The Web3 social space is starting to take off, is attracting major VC funding, and could be the catalyst for cryptocurrencies to reach 1 billion users worldwide! Now let’s talk.
Traditional social media (TradSo) is weaker than ever due to slowing growth, censorship and deplatforming opinions, Apple’s attack on the ad business, commoditization of UX/tech, loss of trust in feed algorithms, etc. .
And Web3 Social offers another option:
- better user privacy;
- data portability;
- User-owned content and monetization;
- Experience the joy of Web3 (NFT/DeFi);
- Neutrality, allowing anyone to post on it;
There are around 30+ projects working on these Twitter/WhatsApp/Discord killers built on blockchain, NFT projects, DeFi and decentralized storage. Some of the top protocols include Farcaster, Lens, XMTP, Ceramic, and Deso.
Social and chat apps are the most used in the world, so developments in this area will cement cryptocurrency as the financial and property rights system of the internet…just like http or tcp/ip.
Of these, two of my favorite projects are Farcaster and Lens. Of all the Web3 products I’ve seen, Farcaster has the best balance of product, community, and protocol. Lens is different, a mixable on-chain social graph created by established builders and a passionate community.
But it’s still early. It is unclear which features of Web3 really provide mainstream users with a better experience than TradSo, the user experience of wallets is still poor, and there are still quite a few complexities and risks associated with accessing different public chains.
Facebook, Discord, and others still have strong network effects and their products are very mature, and alternatives to Web3 have so far failed to make a difference.
As a Web3 community, we need to find a better user experience for wallets (probably hybrid/semi-custodial) and even which blockchains are best for these use cases! L2s, Rollups, newer Solana/Aptos chains, Filecoin vs Arweave, etc. Let’s all try it out!
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/missing-out-on-traditional-social-media-investment-opportunities-learn-about-the-rising-web3-social-landscape/
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