Inspect (INSP) is a Layer 2 blockchain built to work with X, the social media formerly known as Twitter.
They claim Inspect can turn X into a decentralized finance (DeFi) platform. For example, they claim users could trade cryptocurrencies and nonfungible tokens (NFTs) and research crypto on X with Inspect. For instance, they claim Inspect users could receive real-time social media data and NFT analytics through X.
Inspect can connect with X because it is a Layer 2 blockchain. A Layer 2 is any off-chain network, system, or technology they add to blockchain. Layer 2’s purpose is to extend the blockchain’s capabilities. Hence, Inspect could connect X to blockchains.
Will Elon Musk Destroy Twitter?
Many people will wonder what value X has because of the company’s problems. For example, big companies, including Apple (AAPL), Disney (DIS), and Walmart (WMT) stopped advertising on Twitter.
Those companies left X because owner Elon Musk told advertisers to “go fuck themselves.” Moreover, there are claims ads for big companies like IBM (IBM) appeared next to neo-Nazi content on X. Others claim Musk’s behavior will destroy Twitter.
X is still a popular platform. For example, it had 95.4 million users in the United States in January 2023, Statista estimates. X also had 67.45 million users in Japan, 27.25 users in India, 24.3 million users in Brazil, and 23.15 million users in the United Kingdom in January 2023.
Can Instant (INST) reach a mass market through X?
However, X is a smaller player in social media. X was the 16th largest social media with 666 million users worldwide in October 2023, Statista estimates. In contrast, the largest social media platform, Facebook, had 3.03 billion users in October 2023.
X is still a popular news source that reaches 666 million users worldwide. Moreover, some people go to X for financial news. Hence, Inspect could reach a large audience outside the blockchain world through X.
Thus, Instant could take blockchain DeFi to a mass market through X. However, cynics will note relying on a questionable platform an egotistical billionaire could destroy is a terrible strategy.
Personally, I think Instant needs to integrate with several media including WhatsApp (with two billion users in October 2023), Instagram (also with two billion users), WeChat (with 1.327 billion users), TikTok (with 1.218 billion users), Facebook Messenger (with 1.036 billion users), Telegram (with eight million users), and Snapchat (with 750 million) users. Concentrating on one shaky social media platform is a dumb strategy.
Inspect (INSP) DeFi Tools
Inspect (INSP) offers X users a suite of DeFi tools. Those tools include:
The Inspect Mobile App provides real-time crypto and NFT market data. However, the Mobile App will not be available until the third quarter of 2024. An Inspect API (Application Programming Interface) lets developers build inspect into apps and platforms. Plus, the Inspect DAO (Decentralized Autonomous Organization) governs the Inspect Ecosystem.
An Inspect Extension provides real-time DeFi analytics for X users. Plus the Inspect Web Application offers real-time analytics through a website. Inspect Pro offers premium features for crypto and NFT speculators. A Listing Protocol lets users streamline the listing of NFTs and cryptocurrencies on Inspect.
Inspect Ads offers targeted advertising in the Inspect Ecosystem. They claim Inspect Ads can promote over 40,000 assets to over 500,000 users. Inspect Ads could be available in the fourth quarter of 2023.
Inspect Groups allow Inspect users to create groups and communities. They claim Inspect Transact is a retail on ramp that allows users to make fiat currency transactions on Inspect. They will not make Inspect Groups and Inspect Transact available until the second quarter of 2024. Inspect Academy offers users a variety of learning experiences.
What Value Does Inspect (INSP) Offer?
Mr. Market thinks Inspect (INSP) offers some value. Inspect was CoinMarketCap’s sixth most trending cryptocurrency, with a 22.65¢ Coin Price on 7 December 2023.
In contrast, Inspect was the 2210th largest cryptocurrency, with a $34.37 million Market Capitalization on 7 December 2023. CoinMarketCap gave Inspect a $226.49 million Fully Diluted Market Cap and a $31.67 million 24-Hour Market Volume on 7 December 2023. They base those numbers on a 151.7 million INSP Self-Reported Circulating Supply, and a One billion Total Supply on 7 December 2023.
I think Inspect is an interesting DeFi solution that could reach a mass market through X. However, I advise speculators to wait until all of Inspect’s features are available to buy it. That way you can see if Inspect works before putting money into it.
*https://chain.link/education-hub/what-is-layer-2#:~:text=A%20layer%202%20refers%20to,such%20as%20higher%20transaction%20throughputs.
*https://www.statista.com/statistics/242606/number-of-active-twitter-users-in-selected-countries/
*https://www.statista.com/statistics/272014/global-social-networks-ranked-by-number-of-users/
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