #2 app in France, and several top apps in the Australian market.
   Co-founder & CTO: X4 (21.2k Twitter followers)
2. Comprehensive capabilities
   Since last Christmas, the project working party has started recruiting new members. As of the end of January, more than 30 people have joined, including creative executives who have their own fashion brands, as well as machine learning and algorithm experts, and researchers in the field of data science.
   In addition, through the official website of 0xygenlabs, we can see that the project working party currently has more than 50 professionals in various fields including strategy and planning, marketing and public relations, art creation and direction, contract auditing, community management, finance and token economics, law, human resources, etc. The team has provided consulting support for the establishment and development of several successful NFT projects.
3. Phantom Divition— the cornerstone of the traffic matrix and the embodiment of community consensus.
   It can be seen from the survey results that Nanoverse's Phantom has begun to form a Divition of followers. Due to the high amount of total data, the lottery figures shown are as of 3.29. And there may be omissions due to the complexity of the data.

1. Among them, mseggmily and bearinz are twitch streamers who generally stream more than once a week, during which they hand out whitelists, invitation codes, etc. As can be seen from a search of members' Twitter accounts:

a. The total number of followers of the core members of the PxN team has reached nearly 1.2 million, which is much higher than that of PxN's official account (340,000), and this PxN team only represents a part of the Nanoverse ecosystem. It is conceivable that the total number of participants in the ecosystem would be even more staggering. Although the members' fan bases will partially overlap, on the one hand, a considerable number of followers are in the non-overlapping zone (to quote Rei, each Phantom member has a uniquely styled social media account and followers and can collectively form a large and effective voice on the social network), on the other hand, if the same person follows multiple members, it means that he/she has more channels to obtain PxN information, which helps to enhance his/her sense of identity with the community and allow him/her to get the most recent updates of the project.

b. For the project working party, the prize draw of whitelist and invitation code is a method to empower members. Under normal circumstances, only the followers of the host can participate in the prize draw, but there are also draws that require the following of multiple team members. Because the prizes have rather high value (for example, the market price of the PxN whitelist is between 2-2.5Eth, and that of an invitation account is around

RMB 300-700), the prize draws tend to achieve higher propagation effects— including higher retweets and more people following to the host and other team members involved. When members get more attention, both the project working party and the individual team members can gain greater advantages in external cooperation. Nanopass is known as the king of the whitelist as its black box system can produce thousands of whitelists every week. Perhaps this is the result of empowering the team (giving it super strong ability and high confidence in business negotiation).

c. In addition to the PxN whitelists and invitation codes, the prizes that team members can provide also include those provided by phantom partners, including NFTs (such as Eterneal art NFT) and whitelists of other high-quality projects (Clay, kahiru, etc.), some of which can also bring a high retweet count. Most of the aforementioned prize draws will require following one or more other members. The whitelist prize draw is both a process and result of empowerment and at the same time, it shows the close connection of core members.

d. The effect of the flow matrix has already begun to show. By hosting prize draws for some smaller collaborative projects, team members can help generate hundreds of retweets for projects with only a few thousand followers, and thousands of retweets for projects with 20,000 followers.

e. The PxN community boasts a very high consensus. Initially, we observed that the Nano/PxN signatures of team members in the DC are very consistent, and then we found out that they are also using rather conspicuous (meaning topping or highlighting their roles in PxN) signatures on Twitter. These are rarely seen in other projects, we always thought they were the result of corporate operation and material incentives. However, after talking with the members of the project working party, we found that these behaviors are completely spontaneous, and the reason is that the project has a clear vision and a group of like-minded people has come together to realize this vision and witness the rise of the project step by step. Those members believe this project can truly change the direction of web3. The most surprising thing is that in addition to team members, many PxN community members have also formed different factions and developed unique signatures (eg ⚡VEZEUS⚡) that represent their own factions. We believe that the main reason behind this is that the community is run well, and everyone is very active and creative, so much so they want to create different factions to promote their sense of belonging. For many factions, the initial reason for establishment is that the members liked a certain phantom member and wanted to follow him.
Seeing PxN's member empowerment method and uniform visual image, one can't help but think of a classic traffic matrix case on the Douyin platform: Fan Deng Reading. In more than a year, the Fan Deng team gained more than 100 million followers on Douyin through matrix operation and other strategies, making "Fan Deng" a widely known IP.
PxN's traffic matrix also has many advantages, including increased exposure, reduced account risk, accurate population division, etc., and it covers multiple regions, age groups, and user types. A lot of users didn't actively pay any attention to the project, but they inadvertently came across related content and became deeply impressed without knowing it.

The virtuous cycle of empowerment and back-feeding between the project and its core team reminds us of a major event in the cryptocurrency industry in 2021: the participation of the Constitution DAO in a U.S. Constitutional auction, which showed how a group of strangers can work together for the same goal, under one of the most moving slogans: "One for all, All for One". It can be said that this project not only implements the best traffic-related practices in the web2.0 era but also knows how to use the concept of web3.0 to attract and empower partners.

III. Community Activity and Operation
(1) Comparison of front-end traffic

1. Twitter account with 340,000 followers
   Since posting the first tweet on December 30, the number of followers of the project's official Twitter account reached 11,000 on January 21 and then increased rapidly in April. On April 1, 8, 12 and 19, the number of followers reached 200,000, 250,000, 300,000 and
   340,000 respectively.
   Since April, most of the prize draws hosted on the official Twitter account could attract more than 100,000 followers, some even attracted 200,000 or 300,000 people. The partners of these activities include high-quality NFT projects that have already been launched, and some of the most popular ones yet to be released.
   By using social popularity related search tools, it can be found that in just one hour (between 3:00 and 4:00) on April 18, 1,500 people posted more than 3,000 tweets about PxN, which could potentially influence 2.96 million users, indicating that PxN enjoys very high popularity on social media.
2. Discord community with 13,000 users
   Due to the closed management of the community and the invitation codes that are only occasionally released, it currently has only 13,000 users.
   However, users in this community are extremely active. Generally, about 4,500 of the users are simultaneously online and users at level 22 cannot rank in the top 1,000.
   Each audio channel in the community has more than 100 listeners at any time, and almost no channel would appear "cold".
   The event-announcements channel generally has different events every day, including live streaming, gaming, writing, art, cooking, singing, and more.
   The graffiti channel has a lot of excellent works, including hand-painted works and field graffiti, and even those from quick flashing events organized by community members. The writing channel's activities cover mindfulness, psychology, prose, phantom story creation, spontaneous activity, and more.

(2) External cooperation
Since April, PxN project team has been conducting AMAs more frequently with generally high-quality cooperative communities. The following are only some of the AMs covered herein.

1. Observed whitelist-giving activities include:

(3) Community operatio

1. Ways to get whitelists: More active, creation, participation in activities and games, prize draw
   Promotion route: The Living → Access Level I → Access Level II → Ghost (Whitelist)

1. Whitelist distribution - the probability of winning is low, which is related to in-depth participation in activities and community building
   Based on observations, there were only 85 whitelists provided by the official Twitter and Discord through prize draws, while between the end of March and April 18, only 51 whitelists were provided through prize draws hosted by team members and other partners (only considering observed data).
   By observing Discord and Twitter activities, it can be found that members who are deeply involved in activities (including writing, dancing, singing, meme design, games, etc.) and community building are more likely to get upgrades and whitelists.
2. Highly professional operation
   Contents posted by the team are carefully designed, and conductive to shaping cultural consensus, promoting community harmony and interactions that are highly relevant to core cultural elements.
3. Timely feedback
   Thanks to the Phantom Divition and traffic matrix created by the project working party, users can obtain the latest news of the project for the first time on Twitter as well as all relevant market information. In addition, many members shared their personal experiences of participating in PxN, which gives people further insights into the project.
4. Very high level of community participation
   The Discord community has a sufficient number of posts, replies and activities centered around the project's theme and culture, and its close door system effectively increases the difficulty of obtaining a whitelist by abnormal means and helps maintain the healthy operation of the community.

The project working party attaches great importance to the opinions of the community. For example, the decision on changing the method of issuing the remaining 1,000 whitelists at the time of Nanopass' launch from the gas war to the Dutch auction was made through voting by community members (2391 in favor and 519 against).

1. High-quality intra-community interaction
   Community members pay less attention to floor prices, and more attention to the creation of community culture and content assets, as well as participation in project construction and roadmap implementation.
2. Highly achievable community vision
   Nanoverse has a complete development logic and continues to improve its worldview. Some time ago, co-founders Pants and SCC presented the complete development logic of Nanoverse in AMA·Spaces, during which they mentioned that the project working party will continue to develop PxN comics. The practice of constructing and perfecting the entire Nanoverse worldview through comics is an effective method in wev2.0. The world view here reflects an in-depth excavation of the contents and it is the key to structuring the plot of the entire virtual metaverse. There are many positive effects of creating a worldview, including enriching NFT characters, enhancing user immersion and stickiness, promoting the development of fandom culture, expanding metaverse plots and ecology, and improving market competitiveness.
3. Strategic plan for community development – the highest objective
   The ultimate goal of Nanoverse's Branding IP effort is to become a popular brand suitable for investment or procurement by big companies in the real world. Nanoverse is taking the same path as Azuki and clonex, which is why it is one of the potential blue chips as such brand awareness can't be seen in most other NFT projects.

IV. Operational Analysis
(1) The new traffic interface has laid a strategic foundation for the subsequent layout
Nanoverse has long started to build its own brand and corresponding traffic matrix through NanoPass. According to official sources, PxN is just one of the projects that Nanoverse is working on. In the official AMA, NanoPass is called "Captain America" and PxN the "Iron Man", indicating a parallel relationship between the two. It can be seen that, in terms of planning, projects under the same system are relatively independent and interrelated. In view of the fact that the Pass-based Box in Phase 2 reflects an upgrade of NFT and the improvement of the metaverse (leaving space for subsequent layouts), Phase 3 could be better than expected in terms of scalability and linkage/empowerment with respect to previous projects.
In addition, PxN is also trying to create a Web3-based eBay-like Marketing. Via Nanoverse, NanoPass and PxN, effective user stratification can be achieved to facilitate accurate screening of vertical traffic and expanding to barter and even e-commerce platforms

on top of paid members. This method helps add new traffic interfaces (leaving space for subsequent layouts), and expand the gain curve as a whole on top of empowerment. Although "barter + e-commerce" is not something new, Nanoverse is still the first to introduce it to web3. Therefore, from a macro perspective, Nanoverse's strategic intention and operational capabilities in seizing new grounds are at least in the lead in the NFT world.

(2) Excellent team achieves strong promotion
The official Twitter and Discord of the PxN project were opened at the end of December 2021, and the team’s ability was tested and proven by the long-term operation of nearly 5 months after that. Since the beginning of March, PXN's exposure on Twitter has been rising steadily, which is an indication of the overall strength of the PxN team and its rather stable work style. In addition, many team members are chosen from the Nano community through a round of stratification and screening. Therefore, in terms of work execution ability, PxN members have more than half a year of practical experience and have been fully integrated into the team's working structure. Twitter account names of Phantom members are all prefixed with their respective Nano numbers, which reflects high levels of tacit understanding and trust, PxN's overall high execution capability as well as high consensus among core team members.
During the early promotion period, PxN has relatively high requirements for partners. For example, the first cooperation project, T-O-S, interacted with kaijiu kingz a week after the cooperation started, and then established partnerships with Karafuru NFT, Tasty Bones, Neighborheadz, Mindblowon NFT, AneroVerse, etc. At present, nearly 1,500 whitelists and blind boxes for upgrading NFTs can be generated through black box airdrops every week and the whitelists after a round of screening are of rather high quality. All of these indicate that the team has superb BD ability, enjoys high recognition in the NFT circle, and the generally recognized starting value anchored by the PXN consensus is rather high.

(3) The positive cycle of PxN and personal IP (traffic attraction and fission)
The biggest highlight of PxN operation (and something Rei is proud of) is the Phantom Ghost Divition, which consists of the original active members of the Nanoverse. PxN refrains from the community operation approach based on hiring mods and fixed roles and sections. Instead, it has dismantled the entire IP and realized hierarchical user management from the organizational structure level. Performance is not used as a reference factor for evaluation, while interest is put in the first place, so there is no division of responsibilities and task distribution for Phantom Ghost.
On the surface, PxN does not seem to have a professional and systematic organizational structure, but in fact, Phantom makes each Ghost member its IP, so 100 Phantom Ghosts can become the project's traffic interface in the public domain, and traffic can be distributed equally among them on this basis. Unlike the traditional brand IP matrix, these 100 Phantom Ghosts of PxN play a triple role at the same time (reliable source of private domain traffic, core operation backbone, and interface to the project's traffic matrix). As Rei said, based on the Phantom0~99 created by himself, the project can get 100 precision vertical users who can then generate 10000 more members. A group of such a size (10100) would constitute a private domain that can be considered as big enough in the current NFT world.

![(Figure 6 Metcalfe's Law and the Critical Point of Network Value)

 

](https://images.mirror-media.xyz/publication-images/urtjbd73eyQh_fUSGuReh.png?height=370&width=536)

On the one hand, based on Metcalfe's Law [1] and Zeng Liqing's Law [2], Nanoverse's series of brand matrices already has strong liquidity. In the early stage, the performance of Nanopass was relatively stable at the second level. The community has attracted the attention of the entire NFT circle since the beginning of April, and the volume of its traffic pool is now ten times the industry median. Also, the distance between the 10100 members has been reduced to the minimum. From this point of view, the Nanoverse is clearly fully prepared to take off. On the other hand, according to Zipf's law [3], the relationship between value and quantity is logarithmic rather than linear. After the traffic pool of a single IP reaches the threshold, the cost of increasing the overall value will rise sharply. Therefore, PxN's brand traffic distribution and long-tail IP support can bring more accurate vertical value, while saving a lot of financial and human costs, The most intuitive effect of this is to allow core members to have more time and energy for creating community value in multiple dimensions. The IP derived from the second level to a large extent has both functions of traffic attraction and fission, thus can help create a huge traffic pool for the project, and form a positive cycle as a whole. By leveraging traffic effectively, Nanoverse and PXN's marketing teams have done an astonishing feat - bringing in 100% organic real traffic through zero-cost marketing campaigns (in terms of both promotion and collaboration).

[1] V=K·N²
[2] V=K·P·N²/R²

[3] V=k·n ㏒ (n)
(4)The construction of community culture Any resource will be exhausted, only culture can survive forever. Through communication with some members of PxN, we learned that Phantom's uniform social signatures and the spontaneous establishment of factions in the community are all acts born from recognition and maintenance of community values. These behaviors go beyond the fun-oriented community practice and reflect the subcultural construction of the PxN community, and PxN has the ability to export culture to the outside world while effectively aggregating members in the community. The method of adjusting community operations through cultural construction is conducive to cost control, continuously improving the potential energy of Phantom members, and at the same time creating an exchangeable equivalent value for the community and its members. Rei's deep involvement in Nanoverse and PxN and his "mutual empowerment" with the community and its members have laid the foundation for the formation of an altruistic culture in the Phantom Network community. Cultural identity is the foundation of all relationships. In terms of operational dimensions and framework, PxN and Rei are ahead of many peers. After creating a common narrative and value, more people would come to you naturally. Only by making the members constantly feel cared for and valued, and gain a sense of superiority and participation they would willing to stay and spread words about the community and its culture. It can be said that the community operation of this project is the best practice so far in the field of NFT, and the members' recognition and sense of belonging to PxN help boosted the creativity of Phantom Divition and the realization of self-worth.

V. Summary
As the NFT market generally has lower barriers to competition, more consideration should be given to technical ability, team, narrative, user growth, community activity and social media popularity when choosing investment targets.

(1) Technical ability
As true geeks, members of the PxN technical team always strive for perfection via

tireless code optimization. In addition, the addition of experts and researchers in the fields of machine learning, algorithms and data science, etc. makes the project more promising.

(2) The team
Rei as the team leader is a big influencer in the cryptocurrency space. And he can deeply integrate into the community and has a full crypto mindset including his own unique and valid views on business and operating models. Also, the team boasts a comprehensive configuration, full consensus and appeal, and members who are willing to be dedicated to realizing the common vision. The project working party is willing to empower team members and PxN team members play triple roles (reliable source of private domain traffic, core operation backbone, and interface to the project's traffic matrix). All of these bring great benefits to the entire project.

(3) Narrative
From hot areas such as land, AI, social networking and new frontiers in the NFT industry including the trading market and weekly airdrop of black boxes, it seems that Nanoverse can always find the hot spots or blank gaps in the market. In addition, the steady and down-to-earth work attitude of the team and the fast fulfillment of promises after selling the NFTs have greatly enhanced people's confidence in the project.

(4) User growth
PxN's growth-focused marketing approach and the creation of a traffic matrix have many advantages, including increased exposure, reduced account risk, accurate population division, etc., as well as the coverage of multiple regions, age groups, and user types. It can be said that the marketing team has successfully transplanted the effective marketing methods in the web2.0 era to a web3.0 project. With the continuous enrichment and improvement of related systems, these methods are bound to bring much more new users to the ecosystem.

(5) Community operation
Rei's deep involvement in Nanoverse and PxN and his "mutual empowerment" with the community and its members have laid the foundation for the formation of an altruistic culture in the Phantom Network community. In terms of operational dimensions and framework, PxN and Rei are ahead of many peers. After creating a common narrative and value, more people would come to you naturally. Only by making the members constantly feel cared for and valued, and gain a sense of superiority and participation they would willing to stay and spread words about the community and its culture. It can be said that the community operation of this project is the best practice so far in the field of NFT.

(6) Social media popularity
The social media popularity of the project began to grow rapidly after entering April, gaining 100,000 new followers in just 12 days, and realizing a total number increase of more than 50% compared to the end of March. It can be found through social popularity-related search tools that PxN is currently having an extremely high social media popularity which has been sustained for a while. By leveraging traffic effectively, Nanoverse and PXN's marketing

teams have done an astonishing feat - bringing in 100% organic real traffic through zero-cost marketing campaigns (in terms of both promotion and collaboration).

(7) Others
In the short term, Yuga Labs' expected land issuance and Moonbirds' boom may lead to a pumping effect, which will put some pressure on land-based projects. At present, all land projects have experienced corrections to varying degrees, which may affect PxN as one of such projects in the Nanoverse ecosystem. In addition, as the Fed meeting in May (with the expected announcement of shrinking of the balance sheet) is approaching, the entire market is under pressure, but the floor prices of really outstanding projects are still holding strong and some are even rising against the trend.
In the long run, Moonbird’s miracle of making wealth has led to great attention to interest type PASS NFT, and people are having refreshed views are on Nanopass and other similar NFTs with a weekly airdrop of black boxes and access to whitelists of the next project as well as PxN and other NFTs with tool attributes and social functions. There has been a slight uptick in the number of projects in this segment in recent days. The aforementioned new interests and thinking will bring continuous increments to this segment.

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