Opportunities and Mission of Web3 Social

Recently, the public opinion in the Web3 industry is filled with negativity, as if it has become a large-scale trap for retail investors. However, the Web3 revolution has not yet failed, and as long as the pace of progress does not stop, there is still hope. This article reviews the development history of the Web3 social field over the past 8 years, summarizes lessons learned, and explores potential opportunities.

Although Web3 social is not yet fully mature, its development achievements are noteworthy. With technological advancements, barriers and costs continue to decrease, and the emergence of real products may be just around the corner.

The Underlying Demand Theory of Web3 Social

Successful products are built on solid demand. As social animals, humans have an inherent need for social interaction, requiring the establishment of connections, perception of others, and receiving feedback. Holding tokens is a new way of connecting, and an open verifiable database expands the dimensions of information, nurturing new types of social relationships and interactions.

Internet social interactions meet needs such as self-presentation, emotional venting, and seeking recognition. In a Web3 environment, token-supported financial ecosystems and open data provide unique advantages for socializing. However, economies of scale pose a significant challenge, and how to achieve scale advantages in local markets is crucial.

The Development Context of Web3 Social

Web3 social presents two parallel trends: the development of decentralized social technology standards and the establishment of token consensus through social interactions.

Competition of Decentralized Social Technology Standards

Projects like Bluesky, Nostr, Lens, and Farcaster have proposed decentralized social protocols, making significant technological advancements. However, they face disadvantages in economies of scale, and token incentives have become a common means.

Token incentive revolution encounters obstacles:

• The subjective value of social content is difficult to judge, and the effectiveness of incentives is questionable.
• Facing witch attacks

Early projects like STEEM faced consensus collapse, and later algorithms for recommendations and the rise of AIGC led to the exit of token-weighted content production recommendation systems.

Degen on Farcaster triggers ecological prosperity through tipping with Meme tokens, becoming a new type of token incentive technique.

Content self-revolution phase setbacks: Projects like Mirror promote content on-chain and assetization, but lack operational capacity and long-form content inherently lacks traffic.

Development of Content Recommendation Systems: From simple sorting to intelligent algorithms, Web3 projects need to leverage on-chain data to participate in decision-making and form their characteristics.

Social Asset Tokenization

Establish token value consensus through social networking and provide liquidity:

1. Tokenization of Attention: Creating Meme Effect
2. Tokenization of social relationships: exploration of DAO, Friend.tech, etc.
3. Content tokenization: Economic value has not yet been formed.
4. Bonding curve solves liquidity: Innovative pricing mechanisms like Friend.tech

Opportunities and Mission of Web3 Social

Technological advancements lower the barriers for users and enhance the experience. Innovative embedded social scenarios and increasingly完善 middleware. The number of Web3 natives is increasing, and Meme tokens and NFT education target potential users.

Future Blueprint: Content creators at the core, freely choose protocol tools, and build an economic cycle through tokens. Diverse monetization models such as melodrama + decentralized media + fan tokens + NFT peripherals, etc.

The mission of Web3 is to return power to the people and provide more choices. Ideals should not be imposed, but rather human needs should be respected.

Conclusion

Web3 social faces challenges such as immature technology and outdated organizational forms. In the future, it may center around content and build an ecosystem around users and service providers. Enhancing interactivity and gathering traffic are key. Finding better ways for content and communities to interact in a decentralized environment will determine whether Web3 social can truly take off.