SocialFi in-depth analysis – the future development of SocialFi from the current market

foreword

1. Why we should pay attention to the social track
2. Summary of Web 2.0 Social Product Development
3. What is SocialFi in the era of Web 3.0?
4. Core differences between Web 3.0 SocialFi and Web 2.0 Social
5. Build the three-tier infrastructure of Web 3.0 SocialFi

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6. Web 3.0 ecosystem on top of the underlying facilities

Outlook and conclusion:

7. SocialFi’s current development limitations
8. Characteristics of a successful SocialFi product
9. Looking Ahead: The Future of SocialFi
10. Summary

References

foreword

1. Why we should pay attention to the social track

The social platform holds a large amount of user traffic, portrait and behavior data, which contains huge commercial value

1.1 Market capacity:

According to the 2022 we are social report, as of April 2022, there are 5.32 billion mobile users worldwide, 5 billion Internet users, and 4.65 billion active social media users. Active social media users accounted for 58.7% of the global population, with an annual growth rate of 7.5%, higher than the 4.1% growth rate of Internet users and the 1.7% growth rate of mobile users. According to new research from GWI, Internet users around the world now spend an average of 6 hours and 53 minutes a day online. Socializing is a rigid requirement of almost every user, no matter in the era of Web 2.0 or Web 3.0.

1.2 Current pain points:

In the era of Web 2.0, giant companies hold all the data of people on social platforms and trap users in the information cocoon through algorithmic push; the advertising-based business model also makes the Web 2.0 platform full of various viral, Eye-catching, curious information inhibits truly in-depth content creation. In addition, the profits made by the giants through the use of users’ information and creators’ production materials are not fairly distributed to creators and users.

2. Summary of the development of Web 2.0 social products

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2.1 The development of traditional social products can be roughly divided into the following stages:
1) Early stage (1980-1998): In the desktop computer era, online forums such as BBS, portal Yahoo!, and search engine Google appeared to provide services for users to interact with each other and to help users obtain information; users used anonymous screen names in the discussion area. , chat rooms or specific forums to interact.
2) Development stage (1999-2009): In the PC era, personalized space websites such as blogs and personal homepages became popular. Users could share personal information, life moments and other information, and then communicate with each other in a “friend-to-friend” way. Make connections with people you know and expand your social circle; dating sites quickly become mainstream, and real offline identities and interpersonal relationships are brought into the online world; Facebook, established in 2004, has become the world’s most popular social network since 2006, and the Internet ecosystem Since then, it has been dominated by social networks.
3) Mature stage (2010-2015): In the era of 3G smartphones, social networks have become a rigid demand, a large number of social applications have emerged and more and more emphasis has been placed on interaction, the functions of social products have been continuously improved, and each subdivision track has been gradually improved, social products and real life. relationship is getting closer.
4) Stable development stage (2016-2019): In the 4G era, the entertainment and business attributes of social networking have been continuously enhanced. People are both content consumers and content producers, and everyone is a media; The leading products of each track occupy the main market; on the other hand, the acceleration of network speed has made emerging fields such as live broadcast, mobile games and short videos relying on video to emerge.
5) Future exploration stage (2020-present): In the 5G era, a new generation of social tools is still in the exploration stage. 5G features high speed, large capacity and low latency, combined with technologies such as the Internet of Things, blockchain and artificial intelligence, it can truly realize the interconnection of all things, and put human beings in an intelligent and interactive network, which will completely change us. With the greatly improved network speed, the content shared by social media will also increase exponentially; the immersive interactive information created by the immersive experience of VR and AR is expected to replace text and pictures and become the next generation of social media. The main information carrier of a generation of social platforms.
Summary: It can be seen that the important reasons for the evolution of social networks are the upgrade of network hardware facilities and the development of mobile communication technology. From desktop computers to PC computers to smart phones, from 3G to 4G to 5G, social functions have changed from instant messaging. Convenience and diversification of interactive friends are evolving towards more personalization, content creation, and business monetization, and social networking is gradually taking on more business behaviors.

2.2 Web 2.0 social products have the following characteristics:

1. The evolution of social networking: text chat → picture sharing → voice communication → video social networking (short video and live broadcast industry).

2. Social scope evolution: 1-to-1 (communication) → 1-to-many (forum blogs) → many-to-many (community groups).

3. The status of top social products is solid: At present, top products occupy most of the market, and emerging products are difficult to gain market share.

4. The form of text social networking is still the mainstream, and video social networking is expected to become a new trend: 5G networks will make the transmission of video images more stable and clear, thereby improving the product experience of mobile social networking and bringing about an upgrade in gameplay.

5. The social application scenarios are more abundant and novel, and it is expected to reshape the user’s social behavior chain: from acquaintance socialization, unfamiliar socialization, entertainment socialization to business socialization (video up and live broadcast), the commercial monetization attribute of socialization continues to increase .

6. The fields of social products are continuously subdivided, including instant messaging, video social networking, photo sharing, personal homepage, Q&A social networking, audio social networking, dating and making friends, community forums, live broadcasting social networking, music social networking, and microblogs, etc.

7. Social products pay more attention to community building: As young users continue to join, social products try to build communities with different interest circles, improve customer loyalty through UCG cultural construction, and then develop into many-to-many social clubs.

3. What is SocialFi in the Web 3.0 era?

Data is one of the most important means of production in existing and visible future human society, and it is also the source of reverse leveraging productivity. The biggest difference between Web 3.0 and Web 2.0 is that Web 3.0 has changed the ownership and flow of ownership (and other rights derived from it), such as data. real producers, which in turn changes the production relations of society.
In the social platform of the Web 3.0 era, people will have absolute control over their social data, which is a decentralized way of socializing. SocialFi products are based on the underlying infrastructure of Web 3.0, starting from people’s needs for ‘decentralized social’ or ‘decentralized finance’ (ie DeFi), and then a product category that integrates the two needs. The combination of decentralized social networking and finance can break platform monopoly, eliminate single-point risks, and create new business models and product categories in the wave of the global digital economic system.

4. The core differences between Web 3.0 SocialFi and Web 2.0 Social

While meeting all the functions of traditional Web 2.0 Social, Web 3.0 SocialFi also implements the following requirements:

4.1 Starting from Social Requirements:

The core is to return the ownership of digital assets from the platform to the individual. In the field of Web 2.0 social networking, users create content, operators formulate rules, and data is stored in the operators’ centralized servers, which cannot guarantee the privacy of user data.

Using the technologies of decentralized computing, decentralized storage and decentralized privacy protection of Web 3.0 can achieve:

  • The platform is open, and user data does not need to be migrated (island → open)
  • On-chain storage, users can obtain more information (closed → shared)
  • Encryption algorithm to improve privacy security (leakage/loss/tampering → security)

As a result, the user’s identity attributes become richer, personal influence is more valuable, and it is equally effective in various social platforms; traditional Web 2.0 highlights the platform’s influence, while Web 3.0 will highlight the individual’s social influence. , to promote the development of personal interests and liberate the enthusiasm of each participant for production; in addition, DAO can automatically verify the user’s identity, which has more application scenarios in the DeFi field, such as decentralized credit.

4.2 Starting from the needs of Finance:

The core is that through decentralized financial products, everyone can quickly and easily realize personal social capital and realize the high-speed circulation of personal social influence value; in the field of Web 2.0 social networking, the platform uses recommendation algorithms and customized advertising. Monopolize most of the revenue, and content producers get only a small part of the revenue from it, or even no revenue.

The manifestation of Finance is that users’ social activities (such as creation, comments and likes) can:

  • Basics: Obtaining assets (ERC20, 721, 1155, etc.) in the Web 3.0 world as “Proof of Work”
  • Intermediate: Gain privileges in the Web 3.0 world, such as governance voting rights and whitelisting eligibility
  • Advanced: Help users grow into Web 3.0 KOLs, and possibly transform into real-world KOLs, then build a fan economy by building personal brands (clothing, music, merchandise sales, etc.), and earn reputation income (books, speeches, etc.) , guests, etc.)

5. Build the three-layer infrastructure of Web 3.0 SocialFi

5.1 Decentralized Computing:
The traditional centralized data processing framework is vulnerable to single points of failure, security risks and privacy intrusion; blockchain is considered a new decentralized computing framework, where there is no central entity and all nodes are equivalent Participants, and jointly maintain the consistency of transactions through a consensus mechanism, essentially allowing unlimited computing nodes to join the blockchain system, so the blockchain can gather massive computing resources. In the underlying blockchain of Web 3.0 SocialFi, there are both L1 public chains such as Deso, which are specially designed for SocialFi, as the underlying facilities, and there are also parallel chains Subsocial (the first layer chain in the Kusama ecosystem) designed for social networks. Compared to general-purpose blockchains, it can handle the storage and indexing requirements of social applications at scale.
5.2 Decentralized storage:
In view of the high storage cost on the chain, the storage solution of Web 3.0 SocialFi is usually distributed storage outside the chain. Distributed storage technology stores user data in distributed servers to ensure that data will not be controlled by a centralized organization, which can effectively prevent user data from being tampered with, protect data originality, and avoid large-scale data loss. , and greatly reduce the hosting cost of the centralized platform; based on the economic model, nodes can also generate other income; common solutions are IPFS, Swarm and Arweave:
IPFS is a distributed point-to-point hypermedia protocol whose incentive layer is Filecoin, through which nodes around the world can store and retrieve this data.
Swarm is also a similar decentralized storage network. The difference from Filecoin is that Swarm’s incentive system is built-in and executed through smart contracts on the Ethereum blockchain for storing and retrieving data.
Arweave takes a different path: it promises permanent storage, i.e. pay once, access forever.

5.3 Decentralized Privacy Protection:

We can use zero-knowledge proof, such as the “no information disclosure” feature of the zk-SNARK protocol, to prove that the transaction on the chain is valid without revealing the details of the transaction (receiver, sender, transaction balance). On the premise of confidentiality of identity and transaction amount, secure and private transfer between two anonymous users is realized.

Example:

NYM protocol Hybrid network: The data format in NYM is Sphinx, which is an anonymous encrypted data packet format, so that the source of the encrypted data cannot be seen and the data appears to have the same feature structure and size, and obfuscate the data The order of entering the network makes it impossible for the outside world to know the original input and output order of the data, so that the data cannot be accurately located and avoid being attacked by hackers.

DID (Decentralized Identifier): Allows users to control their data, protect their privacy and ultimately ensure their freedom through an open, censorship-resistant network. Users own their personal data and can carry it to different decentralized applications.

6. Web 3.0 ecosystem on top of the underlying facilities

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        Note: As a fair third-party research institution, the ranking of project cases in each category below is in alphabetical order

6.1 Middleware
In the Bridge layer, we see that there are many products with mixed forms of Web 2.0 and Web 3.0, which can not only satisfy users’ usage habits of Web 2.0 products, but also serve as a bridge for users to enter the Web 3.0 world.

Chainfeeds

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Source:https://www.chainfeeds.xyz/

  • Overview: RSS Aggregator, an open source cross-platform RSS reader, is not yet on the chain.
  • Value proposition: This tool can quickly organize and aggregate information from a professional perspective, help users quickly discover Web 3.0 trends, and solve the problem of RSS Feed initialization.
  • Product Features:
  • The web page has been launched; the content is subdivided into modules such as discovery, topic, depth, and news to meet the information needs of different users.
  • Mobile users can download a file with a suffix of “.opml” and import the file into the RSS reader NetNewsWire, which contains more than 500 Feeds; NetNewsWire is currently only available for iOS operating systems.
  • User portrait: Web 3.0 in-depth researchers, practitioners, communities, KOLs, etc.
  • Team background: Created by the team of Pan Zhixiong, the former research director of Lianwen
  • Token: None

? Highlights: The team has strong information collection and aggregation capabilities, has a certain influence in the Chinese community, and the content module is very practical.

? Limitations:

1. There is no search function on the webpage, and users can only passively feed information; if users do not have Apple products, they cannot use the mobile terminal

2. It does not support functions such as user personalized collection and sorting of information

Mask Network

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  • Overview: Mask Network is a portal that helps users transition from Web 2.0 to Web 3.0. Its main function is to encrypt and decrypt information transmission, and it continues to develop around this function. It integrates private social networking, borderless payment networks, and decentralized files. Storage and sharing, decentralized finance, governance (DAO) in one.
  • Value proposition: We hope to provide decentralized tools for the existing centralized Internet, build a bridge between the real world and the encrypted world, so as to realize the liberalization and privacy of personal data, so that each user can control their own data
  • Product features: Mask Network allows Twitter and Facebook users to encrypt their messages on both social media platforms, along with features such as sending and receiving cryptocurrency red packets, ITO, decentralized file uploading and storage.
  • Twitter Red Packet: The Twitter Red Packet feature jointly launched by Mask Network and MakerDAO allows users to send and receive cryptocurrency red packets on Twitter without involving complex mnemonic phrases; it has become Maker’s largest traffic source other than DeFi, and attracts Ethereum Founder Vitalik’s attention and participation
  • Gitcoin donation: The donation function launched by Mask Network and Gitcoin allows users to directly donate to projects on Gitcoin without leaving the Twitter platform
  • File upload and download: A decentralized storage function jointly launched by Mask Network and decentralized storage project Arweave, allowing users to upload and store decentralized files directly on Twitter or Facebook
  • Team Background: Founder Suji Yan
  • Token economics: governance token $MASK, token holders enjoy the governance voting rights of MaskDAO; 23% for the team, 28.45% for investors, 39.55% for the foundation, 7% for public sale, 1% each for liquidity pool and airdrop

? Highlights:

1. Based on the powerful user volume of Web 2.0, the Web 3.0 social ecology on top of this will have a considerable user base;

2. As a middleware for migrating from Web 2.0 to Web 3.0, it lowers the threshold for users to enter Web 3.0, and can lead users to experience Web 3.0 functions and accumulate traffic and brand awareness before the threshold of Web 3.0 infrastructure is lowered;

3. Similar to WeChat applet, it can integrate diverse Web 3.0 applications

? Limitations: Too much dependence on large Web 2.0 social platforms, and limited value capture by governance tokens.

6.2 Public chain layer

DeSo

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Source:https://www.deso.org/

  • Overview: DeSo is an L1 blockchain dedicated to social protocols. 150+ projects are currently deployed, including social products, creator tools, and data analysis tools.
  • Value Proposition: DeSo is a public chain designed to support large-scale social functions in order to handle a wider range of social activities than just sending and receiving funds. Any content provider can run a node on the chain, and all user information and social behavior data are stored on the chain. Third-party developers can customize the user interface and content distribution based on these data.
  • Advantages compared to other public chains:
  • Support blockchain native social functions
  • More than 100,000 nodes have joined, and the average cost of a post is currently $0.000017
  • Store as much information as possible on the blockchain, including profiles, posts, comments and end-to-end encrypted private messages, etc.
  • Product Features:
  • Social token: On the Deso chain, every user can have a “creator token”, which is automatically generated when a user profile is created. The token price rises with buying volume and falls with selling volume. By purchasing other people’s “creator tokens”, users can obtain relevant rights and interests of the creator, such as high-quality information, member content, event participation, potential investment, etc.
  • Social NFT: Users can display their purchased NFTs on their personal homepage, and everyone can interact by commenting, liking and sending diamonds.
  • Social tipping: The “Diamond” feature acts as a form of tip, allowing users to tip a post.

     

tZKF8yQkHtlubMQNcUOrJs1ihWWCGLHTuKZOVeUr.pngSource:Deso Docs (https://docs.deso.org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain)

  • Team background: Founded by the founder of the algorithmic stablecoin protocol Basis
  • Token Economics: The $DESO Single Token Model
  • Allocation: The total supply is 10.8 million pieces, the development team allocates 2 million pieces, about 8.5 million pieces are used for curve release, and the rest are used as mining incentives; in addition to being the native token of the blockchain, $DESO can mainly be used to purchase “creator tokens” currency”.
  • Supply curve: The token supply of each creator will be fixed at a certain amount range. As the number of tokens in circulation increases, the token price will increase (and vice versa), so that the creator’s influence can be intuitively passed. Currency price reflection.

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Source: Deso Docs(https://docs.deso.org/about-deso-chain/readme#the-importance-of-storing-everything-on-chain)

  • Creators can set the creator reward ratio. Suppose it is set to 10%. Whenever a creator token is purchased by fans, the creator will get 0.1 and the buyer will get 0.9. Deso motivates creators in this way. Promote your own token.
  • Creators can also choose to make their creations as NFTs for sale, and part of the income will be allocated to the fund pool of the corresponding creator tokens. Fans can display the purchased NFTs on their personal homepages to get social show-offs.
  • Creator tokens and NFTs can be endowed with more functions, such as membership-exclusive content and participation in special events, etc.

? Highlights:

1. The biggest advantage of DeSo is that it is a Layer 1 public chain specially customized for SocialFi, which can run on bare metal without requiring a virtual machine.

2. Based on the openness of data on the DeSo chain, other developers can build new social applications, and application data sharing within the ecosystem is conducive to the overall ecological construction.

? Limitations:

1. Although the performance of blockchain has been greatly improved, it is still unable to catch up with the speed of traditional social platforms.

2. In the future, the hybrid proof-of-work mechanism will be transformed into a 100% proof-of-stake mechanism, and the anti-evil mechanism of nodes is not yet clear.

6.3 Protocol Layer

BBS Network

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Source: https://www.bbsnetwork.io/

  • Overview: The BBS forum of Web 3.0, built on EOS, users can decide forum topics, create posts freely, initiate or participate in discussions, communicate with each other, express opinions, create content, etc.; all data is stored on the blockchain, and each post All are made into NFT and can be auctioned.
  • Value proposition: Build a BBS forum with freedom of speech, anti-censorship, user ownership, and revenue sharing, and return the ownership of content to the creator through NFT.
  • Ecological roles: including four roles: developer, operator, BBS forum owner and user; developers build a front-end interface that conforms to user experience based on underlying data, operators provide data storage services, forum owners can create forums, and users can create content and interact with it.

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Source: White Paper (https://www.bbsnetwork.io/_files/ugd/a5afc9_5e3a4b4acd0f403b887cf54eec8cb2db.pdf)

  • Team background: Founder Eyal Hertzog is the former product architect of DeFi protocol Bancor Protocol, and Guy Ben-Artzi is also the co-founder of Bancor Protocol.
  • Token Economics: Dual Token Model including governance token $BBS and community stablecoin $CT
  • $BBS can be used for governance activities such as community proposal voting
  • 50% of the tokens are allocated for engagement mining (essentially paid to BBS participants as social media advertising revenue), 20% for liquidity incentives, 10% for early investors, 10% for team retention, 10% Fund for long-term development.
  • Advertisers can purchase $BBS as a reward to distribute to ecological actors who provide services for project development. holdHaveByCanbylongExpectqualitybetBBS for higher voting rights.
  • $CT is the USD stablecoin
  • Each forum has its own CT token, and CT can be used as a means of forum governance (administrators have the right to temporarily freeze members’ CT).
  • Buy $CT through $BBS, the $BBS paid for buying $CT flows into the forum vault, and you need to pay $CT for buying posts, that is, NFT.
  • Only by selling NFT, $CT can receive $BBS for realization, and holders of $1 CT can realize $1 BBS.
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Source: White Paper (https://www.bbsnetwork.io/_files/ugd/a5afc9_5e3a4b4acd0f403b887cf54eec8cb2db.pdf)

  • The NFT in BBS Network is automatically flowed into the market. The first sale price is $0.30, and every subsequent sale will increase by 30%; 1/3 of the extra 30% premium goes to the NFT creator, and 1/3 goes to the NFT creator. 1/3 of the proceeds from the previous NFT owner as secondary trading proceeds to the forum administrator. Due to the openness and transparency of the data, rational investors can evaluate the advertising value of NFTs and buy at a suitable price, which can avoid hype and uneven distribution of income.
? Highlights:
1. The introduction of external positive value, namely advertisers, in the form of trading NFTs can increase income for the community, and distribute the income to creators in proportion to realize content realization.
2. Encourage the entire BSS ecosystem through Engagement Mining, and try to use collective strength to solve the problem of low website traffic.
? Limitations: Through advertising monetization, advertisers can directly buy the advertising space at the top of the forum page, which affects the user experience;
CyberConnect

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Source: https://cyberconnect.me/
  • Overview: CyberConnect is a decentralized social graph protocol designed to allow developers to easily build Dapps based on the protocol on mainstream public chains, thereby freeing users from centralized databases owned by network operators, and users can One-click migration of their portable user data across multiple Dapps.
  • value proposition
  • Composability: Provides a standardized API interface, any developer can integrate CyberConnect’s social graph data.
  • User sovereignty: All social graph data is open to the public, but users have ownership and management rights.
  • Multi-chain support: Not limited to a specific public chain, Ethereum and Solana are currently supported.
  • Token incentives: Adopt a decentralized DAO governance model to reward participants with tokens.
  • Product Features
  • Protocol side functions:

DeZ4UClySLsF2hMPBh6MbLVCxE6WdWOLM2VBhntO.png

Source: https://docs.cyberconnect.me/

  • Composable infrastructure: Dapps can enter CyberConnect with two lines of code and focus on building their own social layer without rebuilding the wheel.
  • Consistent data standards: Data interoperability is a core attribute of user-centric Web 3.0 applications, and CyberConnect has developed a data standard to enable portability and composability of user social data;
  • Multi-chain construction: The CyberConnect protocol was created for developers to build scalable applications in a multi-blockchain ecosystem, which enhances the portability and scalability of the Web 3.0 social experience.
Cyberconnect front-end application features (same name as the protocol):

qDwfCjv2H2l4PLEKxanHgLMorG9xg18PpN3GVbdK.png

Source: https://app.cyberconnect.me/address/cyberlab.eth

  • Personal homepage display:
  • User-set NFT Avatar
  • User connected wallet address, associated Web 2.0 App and Web 3.0 Dapp
  • User Follows, POAP and Galaxy Credentials
  • Comments and Mirror Blog features are not currently available
  • Team Background: Founder Wilson Wei from UC Berkley Business School
  • Token Economics: $CYBER is not currently available for public sale, with a total supply of 100,000,000, $CYBER tokens will only be used for early governance purposes.
? Highlights: Users control the ownership of data, and when switching Dapps, friend relationships, watch lists, etc. will not be lost
? Limitations: It is necessary to collect and clean a large amount of data on the chain, and it is necessary to consider the issue of how to collect data after the introduction of the privacy protocol on the chain.
Lens Protocol

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Source: https://lens.dev/

  • Overview: Lens protocol is a decentralized, open, composable, Web 3.0 social protocol built by the Aave team and deployed on Polygon, with data stored in IPFS or Arweave; the protocol allows anyone to create non-custodial Social data data, build a new social application Dapp.
  • Value Proposition:
  • User-owned content: The creator’s homepage will be cast as Profile NFT to follow the creator all the time. The created content can also be released as NFT and sold to fans. Users fully control their on-chain activity trajectory data.
  • Users have a social graph: In the Lens ecosystem, each user can clearly see their connected Dapps, and can continuously expand their social graph by connecting more Dapps.
  • User Owns Data: Content created is stored in IPFS or Arweave.
  • Ecological roles: It is mainly divided into three categories: content creators, application developers and ordinary users. Lens provides tools for these three roles in a targeted manner.
  • Content creator: Profile NFT
An address can have multiple Profile NFTs. Users use wallets to connect to the protocol and create a homepage. The homepage will be minted as a Profile NFT, which means that only the wallet address holding the NFT has the homepage and has the right to create content, publish content, Commenting on content and forwarding content, these activities will be recorded in the profile NFT on the chain, and users without Profile NFT can only follow the homepage, or bookmark the content published by the creator’s homepage.
  • Ordinary users: Follow NFT, Collect NFT
When a user follows the creator, the user will obtain Follow NFT, and the creator can set the threshold for obtaining Follow NFT, such as paying or completing certain tasks before obtaining it, similar to the membership mechanism of some social platforms. Follow NFT records the order and number of users’ attention, which helps creators to analyze traffic. The self-incrementing tokenID of Follow NFT can also be used in applications such as DAO voting and Pass cards, for example, only granting voting qualifications or tickets to the fan community to the top 100 users in the follow list.
When a user bookmarks a creator’s content, the user gets a Collect NFT, which records which fans have favorited or purchased which content. The holders of such NFTs are often fans who are willing to pay for the content. The more NFTs they have, the greater the potential purchase willingness of users, and the greater the support for creators, which is equivalent to an iron fan.
  • For developers
Lens Protocol provides module components such as “Profile NFT, Follow NFT, Collect NFT, Mirror NFT”, which is equivalent to a backend, providing developers with a complete chain of social function development. Developers can use these basic components at will, Build social products. The decentralized social platforms developed based on Lens all support users to use a wallet address to access, the platform can interact with the platform, and the built-in NFT assets of the product can also be interoperable.
  • Token Economics: Using NFT as the standard for value carrying and circulation, no ERC-20 tokens have been issued yet
? Highlights:
1. As an open source protocol, its highly composable modular components can help developers easily build diverse social applications on Lens; developers can also develop new components to continuously improve product experience and introduce more innovative functions .
2. External Dapps can also be connected to Lens to jointly build the Lens ecosystem
? Limitations:
1. Users need to go to the NFT market to purchase Lens Profile to experience the complete product functions, and there are certain usage thresholds.
2. In the absence of currency issuance, the ecological governance mechanism needs to consider how to ensure decentralization.
RSS3

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Note: Revery develops products for the RSS3 team project, which can aggregate and display user on-chain behavior (such as which NFTs have been minted) and user Web 2.0 account dynamics (such as Twitter and now)

  • Overview:
    RSS3 can be divided into RSS and 3; RSS is a content aggregation protocol in the Web 1.0 era, and 3 stands for Web 3.0. RSS3 runs on an EVM-compatible chain Crossbell built by the team and embedded in specific smart contracts.
  • background:
    RSS (abbreviation for Really Simple Syndication) has developed a format and standard for network aggregation and is a network transmission protocol. In order to track website information and crawl content, early developers developed the RSS protocol, so that information can be stored in RSS files in a structured way, and content distribution can be achieved at the same time. Once a link is imported into an RSS reader, the reader will download all historical and up-to-date content (text, video, pictures, podcasts, torrents, etc.) from the link, and automatically visit this feed regularly for updates.
    Web 2.0 products such as Medium, GitHub, Reddit, Substack and Ghost all use the RSS protocol. However, the centralized business operation model lacks incentive mechanisms, and has problems such as leakage of user privacy, loss of user content ownership and manipulation of public opinion.
  • Value Proposition:
    RSS3 integrates blockchain technology and RSS protocol, aiming to change the way of data control and capitalization of social platforms, build a transparent, open, and scalable decentralized information distribution protocol, and return content ownership to users.
  • Transparency: The RSS3 standard, the protocol itself, and all other supporting layers, such as hosting and indexing, are open source, and RSS3 encourages applications that use the protocol to be open source as well, allowing developers to take advantage of the various open protocols and vast array of open sources within the ecosystem data set.
  • Data sovereignty: data is stored on a decentralized network, and the ownership and private key of the information are completely controlled by the user.
  • Openness: The scope of information aggregation is oriented to the entire Internet. As long as there are centralized or decentralized applications that support RSS3, RSS3 can automatically aggregate information according to user preferences and publish it on the RSS3 feed; currently Is working closely with multiple Dapps (such as Mirror) to provide application tracking subscription services;
  • Modularity: The process of creating, storing, distributing and presenting a message flow as a particular message is done in a modular fashion, done by a decentralized protocol rather than a monopoly platform, allowing users to create a message on any client of their choice that will It is stored on any decentralized network they like, distributed using a transparent distribution protocol, and eventually this information will be presented by any client to another user for consumption.
  • Product function: RSS3 is an open source protocol for information flow aggregation
  • When a user is using the RSS3 ecological application, the application will create an RSS3 file and associate the user’s Ethereum address, Web 2.0 account and other information; the application will acquire assets (ERC-20 Token, NFT), interact with Behavior and other information, according to Web 2.0 accounts such as Twitter, real-time access to Twitter dynamics, such as reposts, likes, tweets and other social data; the application will store the above data in the RSS3 network in a decentralized manner, so as to achieve Return the content published by users on Internet giants to the users themselves.
  • When the user uses Dapp, the front-end submits the request for information flow aggregation to the entire RSS3 network. The global indexer (GI) composed of relay nodes (RN) processes the data request, and then the service node (SN) processes the data request. The stored content is distributed and sent back to users. The information transmission between nodes is through RPC, and the information transmission between nodes and users is through REST API/GraphQL.
  • Application developers can easily call the information in RSS3 files through API to create different types of applications.
  • Revery, Cheers, rss3.io and other products are front-end application products using RSS3. Users can log in through the wallet address, and the application will automatically display the user’s on-chain footprint, forming the user’s own exclusive honor wall; users can also interact with others ( subscribe and like) to build a decentralized Dapp that can subscribe and associate with each other.
  • Team background: Founder Joshua, has been working on RSS since 2018
  • Token Economics: The $RSS3 Single Token Model
  • The total token supply is 1 billion, of which 64% will be allocated to the community, 15.4% to the team, 4.6% to seed investors, 10% to private investors, and 5% to Natural Selection Labs , 1% is allocated to advisors.
? Highlights:
1. Users subscribe independently, which can promote the dissemination of high-quality content
2. Not only the information on the Web 3.0 chain can be collected, but also the Web 2.0 information that conforms to the RSS standard
? Limitations: Currently, only information flow type products can be aggregated on the content, and applications that conform to the RSS standard can display content.

6.4 Application Layer – Direct Social

Product features: The motivation for users to launch social activities is to achieve 1v1 peer-to-peer interaction, in the form of interactions between KOLs and fans (KOLs as initiators, such as Rally), or DMs between people with the same attributes (such as Nansen Connect) ).
Rally.io

NI6ZaiSLH3Fz4iyDnOqmKRY56Ght4DV3jeUmJI0h.png

Source: https://rally.io/creator

  • Overview: The creator token issuance platform, deployed on the Ethereum sidechain (Rally Blockchain), allows creators to use platform tools to quickly issue personal tokens, create personal communities, and customize the utility of tokens. Fans can buy their tokens and Get special benefits set by the coin issuer.
  • Value proposition: Help creators form their own effective communities, help creators communicate effectively with fans, and make real fans pay for creators’ content.
  • Team background: Founder Kevin Chou comes from UC Berkeley Business School, and other key members come from universities such as UC Berkeley and investment banks such as Citi.
  • Token Economics: The $RLY Single Token Model
50% will be rewarded to participants ($RLY will be distributed according to the proportion of Creator Coin held by users), 20.4% will be used for community treasury, liquidity incentives, etc., 15.3% for investors, and 14.3% for teams.
  • If you want to issue creator tokens, you need $RLY, but the platform will not share the benefits of creator and fan interaction
  • The Token Binding Curve (TBC) defines the relationship between the Creator Coin supply and its price in $RLY.
? Highlights: As a pioneer of personal token issuance, Rally has made bold innovations in product functions and token economic models; currently, the platform has nearly 300 celebrities’ social tokens for users to choose from, as well as celebrities’ exclusive NFTs. Buy.
? Limitations:
1. Content: At present, only the creators at the waist and tail have settled on the platform. The creators at the head have extremely high cash flow and do not need to issue tokens for additional cash. Star KOLs who can really generate high-quality content have not yet settled.
2. Monetization: Creator Coins can be converted to $RLY and then “bridged” from the Rally sidechain to their Ethereum wallet. Such transactions may be subject to compliance checks and have time and amount limits.
3. Formally: social activity development and fan management rely heavily on traditional Web 2.0 applications, such as reading user token balances through Discord robots, grouping them and unlocking corresponding content.
Nansen Connect

5mbp8UGhZT0Ea12gisx0BQPa9oEkxqxjIBGxxn0q.png

Source:https://www.youtube.com/watch?v=I_E_hgRBip0

  • Overview: Nansen Connect is a Web 3.0 encrypted messaging application announced by on-chain data analysis platform Nansen
  • Value proposition: Quickly and accurately build high-quality communities through on-chain tags, and find like-minded people
  • Product Features:
  • Users can log in with their wallet, choosing a username based on the wallet tag provided by Nansen.

RgAxfzXLJubVCjUIw0OJNbdHmyFmiQw7pX2z6fAr.png

  • Based on the user’s cryptocurrency holdings and on-chain behavioral tags, users can join corresponding groups and send DMs to other users (using end-to-end encryption), and finally establish an OTC channel for more efficient transactions.
  • Beta releases will include Smart Money and Blue Chip NFT Holder channels and will expand user access over time.
  • Team background: Alex Svanevik as CEO, used to be the chief data scientist at Coinfi.
? Highlights:
1. Further excavate the value of on-chain behavior analysis and tag data in the social field.
2. Has cooperated with many well-known communities such as Millionaire Club, Rare NFT Collector, etc.
3. Launched with dedicated Club channels such as Pudgy Penguins, BAYC, etc.
? Limitations:
1. If the information is not uploaded to the chain, there is a single point of risk. After the server is closed, there is a risk of losing chat information.
2. Compared with Discord, users need to have a corresponding behavior label before joining a group, and the entry threshold is high.

6.5 Application Layer – Community Social

Product features: The motivation of users to carry out social activities is to achieve more than 1v interaction. Usually content is used as the carrier. The platform provides a series of tools. Everyone forms a community based on common topics. Social activities promote the dissemination of high-quality content, emphasizing the self-operation of the community.
mirror.xyz

HVlhKp30kFAIatKUKUwl4Uk0j2DO3SbDerOLQZom.png

Source:https://mirror.xyz/
  • Overview: A decentralized writing platform issued on Ethereum; through wallet address and ENS domain name registration, authors can publish articles for free, or they can mint articles as NFTs and store them permanently on Arweave. Readers can purchase the NFTs as collections; Mirror also provides creators with a token issuance tool to crowdfund.
  • Value proposition: Provide creators with new ways to monetize their content, allowing creators to take direct ownership of their work.
  • Product Features
  • Publishing articles: You can use the online editor provided by the platform, and also support one-click import of articles from outside.
  • Crowdfunding: Anyone can initiate or participate in crowdfunding through Mirror.
  • Cooperative profit sharing: Through smart contracts, creator benefits can be automatically shared with multiple authors.
  • DAO: Mirror can quickly start a DAO, and provide voting proposals, token snapshots, multi-signature, proxy voting and other functions.
  • Permanent storage: Articles published on Mirror can be minted into NFT and stored permanently on Arweave, and the unique address stored on the chain can be seen at the bottom of the article.
  • Team background: Mirror was founded by former a16z partner Denis Nazarov
  • Token economy: $WRITE, the only way to join Mirror DAO is to burn a $WRITE, $WRITE is not currently on sale, it is an invitation system, and the top 10 people who participate in the Write Race every week will get the invitation.
? Highlights: Mirror’s content monetization format encourages creators to migrate from Web 2.0 to Web 3.0, while facilitating the production of high-quality content.
? Limitations:
1. The product lacks functions such as article search, likes, comments and rewards.
2. Sending documents to the Ethereum main network in the form of NFT, if the gas fee is too high when the network is congested, it will affect the user experience.
3. If the NFT price set by the creator is too high, it is not conducive to the rapid spread of the content.

Monaco Planet

vuyoBhDXoFSwMPVW9s5HlDLPBBGRrPByS8aSTZva.png

  • Overview: A social platform deployed on BSC, which mainly focuses on content mining, that is, content creation can get token rewards.
  • Value proposition: The concept of content mining, directly rewarding content creation, and promoting the prosperity of the content community
  • Product Features:
  • The $MONA released every week (released with a steady linear decline over 8 years) will be distributed to users who stake $MONA for content mining.
  • Users can post posts, search for other users and follow, like, comment, DM, show NFTs, and more.
  • The platform ranks users based on their influence and NFT net worth.
  • Team background: Co-Founder is the background of UC Berkeley and USC international students
  • Token Economics: The Single Token Model $MONA
The total supply is 1 billion, 55% is used for content mining and distributed to users, 15% is used for strategic investors, 20% is used for team and seed round investors, and 10% is used for ecological development.
? Highlights: The team has strong event marketing capabilities. In the initial stage of website promotion, the platform is only available for Yacht NFT holders and users with invitation codes to register and use. For a while, the floor price of Yacht NFT on OpenSea has risen rapidly, and an invitation code It was also fired for hundreds of dollars. There is a special partition on the platform for users to display purchased NFTs, which increases the usage scenarios of NFTs and satisfies users’ showing off social behaviors.
? Limitations: There is no reasonable mechanism to restrict the content quality of creators. A large number of users form alliances and mutual praise in order to obtain token rewards, and produce irrigation content, which leads to the flood of low-quality content on the platform and the deterioration of community quality.

6.6 Application Layer – Community Social

Product features: The motivation of users to carry out social activities is to achieve multi-v multi-interaction, usually in the form of groups, to bring together some people with common attributes, the same needs, and hobbies, and everyone is in line with the rules jointly formulated by the community. , to develop a variety of social activities.
Friends With Benefits

dAj10BP9nVqnixveUTn4na2Ax5SLAWIzrQ9RFVyX.png

Source:https://www.fwb.help/

  • Overview: Founded in September 2020, it is a high-value community DAO with a membership screening system, bringing together people with the same hobbies, topics, and goals to hold concerts, develop projects, conceive digital art, and learn encryption. Knowledge, etc., there are currently 3,000+ active members, of which about 10% are core contributors.
  • Value proposition: Meet high-quality social needs and bring a sense of honor to the circle through a high-quality, fraternity-style closed community.
  • Product Features:
  • Strict written application and holding certain tokens are required to join;
  • Review Criteria: Real-life information, including professional background, work projects, personal social networking sites; considers artists, musicians, creative thinkers, practitioners, and members deeply involved in Web 3.0; review by a 15-member committee after application submission, currently approved The rate is less than 40%;
  • Tickets: Global membership 75 $FWB (~$1,300), access to all Discord channels and content, participation in various online and offline activities and governance; local member 5 $FWB (~$85), access to the city’s online channels down events and Discord channels;
  • Seven major sections: high activity, including public area (chat and self-introduction), learning area (understand Web 3.0 related knowledge), trading area (Crypto and traditional investment market trading opportunities), NFT area (NFT production to promotion a series of topics), creative area (art, music creation and development, etc.), quality living area (food, reading and fitness, etc.) and governance area (community governance topics);
  • Five categories of activities: including Coffee Time (please share opinions and inspirations from guests from various industries), Seed Club (cooperate with Seed Club to share Web 3.0 interesting stories), Max Pain (discuss topics about investment), Into the Weeds (discuss about Crypto field) various tracks, one topic per issue), Lifestyle Hours (exploring the combination of Web 3.0 and culture)
  • Team Background: FWB contributors are made up of members around the world, including a core group of 400 people.
  • Token Economics: The $FWB Single Token Model
  • Token distribution: community circulation accounts for 40%, treasury accounts for 35.6%, team accounts for 19.9%, and liquidity providers account for 4.4%
  • $FWB tokens can be used as community tickets, governance voting rights and participation in events;
  • Community contributors are rewarded with $FWB tokens;
  • $FWB can Swap with most mainstream currencies on Uniswap;
? Highlights: The threshold for users to join is high, which can screen out high-value users and ensure the quality of the community.
? Limitations: The registration system (email) is used to define the identity. Due to the lack of a universal on-chain governance system, it is necessary to explore a reasonable DAO governance scheme to ensure decentralization. The current review committee composed of only 15 people is too centralized.
Whale

HbSumjCdM8RMlQDfIpfAIb1x3H3Gj2GXXjY8zA3k.png

Source: https://whale.me/

  • Summary: In May 2020, Whale Shark created the WHALE Vault DAO, which currently has over 20,000 members. DAO issues the token $Whale, the value of which is based on the NFT assets held by WHALE Vault, the valuation can be viewed on the website http://NonFungible.com, WHALE Vault is managed by Whale DAO;
  • Value proposition: Use tangible and rare NFT assets as an endorsement for $WHALE, and seek a balance between wealth preservation and growth speculation through a basket of high-quality NFTs;
  • Product Features: As the world’s largest digital art collection library, WHALE Vault invests in digital art, digital real estate, digital game assets and other digital collectibles; WHALE Vault is also home to Pak, Hackatao, XCopy and many other leading digital artists and designers The largest collection of works, NBA Top Shot accounted for the largest proportion in the vault, accounting for 74%, The Sandbox accounted for 2%, SuperRare accounted for 13%, Gods Unchained accounted for 1%, CryptoVoxels accounted for 2%;
  • Token Economics: The $WHALE Single Token Model
  • The total supply is 10 million, with the team accounting for 10% and the community accounting for 42.6% (40,000 $WHALE is released monthly for NFT acquisition, donations to artists, team wages and community activities, etc., and recorded through Discord), investment 10%, and 37.4% are retained by the foundation;
  • $WHALE holders can benefit from the Vault and the project, including renting NFTs in the Vault, access to airdrops, exclusive information, liquidity mining rewards, voting governance rights of WHALE DAO, and communication opportunities for WhaleShark himself;
  • The DAO plans to add value to the treasury by purchasing more NFTs with all treasury asset sales or rent proceeds;
? Highlights:
1. Whale Shark once predicted that 99% of NFT projects will eventually fail. Therefore, Whale tends to look for high-quality NFT projects that have long-term vitality and can pass through bulls and bears.
2. Whale DAO is the first DAO that can manage such a large-scale asset by community members. Everyone votes to decide whether to buy or sell NFT, and improve the quality of decision-making as much as possible through collective wisdom.
? Limitations: The allocation mechanism for releasing 40,000 $WHALE per month is vague.

7. Current limitations of SocialFi

7.1 Bottom side

1. Technical level: The underlying infrastructure such as cross-chain technology, distributed storage, privacy computing, etc. is not yet fully mature; the underlying structure of each public chain is different, and the communication between public chains requires cross-chain technology to interconnect, and this It will also involve issues such as the security and iteration of cross-chain communication. There is no perfect solution yet. For the prosperity and development of an industry, the maturity of the infrastructure is a necessary condition.
2. Governance level: The governance system of DAO is not perfect, some governance mechanisms are too complicated, and community popularity and user participation need to be improved.
3. User level:
– The migration cost of social software users is extremely high: when users are accustomed to Web 2.0 products, but the threshold for Web 3.0 products to get started is higher and the product experience cannot catch up with the time limit, it is difficult for users to migrate to Web 3.0;
– The current accumulation of users is not enough: the explosive growth of Web 2.0 social media appeared after 100 million users; currently, Ethereum has 180 million addresses, with less than 1 million active users, OpenSea has less than 25,000 active users, and users The volume has not yet reached the critical point of explosion.

7.2 Social demand side:

1. Lack of social belonging: When users are accustomed to the real world at the bottom of Web 2.0 social networking, the link between Web 3.0 social networking and the real world is only through wallets and mailboxes. Because of its anonymity, users cannot obtain the social experience of physical belonging.
2. Social protocols are still immature: Although the SocialFi track has many players and capital layouts, a mature social protocol has not yet really stood out and accumulated a large number of users, and various protocols are still in the trial and error stage.
3. Incomplete privacy protection: There is currently no pluggable privacy solution. Social records that users want to delete, such as comments, concerns, and likes, cannot be truly revoked on some platforms, and the traces on the chain will be permanently saved.

7.3 DeFi demand side:

1. The underlying business model is immature: Successful SocialFi products need to meet the DeFi needs of users. Currently, there are few platform tokens with high liquidity, and the token returns fail to meet the basic survival needs of creators, giving them the motivation to continue Creation forms a virtuous circle.
2. The fairness of Web 3.0 needs to be redefined: social tokens are equivalent to creating a more liquid and direct capitalization method for head creators and KOLs, which will inevitably lead to a new round of social Matthew effect. Attention, resources and wealth effects will be more rapidly focused on KOLs with capital.
3. Value capture and incentive methods need to be improved: At present, the value capture mechanism of the SocialFi project has not formed a benign closed loop, and the token incentive algorithm of some projects is unreasonable, resulting in low quality of content output and social activities; therefore, it is necessary to define the quality of high-quality content. standards, and improve incentives for high-quality content and effective social networking.

8. Characteristics of successful SocialFi products:

1) The use cost is low, and ordinary users can afford it;
2) Bring users a product experience that is not inferior to Web 2.0, with a low threshold for getting started, complete and innovative product functions;
3) User data synchronization is timely and comprehensive (on-chain and off-chain can be integrated);
4) Innovative marketing strategy with rapid communication mechanism;
5) A balanced and reasonable token economy can give full play to the role of tokens in the ecology;
6) There are continuous incentive mechanisms and mature community operations to strengthen user stickiness;
7) Open up with the agreements of other tracks to enable more scenarios, such as open up the agreement with DeFi, to achieve credit loans between community team members;
8) The product itself meets the native requirements of Web 3.0, not just the requirements of Web 2.0;

9. Looking Ahead: The Future of SocialFi

Web 3.0 social networking can solve the data ownership issues, data privacy issues, and benefit distribution issues that exist in Web 2.0 social networking.
In the wave of Web 3.0 information freedom and information right confirmation, users can own the ownership of the content without relying on the centralized platform; the traditional identity ID system is email account, username and password and real user information, while the Web 3.0 ID system Need to pay attention to DID and SBT.

9.1 DID(Decentralized Identifier)

That is, a decentralized identity system. Using technologies such as blockchain, DID enables personal data ownership, privacy and convenience. In the framework of DID, individuals can have a digital identity containing all information, without trusting a third party to keep it, and no individual or institution can use these identities for any purpose without the explicit consent of the owner. People will be able to carry that digital identity with them and show their full selves as they move through different cyberspaces; whatever the platform, what people create, contribute, earn and own online reflects their likes and dislikes. experience. This will bring us closer to how things work in the physical world—property and reputation are tied to us rather than platforms, that we can carry around and use at will.

9.2 SBT (Soul Bond Token)

The soul-bound coin is the latest concept proposed by Vitavik based on the vision of building a decentralized society (DeSoc). It is a Web 3.0 social identity bound to the user’s soul. These non-transferable SBTs held by “souls” (i.e. accounts) can serve as the basis for building a web of Web 3.0 social relationships, encoding these relationships by tracking “souls”‘ “commitments, credentials, and connections” on-chain.
Why SBT is needed: According to A16z’s Jad Esber & Scott Kominers article “A Novel Framework for Reputation-Based Systems”, “If a Token can be easily transferred, then those People without reputation can simply buy it”, so in the future SBT can play its role as a reputation signal.

9.3 Possible practical applications of DID and SBT in SocialFi

Unsecured lending and community lending: 1) You can use the information related to personal credit (eg, including personal education, work, income, activity proof) covered in “Soul” as a credit certificate for lending; 2) Through on-chain information Credit rating, more transparent analysis of repayment risk; 3) Similar to the community lending practice pioneered by Muhammad Yunus and Grameen Bank, community members with similar SBTs can Debt guarantee, the functional attributes of SocialFi as a community will be amplified, and a new bridge will be built between SocialFi and DeFi, expanding new business scenarios.
Private key information recovery: an idea of ​​avoiding “single point of failure”, using multiple SBTs bound by the soul, assigning trusted members in multiple communities, and when all these members agree, the private key can be modified; SBT can use A set of the widest range of social relationships to avoid loss of private keys and expand the functions and business scenarios of the SocialFi platform.
Precise airdrops: The current airdrops are not accurate enough. In the future, the project party can directional airdrops based on the SBT (eg participants in an event) held in the “Soul” account to obtain greater single-user value, and the SocialFi community can also obtain greater gains.
Zero-Knowledge Proof – ZKPs (Zero-Knowledge Proof): Information encrypted by zero-knowledge proof will become SBT held by users, which can allow users to publicly provide certain proofs to the society while maintaining the confidentiality of users’ private information. such as age, income, etc.

9.4 Focus directions:

In addition to the underlying infrastructure, according to the three levels of SocialFi, we can focus on the following directions of SocialFi
Public chain layer: Each chain has its own unique value and ecology. In the future, there will be several public chains focusing on building the SocialFi ecology;
Bridge layer: Based on the interaction between the chain and Dapp, a general DID protocol/SBT will bring more users from Web 2.0 to the era of Web 3.0, and socialize on this basis;
Protocol layer: Based on off-chain and on-chain data, user portraits can be obtained after cleaning and analysis, so that thousands of people can recommend content; based on users’ on-chain data to determine users’ participation, stickiness and retention rate; The granularity of the protocol becomes thinner and provides different data analysis angles. There will be a lot of room for growth for protocols like this;
Application layer: Platforms that allow members to discover and connect with each other, and platforms that can refine the social graph through interest discovery and vertical communities (communities around specific topics or activities) will see rapid growth;

10. Summary

Most of the current SocialFi products can only meet the social + financial needs of Crypto Native users on the pure chain. Help us integrate social into all aspects of our lives, including video entertainment, games, music, fitness, etc. We can join the corresponding community, carry out these interest activities and get token rewards; when pleasant SocialFi and basic interpersonal relationships Web 3.0 becomes even more powerful when it comes together smartly because, ultimately, we want to find ways to build mutual connections in the world in a real and positive way.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/socialfi-in-depth-analysis-the-future-development-of-socialfi-from-the-current-market/
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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