As a project launched in 2021, MASK is not considered a new project. The application and code submission status of MASK indicate that it is more like a "quasi-new" project, and it has some practical designs suitable for web3 users.
MASK is a browser extension (compatible with Chrome, Firefox, Opera, Brave, Edge, etc.). After installation, a Mask Network section will be added to the Twitter page. Clicking on it will reveal MASK's products:
➤ Twitter Social
❚ News Section
After installing the MASK browser extension, a new section will appear in the upper right corner of the Twitter page, featuring news, events, and NFTs:
This feature allows web3 users to simultaneously view real-time news, events, and KOL opinions (as well as calls for orders) on the Twitter platform, making it a practical design.
❚ Web3 Profile Card
On the Twitter avatars of many projects, the MASK icon can be seen. When hovering over it, information about the project will be displayed, including market value, circulation, official website, community links, price, and exchanges.
This allows investors to directly view token prices and even receive token contract risk warnings when the project releases information on Twitter. It also supports trading on DEX after connecting a wallet.
For some mainstream tokens, clicking "Buy Now" on the WEB3 profile card allows for purchasing using fiat currency. It supports VISA credit cards, Apple Pay, Google Pay, and Cash App.
In a personal WEB3 identity, after binding a wallet, one can display their Web3 footprint and tipping address on each social media account.
V God here shows his recent comments on Farcaster. It is also possible to click to view his wallet address.
❚ Encrypted Posts
After installing the MASK plugin, encrypted posts can be sent, specifying visibility to everyone, only oneself, or specific contacts. Clicking on the MASK plugin in the browser allows for adding contacts.
❚ Red Packets
Supports sending red packets using various tokens or NFTs from different chains. Similar to WeChat, it supports both random and equivalent amount red packets:
➤ Wallet and Other Applications
❚ Wallet
MASK also functions as a wallet, supporting the import of mnemonic phrases from other wallets such as MetaMask.
MASK's wallet product design is noteworthy. For example, if there are two wallets, MetaMask can only import one mnemonic phrase. To import another, the plugin needs to be uninstalled and reinstalled, or another browser needs to be installed. MASK supports importing multiple mnemonic phrases simultaneously.
Furthermore, it supports viewing balances from multiple networks at the same time and displaying NFTs.
❚ Other Applications
In addition to Twitter (X) social, MASK also supports linking other social accounts, currently supporting Facebook, Instagram, and Minds.
In addition to social and wallet functions, MASK also provides some quick functions, such as:
On-chain tools—cross-chain bridges, wallet authorization management, contract security checks.
Financial tools—DEX exchange, fiat currency deposits, savings.
Additionally, there are Web3 file services and Mask blind boxes.
➤ Code Submissions
After understanding MASK's functions, let's take a look at the code submission status behind these functions.
The main code repository, Maskbook, has had 11,030 code submissions from 78 contributors. The token was launched in February 2021, with the peak occurring in November 2021. Since then, the team and community contributors have continued to submit code, keeping the code repository's activity consistently high, reaching a peak in 2023. Overall, from 2021 to 2023, the team has been dedicated to technical iterations and product updates.
➤ Two Additional Pieces of Information
Let's look at two additional pieces of information: financing and token release.
❚ Financing Information
According to data from Crunchbase and Coincarp, Mask Network has received multiple rounds of financing, with a total amount of $10 million. Notable investment institutions behind it include Binance, DWF, Dapper Labs, DCG (parent company of Grayscale), HashKey Capital, Arweave, and other renowned institutions and projects.
After the bear market, it received two rounds of financing, in April 2022 and January 2023, each worth $5 million from DWF. This means that compared to 2021, MASK has at least doubled the funds for ecosystem construction and market expansion (considering the decrease in inflation, $5 million in the bear market has stronger purchasing power).
❚ Token Release
Speaking of market value, it's important to look at token release. According to Coinmarketcap, over 96% of MASK's circulation has exceeded the total supply. This means that there are not many MASK tokens left to be released.
➤ Conclusion
After the introduction above, it can be seen that MASK is highly integrated with Twitter, catering to industry needs and offering many practical WEB3 products and features. Twitter is a leading social platform that supports the blockchain and crypto industry, and MASK is one of the leading social platforms in the WEB3 sector.
The WEB3 sector itself is a new track that has not fully exploded. Furthermore, first, MASK's product system is rich and far beyond what was available in 2021. Second, at least 78 developers have submitted a large number of code updates since the bear market, continuously driving MASK's product iteration. Third, the market effect brought about by the additional financing received by MASK (doubling the financing) is still to be realized. Therefore, MASK is a "quasi-new" project.
On one hand, as a "quasi-new" project, MASK has the advantages of a new project in terms of products and ecosystem. On the other hand, most tokens have entered circulation, giving it an even greater advantage than new projects. Therefore, as a "quasi-new" project, MASK may still have continuous development space and market potential.
Risk reminder: This article was written on March 17, 2024. Due to the outstanding market performance of MASK resulting from the latest staking plan, please be aware of market risks.
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