The next outlet? Eight Web3 social products in one article

As Crypto and the Metaverse gradually came out of the circle, Web3 became a hot topic and was dubbed the grand vision of “the next era of the Internet”. At the same time, the Web3 social track began to rise, causing an impact on the centralized Web2 social platform.

In the context of Web2, major social giants monopolize a large amount of data generated by users and benefit from it; while Web3 decentralized social products based on blockchain technology will allow users to fully control personal data and authorize third parties to use it. At the same time, users will also obtain economic benefits through their own behavior data, and will never face the embarrassing situation of “banning”.

It can be said that Web3 products naturally stand on the “opposite” of Internet social giants such as Meta (Facebbok) and Twitter. But looking at the historical process, from Web1 to Web2 to today’s Web3, Web3 is an inevitable trend driven by technological development. The torrent of the times is rolling forward, and the giants cannot and cannot stifle the vigorous development of the Web3 social track.

In this issue, we will take stock of several emerging Web3 social products on the market. It should be noted that there iscurrently no clear division standard for the Web3 social track. Basic tools such as ENS domain names, Mask Network plug-ins, and wallets can be broadly classified into this track. This article does not include these products in the statistical scope, but takes stock of representative items.

(1) Project Galaxy: On-chain achievement system

As the core project launched by Binance Launchpool, Project Galaxy has received relatively high attention among the current Web3 social products. The core goal of Project Galaxy is to build a Web3 open data credential network to help users accumulate “on-chain resumes” and help developers use data interfaces to build better products and communities.

Specifically, its data credential network consists of two parts: Galaxy ID and Galaxy Credentials. The so-called data credentials refer to non-quantitative behavioral data that can be extracted as the basis for credentials. These credentials are records of the footprints of Web3 participants on the chain. For example, providing early liquidity for a project, participating in an AMA event, etc.

These data credentials are bound to the user’s Galaxy ID, and participants can use this ID to allow users to show the history of their achievements; at the same time, Galaxy ID is also an identity authenticator in the Metaverse, providing developers with a lot of information about Web3 participants credit data. Project Galaxy wants to make Galaxy ID a universal username and become the identity of each participant in the Web3 world of multi-chain and multi-wallet.

The core product of Project Galaxy is the OAT Campaign. To put it simply, OAT is aimed at event organizers and community managers. It provides an NFT production and distribution platform, which greatly reduces the threshold for community issuance of incentive-type NFTs. On this platform, any community can distribute commemorative NFTs by themselves and conveniently.

But Project Galaxy also has some problems with the user experience. Galaxy’s OAT is obtained by users actively. The project party usually sets the OAT collection time, and if it expires, it will be disqualified. Once the project party’s notification is not timely or the user does not pay attention to the information release and misses the collection time, the reward made by it may not be possible. It was identified. In addition, users usually need to submit addresses through external tools such as google form (Project Galaxy also does not support domain name identification and binding), which may also miss the collection time, resulting in the ineffective OAT reward effect.

(2) Mojor: a community platform for Web3 users

Mojor is a Web3-oriented decentralized community application designed to allow anyone to create and own a truly their own community by minting NFTs. MOJOR’s mission is to help people capture their online social graph and create an all-in-one community platform based on Web3.

To put it simply, Mojor adds a BOT (robot) for web3 application scenarios based on the information architecture of the Discord community. Users can chat and communicate in Mojor, while completing Web3 requirements such as transactions and DAO governance through a series of BOTs.

Mojor users can log in to the community through their wallet address without registration, effectively protecting user privacy. Users can also directly search for user addresses in the Mojor community for dialogue and communication, breaking the situation that Web2 and Web3 cannot communicate with each other. In Mojor, if a user likes BAYC# 6666 NFT, but the collection is not listed for sale, the user can search for the address in the BAYC community, chat with it after finding it, and make an offer to the other party.

For Web3 project organizers, the emergence of Mojor gives it more control over the community. The process of creating a community server by a user is also the process of casting the server NFT. The server NFT has the absolute ownership of the server and the highest authority of the server. It is a community that truly belongs to the creator, and the server ownership can also be transferred by transferring the server NFT. transfer to others.

In addition, within the MOJOR community, members can independently build their own decentralized social graph, including community data, relationships, POAP, personal behavior, etc. In addition, it allows users to form a user’s universal identity ID in the Web3 world by integrating member information from other platforms, including DeFi and GameFi data, social media information, and more. The user’s DID also becomes more valuable due to community communication and exchanges, enriching the social graph.

For example, if a project party wants to issue a whitelist to a user, you can click on his personal details page to see his on-chain data, such as the address creation time, on-chain activity and transaction volume, how many NFTs he has and its rarity. As a result, we have a clear understanding of user value, thereby improving the quality of users in the initial stage of the project and preventing the wool party from seizing the community share. In addition, the project party can also use a whitelist robot (WL Bot), which can set relevant parameters to automatically perform lottery draws and collect addresses, liberate the workload of community administrators and mods, and improve the efficiency of community governance.

The dilemma that Mojor faces in the future is how to attract more NFT project parties and other Web3 projects to settle in during the cold start stage of the project, thus forming a positive cycle, and taking certain incentive measures may be a good choice.

(3) Lens Protocol: Decentralized Social Graph

Lens Protocol is committed to building a decentralized and composable social graph, developed by the well-known DeFi protocol Aave team. The protocol is primarily used to help developers build Web3-native social media, and any application built on Lens can extend the social graph and benefit all applications in the ecosystem. Lens Protocol founder Stani Kulechov said Lens is “an open, composable Web3 social media protocol that allows anyone to create unmanaged social media profiles and build new social media applications.”

From the perspective of product construction, the current Web2.0 social media, account registration, identity authentication, publishing content, following others, commenting, and collecting content are all basic functions; in the social products generated by the Lens protocol, these functions will be integrated into NFT technology.

On social media using the Lens protocol, the wallet will be the carrier of the user’s identity. Creating a social account is equivalent to creating a profile on the blockchain. This profile with the user’s profile information will be carried by NFT.

Specifically, Lens casts a user’s home page as a “Profile NFT” that contains a history of all posts, mirrors, comments, and other content generated by the user, and ownership of this NFT gives users control over their own content. Only users with “Profile NFT” can post content, comment and retweet, other users can follow a page and get “Follow NFT”. In addition, users can collect the content released by creators and obtain the corresponding “Collect NFT”.

Of course, Lens Protocol also has some problems. For example, although its product construction adopts a modular development method, it still copies the traditional Web2 social product structure, and does not have enough new ideas to promote user adoption. In addition, there are currently few community developers, what is the maturity of Lens Protocol’s combined NFT protocol, and whether the polygon can meet the demand after the data is uploaded to the chain, these practical problems are all testing the project organizer.

(4) DeFine: Building a social network based on NFT

DeFine is a decentralized social network based on NFT. The platform supports various social interactions and exchanges between creators and their fan groups through digital assets such as NFT and social tokens. Its main functions are four: digital credit system, Metaverse archives, NFT exhibition hall, personal token issuance (social pass).

Digital Credit System: NFT-based social materials will pave the way for future NFT-based DeFi functions. For example, users can stake their Poap as if they were taking out a loan on “credit”; if a user fails to repay on time, their Poap will be destroyed and a non-honor tag attached.

Metaverse data: NFT-based social data will be used in different Metaverses, where users’ activities are reflected in their personal data. For example, users can earn Medal of Honor by achieving achievements in different Metaverses.

NFT Showroom: By attaching assets to the blockchain and Metaverse to expand the application of NFTs beyond art, NFTs are tied to quantifiable real interests to address the subjectivity of the assets behind NFTs.

Social/Fan Pass Casting: Creators can roll out their own social transit passes and customize the use of the pass to increase fan engagement and explore new ways to engage with their own communities. Creators can use their passes to reward fans for any activity, including participating in NFT sales, contributing to the community, providing financial support for new projects and initiatives, and more. By unlocking the priority of participating in special NFT releases, private communities, merchandise or content, social traffic passes will circulate as currency in the creator community.

The problem with DeFine is that the project builds NFT-based social profiles for users, but there is no strong incentive to retain users. In addition, the combination of Poap and DeFi is difficult to achieve, and it will be difficult to achieve for a long time in the future.

(5) BBS Network: Decentralized Reddit

BBS Network is a decentralized social network similar to Reddit or Tieba, where users can create forums to post, comment, and share ideas, while generating revenue from their content. Any user can create BBSs on the platform, each running on its own unique domain, while still linking to all other BBSs, where creators, curators and stakeholders get automatic and transparent access The project’s native token reward.

Every post published on BBS is actually an NFT that users can buy, sell or even rent while collecting ad revenue generated by any post they own. On BBS, the influence of a post is determined by actual market forces, and the value it creates is shared between the creator of the post, the current owner, and the moderators of the board, which incentivizes everyone to do their best to make BBS as engaging as possible for audiences and interests relevant person.

Each BBS owner can set moderation rules and content policies for their own community, and users are free to choose which sections to visit and participate in to suit their needs. BBS can be customized and enhanced using plug-in modules, promoting user choice and variety.

The problem that BBS Network may face is: the value verification of NFT needs to rely on data such as page views and comments, but how can a fully exposed post generate corresponding value to advertisers? A post being seen by more people means a higher price tag in the minds of potential buyers, but it also means fewer people can be reached by the ad, which can lead to a mismatch between investors and advertisers. Also, how can ads reach users who have browsed NFTs without causing them objection?

(6) Torum: Decentralized Twitter

Torum is a BSC-based social platform designed for Web3, aiming to build a complete encryption ecosystem for users, supporting DeFi, NFT and social functions.

Social is the core and foundation of Torum. Its social interface is similar to twitter. Users can post and share, browse and subscribe to popular posts, and post comments. Torum integrates the activity of crypto users into social sections. In the “companies” section, you can see the business dynamics of the settled companies. In the “clans” section, you can join various groups with different themes. The “airdrop” section provides airdrop information and participation opportunities. The “news” section is an aggregator. Pushing news, the upcoming “torumgram” section allows users to use telegram on torum, and the “lounge” section provides voice chat services.

The most obvious problem with Torum is that its vision is too grand and has many functions, but it is difficult to generate synergies between various sectors, and it is easy to be top-heavy, which may eventually lead to many functions gradually becoming tasteless. The current situation is that the data of other sectors other than social is not ideal. In addition, the development, operation and maintenance of these functions will also increase the burden on the project itself.

(7) Mem Protocol: Decentralized version of “Zhihu”

Mem Protocol aims to create a Web 3.0 version of “Zhihu”, allowing users to earn money by sharing knowledge. Through smart contracts, Mem users can verify their identity on the blockchain and build their own verifiable reputation system.The protocol also builds an interface to browse the on-chain data of on-chain wallets, and designs an open protocol to record the interactions and relationships between wallets and token generation.

Mem stores information on network participants — including social media history, on-chain activity, and professional experience — in encrypted vaults. This data is owned and controlled by the user, and with the user’s permission, can serve as a “social credit score” or “social graph.”

Using a reputation system and smart contracts, Mem users can use their identities to perform those real-world actions on the blockchain, such as asking questions, raising money for bounties, and building their own verifiable, scenario-specific reputations system.

Mem hopes to use social tokens and smart contracts to facilitate building applications and communities based on the protocol, such as product reviews, social media, and job search.

The problem with Mem Protocol is that its competitors are all over the Web2 network, including Knowledge Planet, Get, Score, etc., and don’t have a special advantage. Whether on-chain data vouchers can become the core competitiveness in knowledge payment is still unknown.

(8) FaceDAO: a Web3 social platform for “mining human flesh”

With the advent of Web 3, users have become increasingly concerned about the importance of taking ownership of their own data and want a social media platform that provides equal benefits to all users.

In terms of mechanism design, FaceDAO monetizes users’ attention, the community is the ultimate beneficiary, and each ecological participant and builder can get token rewards. Through a fair token reward system, both content creators and consumers earn tokens on every click. In FaceDAO, as long as the user uses the product naturally and normally, he will naturally be rewarded by the ecology. Visit, like, comment, share, post every day… All positive behaviors will automatically reward tokens, comparable to ” Human flesh mining”.

Additionally, FaceDAO utilizes facial recognition technology to create unique digital identities for users on Ethereum.FaceDAO allows users to take control of their data and provides a more secure and private way to share information. The human face is used as the login threshold of its platform, and the face of each individual user is the carrier of all data in the platform. In FaceDAO, every face is a private key.

The problem with FaceDAO is that although the platform rewards users with tokens, the amount is small, and in the context of no advertisers, this long-term model of burning money will not last.

(9) Summary: Web3 social networking has become the next outlet

Around Web3, social platforms seem to have ushered in a new era. The wave intensified, and the traditional giants began to end one after another.

Giants such as Meta, Twitter, Google, etc. have discovered this group of companies that want to replace themselves and are actively embracing Web3. After all, the current Internet giants not only have a strong sense of crisis, but also have a strong sense of innovation. For example, giants like Google and Apple have invested huge sums of money in researching future technologies; Twitter has announced a new feature to display the avatars of users with NFTs as hexagons; Meta, Youtube, Reddit, Google have all Announced to try to launch NFT products and join the research and development of Web3 products.

At present, the native Web3 products in the encryption market have a certain first-mover advantage, but there is still a lot of room for improvement. Especially when the giants are swarming, the living space left for the former is bound to become smaller and smaller. The brave who meet on a narrow road wins, and this good show has just kicked off.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/the-next-outlet-eight-web3-social-products-in-one-article/
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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