The SocialFi wave is a bit like a mirage, with a good picture but a lack of a solid user base. From the self-built social public chain of Steemit in ancient times, to the release of social tokens by Rally, to the sale of NFTs by Monaco last year, the efforts of Web3 social products have never stopped, and the real PMF has never been found.
However, with the upgrade of infrastructure and changes in market trends, the form of social products has also been changing. Combing the recent new products on the social track, we found that the industry as a whole has two directions of change:
One is ethnicization, that is, a series of ecological products are built based on the same underlying social graph. The functions of the products are different, but they all share the same set of social relationships . Users can use the accumulated social data on any product in the ecosystem. Similar to chatting with WeChat friends on Douyin, it fully reflects the openness of Web3 data.
The second is scenario-based, that is, products are often combined with a specific usage scenario such as NFT, and exist as a functional complement tool for this scenario, reflecting the composability of Web3 applications.
The first change will create a completely different application landscape from Web2, and the second direction will show that social products are beginning to become practical and functional. On the whole, the phenomenon of “Lego bricks” is becoming more and more obvious, and there are fewer and fewer attempts to create a large and comprehensive social application with one product.
This article focuses on products that enable users to interact socially, so infrastructure products such as qualification certificates and DIDs are not included for the time being.
1. The trend of ethnic groups: underlying maps and ecological products
Build a general social graph for other projects to build on this basis – if you want to do platform-based social products, this seems to be a consensus. In this field, there are already a number of projects building ecosystems. This section will introduce the representative projects Lens, RSS3, CyberConnect, and Farcaster.
1.1 Lens Protocol
The core of Lens’ design is to build a social graph based on NFTs. Each user will create their own Profile NFT, and they will also get a Follow NFT when they follow others. Each NFT has a unique number, which records the creation/following order.
Since these NFTs can be transferred or traded, Lens breaks through the limitation of using social relationships as “data” only, but encapsulates social relationships as “assets” . The imagination brought by this is that NFTs can be used as various community gates, reward standards, etc., such as restricting only the top 100 followers to get incentives, and once these NFTs can bring benefits, it may also create social NFTs trading market .
Interestingly, because the Lens team has adopted a hunger marketing strategy for Profile NFT, only some early users can obtain Profile NFT, and only after receiving this NFT can they gain the attention of others. Now a trading market for Profile NFT has been formed, and the floor price is very high. 0.014E. Although the price is not high, it also verifies the potential of social NFT to have transaction value.
The trading interface of Lens Profile NFT on OpenSea
Another major advantage of Lens is that, due to the appeal of the original Aave team itself, and the team is actively building an ecosystem through activities such as Hackathon, a number of native projects have emerged based on Lens. On the Lens official website, you can see some officially recommended projects.
Among them, Lensfrens is made by the Lens team and is a simple front-end for adding friends; Lenster is similar to Facebook, which can add friends, browse friends’ news, join community discussions, etc. It is a relatively complete product at present; Phaver is similar to a mobile phone Facebook; Alps Finance is a posting community around Defi topics, and it also integrates transaction and transfer functions. In addition to the above products, there are also popular link sharing communities, video ordering platforms, video distribution platforms, etc., all of which are native projects based on Lens social information.
Most of these ecological projects have small functional entry points, but they have a strong sense of community when they are aggregated together . For example, after users follow other people through Lensfrens, they can watch their friends’ dynamics on Lensfrens, and then migrate to Phaver on the mobile terminal. The front-end is different, but the friend relationship is the same. This is indeed a big difference in experience between social ecological projects and Web2 social applications.
CyberConnect is a decentralized social graph protocol. It is similar to Lens in building the underlying social relationship, but the difference is that the architecture of Lens is based on NFT to realize relationship building, while CyberConnect precipitates social relationships in the form of a database, social data Storage through the middleware Ceramic. In addition, CyberConnect is deployed on ETH and Solana chains, which are two different social graphs, while Lens only chooses Polygon single-chain deployment.
CyberConnect has made a front-end application for social relations, users can follow others, and can also view other people’s NFTs, POAPs, Galaxy qualifications, Mirror articles, etc.
CyberConnect Plus Attention and User Dynamic Interface
CyberConnect is also working with a number of third-party projects. But unlike Lens, Lens’ ecological projects are all new projects native to the Lens protocol, and the adoption of social relations is exclusive; while CyberConnect mostly cooperates with other projects to provide social relations as a functional complement.
The picture above shows some of the ecological projects listed on the CyberConnect official website, among which Light.so and Hello World are native projects based on CyberConnect, which have different styles of front-end display for social relations and user dynamics.
Left is Light.so, right is Hello World
The other projects are basically independent third-party products, borrowing the social relationship of CyberConnect. The more typical one is Unipass, which adopts the social relationship of CyberConnect and RSS3 at the same time. In this scenario, both CyberConnect and RSS3 are similar to an open API for third-party projects to read users’ social relationships. Compared with Lens, CyberConnect may be more difficult to build its own “group” ecosystem, but it is also more flexible for the integration of third-party projects.
RSS3 is committed to being an open information aggregator to achieve efficient and decentralized Web3 information distribution. The current source of information is based on all the dynamic behavior of user addresses on the chain, so it is very similar to an on-chain circle of friends.
RSS3 does not focus on the underlying graph like Lens and CyberConnect, but encapsulates products that can be used by the C-side. Currently available products, one is Web3 Pass (https://cheers.bio/), where users can edit their own profile pages, choose which dynamic information to display, or generate their own domain name RNS; the other is Revery, which also It is an aggregation page based on user address dynamics. After following other users, you can see the dynamics of the objects you follow. It is very similar to Twitter dynamics, except that the dynamics include all on-chain behaviors that the objects you follow are allowed to disclose, including posting in Mirror, buying NFTs, Get airdrops and more.
However, due to the wide range of uses on the user chain captured by RSS3, RSS3 has also become a data provider for some third-party applications . In the introduction of RSS3’s ecological project, it can be seen that most of the cooperation between the two parties is that RSS3 provides user data and other data.
The Farcaster team is low-key, with only 2 tweets on Twitter, and the product has been in internal testing. However, it suddenly announced that it had raised $30 million in financing recently, and began to publicize it. The two co-creators of the team, Dan Romero and Varun Srinivasan, were both from Coinbase and should have considerable influence in the industry.
Farcater is a low-level social roster that any client can use to build social products. The core of the protocol is divided into two parts: one is the name registration system established on Ethereum, currently running on Rinkeby, users can register a unique username with an Ethereum address and associate a content hosting URL. Only with the private key of the address, the content hosting address can be updated, in other words, the association right of the relevant content is in the hands of the user. The second is the hosting part. Users can choose to host independently or rely on third-party hosting to achieve different degrees of decentralization.
Dan Romero, one of the co-creators, attached a product front end to the article announcing the financing, which also looks similar to a Twitter, but the interface is simpler and more straightforward.
There are also some native projects around Farcaster, including Instacaster, which stores images that appear on all products, Searchcaster, which searches for posts, CastRSS, which is a dedicated RSS feed stream, and Configcaster, a tool that helps users pre-approve sensitive data when connecting their wallets with other websites.
Since the product is not open to use, there is not a lot of information about it, but the $30 million funding reserve still makes this project worth tracking.
2. Scenario-based trends: transaction communication, project cooperation, data analysis
If the projects in the previous section are still trying to build a social network from the ground up, the projects in this section show more of the instrumentality of social products. In terms of transaction communication, project cooperation and data analysis, new products with practical functions have emerged.
2.1 Communication products that facilitate transactions
The network effect of Web2’s communication products is too strong. If you directly make a decentralized or even end-to-end encrypted product, it will be difficult to compete with Telegram and other social communication products that have long been used by users . The recently emerged Web3 communication products have begun to be closely integrated with existing scenarios such as NFT, and the functions that meet specific communication scenarios have overcome the barriers of network effects and achieved an experience that is difficult to achieve with Web2.
Both Atem Network and Swapchat are communication products based on NFT exchanges.
Atem focuses more on identity-based instant group chats . Under its interface, you can find popular NFTs and enter the group chats under this NFT. What is remarkable is that Atem will instantly verify whether the user’s wallet holds the NFT. If it holds, it can enter the channel that the holder can only enter, otherwise it can only enter the public channel.
Atem’s NFT interface and group chat interface
Although Swapchat also has a certain NFT group chat, there is only one public group, and the product focuses more on point-to-point communication . Swapchat itself is an extension program integrated on OpenSea. When a user sees a favorite NFT in OpenSea, he can initiate a chat with the holder. Of course, holders must also install the Swapchat extension before they can receive information, and there are still strong requirements for network effects.
Swapchat integration with OpenSea
2.2 Qualification-based cooperative products
In the latest issue of Gitcoin’s social projects, a number of workplace social network products have appeared, including Metajam, Fuse Pass, and CryptoIn. Web3’s new product information is scattered. Through such websites, project information can be aggregated and people and projects can be connected. There will definitely be market demand for workplace social tracks ; and Web3 can make full use of the qualifications on the chain, making the information of project parties and applicants more symmetrical. , there are advantages over Web2 workplace products .
Fuse Pass uses NFT badges, on-chain and off-chain qualifications to provide professional certification in the workplace and help improve the transparency of the project recruitment process; CryptoIn uses RSS3, Arweave, Mask Network and other product functions to assist project financing and talent recruitment. Neither product appears to have a publicly available version yet, while Metajam already has some operational buzz.
Metajam is similar to Web3’s Product Hunt, where project parties can showcase their product models to attract talents and potential financing; individual users can build their own resumes, discover projects and apply for jobs; investors can also screen projects or assist here publicity.
When using, the user needs to connect with the wallet address, and can leave a message under each item, and Metajam will synchronize the social relationship of CyberConnect. The personal resume part is still relatively simple, and users can choose the fields and skill tags they are interested in, but there is a lack of integration of qualifications on the user chain.
2.3 Embedded Data Analysis
On-chain data analysis is never new, but data analysis platforms such as Nansen have certain analytical capabilities for users. Lightweight analysis aids may be more popular.
Blocktracker is a simple and straightforward analysis plug-in. For the Twitter account associated with the address on the chain, it can display the historical NFT rate of return, wallet balance and other information of the address on the Twitter interface, providing more interesting comments for the big V. Economic proof.
Borrow V God Twitter
Judging from the above two trends, emerging Web3 products either interact with other applications to form network effects, or form functional complements close to a certain usage scenario, instead of trying to completely replace Web2 applications with one product as in the past .
In Web2’s social products, the underlying social relationship and the upper-level experience are bound together, while in Web3 these two elements are separated, which is the most interesting point, and will inevitably create a completely different product pattern. The biggest barrier to social products is the cost of user migration. In Web3, as long as they are on the same social graph protocol, there is no migration cost for users. Maybe in the future, several social graphs will be used to form social product groups, and the applications in the ecosystem will become creative products like games. Old products can’t sit back and relax, and small products always have opportunities for development.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/new-changes-in-web3-social-track-shift-to-ethnic-and-scenario/
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