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Author: Paul Veradittakit, Pantera Capital partner; Translation: 0xjs@作 作 作 作 作
introduction
Pantera has always been excited about how web3 is unlocking a new method of social platforms. These methods enable users to connect and interact with creators, KOL and other users.
Last month, Farcaster, a decentralized social agreement, has soared after launching Frames. This function allows developers to create interactive and embedded posts for their audience.Soon, users began to cast NFT. They were rewarded by completing the investigation and playing “Destroyer”, and even purchased female military biscuits through the Farcaster’s flagship client.
In the past, it was impossible for this seamless in -application experience through the traditional web2 social media platform.Identity, ownership, tokens and payment -These are the functions of the blockchain, which allows Frames to create new social functions.
In this article, we will study different social agreements and platforms, focusing on how they use the web3 building blocks to build a new experience.
Farcaster and Lens
In Web2, the data is isolated and controlled by the platform itself.This means that developers cannot create a replacement platform that presents content in a new way.X (previous Twitter) limits users on its platform and cannot provide flexibility for the interface of different algorithms.In addition, users do not have their own account -if they are banned, they will lose their ability to the audience and post to the account.
Farcaster and Lens are two popular social protocols. They use unique methods: they disclose data and let users control their accounts.Farcaster stored it on a decentralized storage network called Hubs, so everyone can access it.In addition, Farcaster’s personal information is associated with the Ethereum account of users on the Optimism platform to ensure that users really have their own digital identity.
Lens is a social map and developer tool on the chain, and users can have their own content.The interaction on Lens can be published on the chain, or it can be published to data availability and verification layer Momoka.Creating personal data on Lens will award a unique NFT, which is numbered in order.The NFT as an access point for the protocol, users can perform attention, release and comment in them.Because users have their own NFT, they have their own personal information.
Developers are using these open agreements to build various fascinating clients and functions.Users publish content at the agreement level, and the same content can be accessed by multiple clients.Although Warpcast is Farcaster’s flagship social media client, providing a user experience similar to X, and Phaver and ORB provide a popular experience on Lens, there are many other clients.SuperCast is a client that is more serious and more active; SealCaster, which allows you to publish anonymous FarCaster posts with ZK-PROOFS; TAPE, a client specially used in the media sharing on Lens.
The innovation caused by these open agreements is not limited to client applications.The difference between Farcaster and Lens and Web2 is that they have functions such as chain identity, payment, tokenization, and combined ability, which can achieve novel innovation in combination.For example, on Farcaster, new experiments like Degen are appearing. Degen is a trading tokens. Users can use it to give other people to reward others.In addition, tools and services have also expanded significantly.Bountycaster is compatible with any FarCaster client, allowing users to create and complete tasks to get USDC rewards.The Lens Open Actions function can embed the operation of the custom chain into the publication, so as to enable new features in social information streams, such as payment (charges, tips), NFT casting, token issuance, etc.Whether it is a direct coin -based game in the application, the prediction market for scoring the social reputation on the chain, or the tools that are more likely to aggregate Farcaster and Lens data, there are countless experiments, applications, infrastructure, and waiting to be createdTools.
Friend.tech
In September last year, WEB3 social application Friend.tech swept the encryption community.Within a few months, the platform has created more than 100,000 accounts.This application introduces a novel feature that allows users to buy the “key” of large V, unlock direct message access and enter the door -controlling chat.Big Vs such as game network celebrity Faze Banks and NBA stars Grayson Allen joined the platform and shared their ideas for games, cryptocurrencies and sports with Key holders.
This application makes Key holders so excited that it can trade Key and transform it into a form of investment in the future needs of influencing.Through Friend.tech, users are involved in buying and selling KEY, and some of them are owned by Da V and the platform itself.Many top -level cryptocurrencies have begun to earn hundreds of thousands of dollars through version taxes, and they will share Alpha and ideas in the cryptocurrency market.In just 2 months, Friend.tech incurred nearly $ 20 million in fees.
Due to the problem of user retaining, the activities on the platform have fallen sharply since the peak period, and the transaction volume has decreased by more than 99% since its peak.However, Friend.tech shows strong features in the usage of web3 social platforms:
1. The key factor of rapid Web application (PWA): Friend.tech grows to more than 100,000 users is its gradual web application.This technology allows users to log in without the need for complex wallet settings. Instead, they use familiar methods (such as Google, Apple, or SMS verification) to log in.This greatly simplifies the entry of ordinary users and makes it easier to use.
2. Use web2 audience: Friend.tech to attract users by using the existing user groups of Web2.By allowing users to connect through their X (previous Twitter) account, Friend.tech promotes continuous dialogue on its platform on X, thereby promoting more X user registration.
3. Social assets that can be traded: Friend.tech introduced a dynamic social asset market. Users can trade key in them, which is due to the low transaction cost of L2 Base.As we see in the success of Bitclout in 2021, combining financial melting and speculative and social applications may produce viral communication effects.
Focus
RecentFOCUS allows users to pay with cryptocurrencies as content, and at the same time enables the native subscription of cryptocurrencies, paid messages and paid forwarding.Focus also integrates novel speculative primitives through a new product called “Creator Coins”, such as token creators’ income.
Solve the problem of cold start -how to attract enough users to make social networks valuable -it is a major challenge for developing social platforms.Agreement such as Farcaster and Lens provides an innovative experience to solve this problem. These experiences attract users with unique interaction.Friend.tech strategically aimed at the addition of large -cryptocurrency V, using their followers to bring the platform for the platform to be proficient in cryptocurrencies.
Focus is trying to attract users to solve the problem of cold starting through using Web3 incentives.Users who have high -value followers on the network such as X, Instagram, Tiktok, or Twitch will be motivated to register and participate in the platform because they will get the FOCUS token reward that is directly proportional to its influence.The team referred to this novel mechanism as “social empty investment.”
Another necessary condition for the success of social networks is to retain: users need to persist.The DESO team has established a Post-to-Earn mechanism to solve this problem: Focus will distribute tokens to top creators who often publish content every week.Because the user’s account is connected to the wallet address on their chain, Focus can view the user’s activities and wallet balances to distinguish between real users and wool robots.
Even if there are no incentives, why does the creator continue to use Focus instead of other platforms?Focus introduced innovative monetization methods implemented by blockchain for creators.First of all, Focus allows users to pay and pay with cryptocurrencies through subscribing, paid messages, and a new priority called “Paid forwarding”. This primitive is essentially a decentralized advertising model on the platform.Secondly, because all content data is stored on the Deso chain, users can use Focus generatory AI tools to generate new content. This tool allows re -mixing the creators’ previous images, and creators set the cost of setting their works for each user.Finally, through the creator’s income tokenization, emerging creators will be able to issue and sell “creators tokens”, earn a certain percentage of content income, so that early supporters can invest and benefit from the success of the creators.
in conclusion
Today, with the 1 -floor and 2 layers of activities that do not require high costs and new methods of processing data storage, we have seen the emergence of social platforms in the entire Web3 field.We have now seen how social platforms use various methods of blockchain.The following is the main point:
1. It is very powerful to use an open agreement to make developers generate novel use cases.Farcaster and Lens are not the next Facebook. On the contrary, these agreements will enable clients and applications to attract tens of millions of users in the future.With the generation of more data and freely flow between the platforms, these networks will be prosperous together.
2. We also see how speculators such as FRIEND.TECH key such as Friend.tech can create viral communication.With the emergence of PWA and 2 -layer solutions that can achieve low costs, it will make users use killer web3 social applications to become easier.Soon, users will be able to trade seamlessly as in video games.
3. Cryptocurrencies bring new ways to monetize to creators.Whether it is FOCUS’s paid forwarding and paid private messages, or Friend.tech’s Key version tax, cryptocurrencies can eliminate any payment friction. Therefore, creators can expand their past ratings in order to obtain the most viewing times.Therefore, they can find the most suitable way to make money.
4. There are many hope for using encryption incentives to solve the problem of the cold start of the network.In the past, BLUR finally surpassed Opensea in terms of transaction volume by introducing air investment seasons.The largest trading volume will receive more BLUR tokens.Through FOCUS using cryptocurrency incentives to target the web2 platform, we can see that platforms using this strategy have attracted X, YouTube, and Instagram’s most influential creators and influences.
In the next few years, social applications and networks will not only connect users, but also use open data, tokenization, ownership, identity and other cryptocurrency infrastructure to build elements of blocks, which will bring millions of users into cryptocurrencies.We look forward to accelerating the future of web3 socialization.
