Opportunities and Mission of Web3 Social

Recently, the public opinion in the Web3 industry has been filled with hostility, and both insiders and outsiders are generally skeptical about Web3 social projects. However, the development in the Web3 social field has not stagnated. Over the past eight years, the industry has been continuously accumulating experience and lessons, and the technology has been advancing, pushing the industry towards a critical point of explosion.

This article will outline the development context of Web3 social, analyze the current challenges faced, and explore future opportunities and development directions.

The Underlying Needs of Web3 Social

Any successful product is built on solid demand. The underlying demand for Web3 social includes:

1. Interpersonal Linkage Demand
2. Mental Interpretation Needs
3. Self-coordination needs

In a Web3 environment, token ownership provides a new way to link, and open verifiable databases expand the dimensions of accessible information. This will nurture new social relationships and interaction methods.

The Development Context of Web3 Social

The development of Web3 social networks shows two trends:

1. Develop decentralized social technology standards
2. Establishing Token Consensus through Social Engagement

Competition of Decentralized Social Technology Standards

Early projects like STEEM proposed many pioneering ideas. New generation projects such as Bluesky, Nostr, Lens, Farcaster, etc. have made significant progress on this basis. However, economies of scale remain a huge challenge, and token incentives have become the main means to overcome the disadvantages of scale.

Social Asset Tokenization

Another development route is to issue tokens through social media. The main methods include:

1. Attention Tokenization
2. Tokenization of Social Relationships
3. Content Tokenization

The application of bonding curves solves the liquidity problem for small-scale projects.

Opportunities in Web3 Social

After two cycles of development, Web3 social has carried out rich experiments in multiple fields:

• From PC to mobile, and then to progressive web applications.
• Wallet login from mnemonic phrases to MPC and abstract accounts
• The blockchain infrastructure has significantly improved
• Build a suitable Layer3 for social protocol layer
• Network expansion enhances user experience
• Innovative Embedded Social Scenarios
• Middleware capability enhancement

The infrastructure and tools are becoming more refined, and the number of Web3 natives is continuously increasing, laying the foundation for industry development.

The Blueprint of Web3 Social

The future Web3 social might present the following blueprint:

• Content creators at the core, freely choose suitable protocols and tools
• Enable users to participate in the content economy cycle through tokens.
• Decentralized media solutions support content distribution
• Token empowers users to participate in content interaction and decision-making.
• Diversified monetization methods, such as fan tokens, NFTs, etc.
• Cross-platform content distribution, achieving traffic monetization

This model will provide users with a richer interactive experience and a sense of participation.

The Mission of Web3 Social

The mission of Web3 social is:

• Return the rights taken away from each natural person by centralization.
• Provide more options rather than imposing ideals
• Lower the barriers to content creation and distribution
• Enhance the interactivity of user social interactions
• Exploring new interaction methods of content and communities in a decentralized environment

In summary, Web3 social is still in the exploratory stage, but through continuous practice and innovation, there is still great potential for the future. The key lies in how to effectively gather traffic, enhance user experience, and achieve real-world applications.