How to build a killer Web3 social media platform?

Since the rise of Ethereum in 2016, the blockchain community has been looking for paradigms that can go beyond financial use cases and have real-world impact.

Relative to its Web2 application, can a Web3-powered equivalent be disruptive, cross the chasm, and be mainstreamed? So far, promising examples like Cryptokitties and Axie Infinity have temporarily captured the world’s attention and inspired a massive crypto movement, but by themselves they don’t have the sustainable staying power to provide the entire world with an ongoing success story.

Meanwhile, social media apps have been under fire in recent years, a category clearly ripe for disruption with Web3, but similarly unsuccessful in gaining mainstream adoption. Early experimental protocols like the Reddit-style community Steemit and TikTok-style app Pepo didn’t gain mainstream attention, while emerging social protocols like Lens, Orbis, Farcaster, and DeSohave weren’t very mature enough to inspire real-world products attention, unable to convince mainstream users.

A lot of the protocols we’ve seen so far are trying to clone the functionality of existing social networking sites: Web3 Twitter, Web3 TikTok, Web3 Reddit, Web3 Twitch. It’s often a near-clone but sub-par experience, having to make users pay gas for every interaction, and “vaguely” promising better creator monetization or data ownership.

But mainstream user choices have shown that they can’t switch to the Web3 platform just because they don’t care much about data ownership. Unless the app truly offers a better, sustainable way to monetize and distribute creators, there is a ton of premium content to gain mainstream user attention. Those Web3 applications that combine mainstream users with token-incentivized content often fade away and become irrelevant.

Breakthrough killer social platforms are unlikely to emerge as a “Web3 version of X,” but will instead introduce a paradigm-shifting behavior truly native to a decentralized network orchestrated by blockchain.

Web3 Rapid Growth – Surprising

Let’s take a look at some of the uniquely disruptive concepts in the blockchain ecosystem:

Crowdfunding and Capital Formation

Permissionless access to global, digital-first financial services

Digital Ownership and Verifiability

collective, global coordination

The above list can be simplified to 1C0, DeFi, NFT, DAO.

While we all try to point out how innovation in these areas can change and improve society as a whole, I don’t see this as an extension of the real world, but rather the boundaries of the Web3 digital world.

DeFi protocols are far more effective at interacting with composable on-chain assets, transactions, and digital goods than they are at securing a loan for a new home purchase.

NFTs that represent digital assets such as in-game items, PFPs, or collectibles are more attractive and disruptive than NFTs that represent tickets or contracts, in which case they often introduce more friction and legal expenses.

The Token-coordinated DAO itself brings strangers together digitally through chat rooms, codebases, and online tools at a rate far faster than any company or nonprofit can form, scale, and achieve.

I take the signals above and recognize that a digital-first, Web3-centric world has emerged and exists independently through the use cases of blockchain in the above categories. But I think it’s especially powerful when the Web3-centric world is growing at an incredible rate.

How to build a killer Web3 social media platform?

I used the term Echo Chambers, which I think deserves a debate.

Six years ago, when I went all out to join the blockchain industry, my biggest fear was that it was purely an echo chamber — a bunch of optimistic forward thinkers (and a bunch of unethical opportunists) talking to each other about their thoughts on data. and dreams of financial sovereignty, and better economic coordination between creators, users, and platforms. Even if this fear still holds true, it’s incredible to see the size of this echo chamber grow rapidly. Seeing more talented developers, entrepreneurs, creators, investors, social scientists so deeply captured by Web3’s flaws and dedicating so much of their time to it is what inspires me most while working in Web3 One of the aspects of the human heart.

In the early 2000s, New York City used to host Internet Week, and conferences like SXSW used to bring the entire Internet industry together in its own echo chamber. It wasn’t long before the internet touched every aspect of people’s lives, and the idea of ​​Internet Week became irrelevant because there was no way to bring together a single community in an industry that touched almost everything and meant different things to everyone. We’re seeing a similar situation in blockchain, where there are many unique areas – core infrastructure, scaling solutions, gaming, NFTs, governance, Web3, the Metaverse, and more – all of which depend on blockchain features and use cases, but thrive in their own domain.

So how big must the echo chamber be before Web3 becomes the latest version of the internet?

Several opportunities to build killer apps

Some of the best Web2 social apps stem from a “come for the tool, stay for the web” approach. Instagram originally allowed users to apply filters to their phone photos and make them look great, so that’s useful whether you have followers or not. You can record and share clips of you singing or lip-synching, with short audio clips that are popular, and eventually become a hit on TikTok after being layered by social networks and recommendation algorithms.

Because the next disruptive Web3 social application will not be just a clone of a Web2 application, and it is difficult to recreate an existing social graph in Web3, it is very likely that large Web3-centric social applications will be based on Be a tool to start with and solve some of the user’s problems in Web3. Given the success of DAOs, NFTs, DeFi, etc., there are clear new opportunities for some topics around social and content.

DAOs need a trusted “safe home” to organize and distribute content that aligns with Web3 values.

Content curation and moderation services in the Web3 social protocol are missing and not well incentivized.

The discovery of high-quality Web3-centric content remains highly fragmented.

I mentioned earlier that blockchain-based DAOs have the power to enable rapid global coordination, and they motivate people to take similar actions without direct communication. These DAOs communicate through digital tools, and content distribution is often in the form of video—community meetings, core developer meetings, project demos, project overviews and reviews, token analysis and reviews, and more.These activities often don’t have a safe “home” on traditional social media platforms – at the content level they can be arbitrarily deleted or, worse, accounts banned.

Traditional social media platforms have incredible control and can make changes at will without the individual creator’s consent, which is extremely detrimental to individual creators. Content surrounding the new permissionless financial system would threaten the status quo, so we need a “safe home” that is not hindered by Web2.

There are still many projects and DAOs that rely on tools like Google Meet and Zoom for calls and presentations, use Youtube to record and archive their calls for playback, and few have their own content curation sites to distribute this content outside of Youtube channels.

Opportunity: Building a Web3-native Zoom

Huddle01 is off to a great start. With open standards like webRTC to support meetings, Livepeer to stream and record content, there is now a viable alternative to Zoom + Meet. But to make this Web3 platform native, it has been upgraded – with the ability to log into wallets anonymously, NFT PFP avatars, and a token access control system around who can join and view meetings. It truly embraces Web3-native thinking and is suitable as an echo chamber for rapidly growing Web3 projects.

Opportunity: Building a Web3 Native Video CMS for DAO

After many projects use conferencing and livestreaming tools to hold phone calls, presentations, and meetings, the next step is usually to upload the return interview directly to Youtube. However, there is a great opportunity for this content to be organized within the project’s own “home” for easy access, search, comment, discussion, education, and utilization. That said, the missing piece in the Web3 world is a video content management system (CMS) for DAOs. What are the opportunities beyond traditional video CMS platforms?

The Token access control system can determine who can access content based on on-chain logic (such as NFTs or Tokens held in user wallets). This is easier to access than proprietary CRM technology licensed from big tech companies and built into your browser.

Crypto-native payments can instantly open up monetization for users around the world without the need for complex credit relationships through limited payment providers and banks.

ENS and other on-chain identity support allow users to take their identity and reputation outside of this application and import existing identity features into more applications – instead of using Facebook account-based logins.

Decentralized storage, streaming, and playback mechanisms provide independent infrastructure for these applications to ensure content persistence, rather than subjecting content to cloud platforms such as Amazon and Google.

These and many more opportunities are geared towards meeting the unique needs of the crypto ecosystem, and nascent tools like StreamETH are already being used to organize conferences and archived content from the Ethereum ecosystem.

Opportunity: Building a curation/management DAO for Web3-centric content

One of the often overlooked steps in the early stages of Web3 social applications is content management.The homepage of “Decentralized Youtube” simply displays the most recently uploaded videos, and the cluttered content is not a good content experience for users.

I think there should be a DAO to filter content according to a clear guideline. The initial idea of ​​the mechanism is that this DAO is coordinated by a token that will be distributed to those who successfully identify content before harmful content, review content quality, and filter out tag types for content, including DeFi, NFT, Token analysis, etc. This will greatly improve the platform’s good experience for users and retain new users.

Piecing together a Web3 killer social app

Getting used and followed by mainstream users is something that is hard to plan perfectly ahead of time — often a combination of the right timing, product vision, and a lot of luck. So, the suggestions set out below are just my thoughts on how I would like to see killer breakthrough apps emerge.

Start with tools. Build a content management system for DAOs and convince them to use an app like Huddle01 to host their minutes and distribute their content. Every DAO that uses it gets a page that lists all their historical videos, making them easy to navigate, discoverable, searchable, and includes access controls (or maybe a monetization mechanism for creators). This is useful for single DAOs or isolated projects.

Enable some added value management in all content created by users of this tool. Web3 content is usually public by default – stored on a decentralized network and widely distributed. Use the above curated DAO to start curating content homepages for the highest quality Web3 information across the ecosystem, including archives, and categorize them by category as needed – DeFi, NFT, Token analytics, etc. The model here is a video-specific reddit – the Web3 homepage of the internet.

Identity layer around Web3 social network – based on wallet, identity, soul binding NFT as user’s reputation.Users can interact with content across DAOs and communities, i.e. across multiple platforms, so having a reputation for portability is a sticky feature for building network effects around social apps.

Consider the creator. There will be a compelling reason for creators to choose a Web3 social media application – content distribution to the target audience is more valuable than uncontrollable content distribution in Web2 social, not to mention other monetization and control powered by Web3 Advantage.

The above suggestions show a path to a Web3-centric Youtube/Reddit, but it will depend on the project’s innovation in product mechanics, user experience, and incentives for it to truly be noticed by mainstream users.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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