jakiro
Source: Gryphsis Academy
summary
>SocialFi is currently on the edge of the encrypted market and lacks killer applications. >SocialFi has the advantage of protecting personal privacy and promoting the value of traffic value. >At present, the active SocialFi projects are mainly social agreements & amp; maps and social applications. >In the future, the SocialFi project needs to reduce the use threshold and motivate high -quality content. It is expected in the future.
1. Industry review
In addition, the high anonymity of the web3 world also makes the public traffic on the online public traffic from separating the possibility of offline private life, reducing the cost of becoming the leader of the Internet opinion.
These characteristics make the SocialFi project theoretically possible to form competitiveness in traditional social media (although we have not seen actual examples).
At present, the market value of the SocialFi token is only 1.7 billion US dollars, accounting for about one -thousandth of the total market value of the cryptocurrency, which is far lower than that of mainstream tracks such as Gamefi and NFT.The rule -level application is still early.
With reference to the strong monetization capacity of the world’s world, we believe that SocialFi still has a lot of room for development in the future.
1.1 Historical Revolution
As early as 2017, a large number of SocialFi projects emerged in the market, such as Steem, Fire faith, ONO, etc., but at that time, the blockchain industry technology was not yet mature, and users participating were limited. Therefore, most of these projects have died.
In 2020, Defi Summer attracted a large number of users and funds for the entire blockchain industry. Driven by this wave, the tracks such as GameFi and SocialFi began to sprout again.In the violent bull market at the end of 2021, another SocialFi project, such as CyberConnect, Galxe, Torum, DESO, etc. have completed financing. Many of these projects are still active in the public view, so it can be regarded as the first year of SocialFi in 2021.
In 2022, Zhao Changpeng predicted that SocialFi and Gamefi would become the main driving force for the progress of the blockchain field in 2022.In the end, history did not develop in the direction of his predictions, but some high -quality projects appeared in the SocialFi track, such as Lens Protocol, a very ambitious Web3 social protocol service layer, and Phaver -based application.
In August 2023, Friend.tech successfully made a circle with the new SocialFi model with Ponzi and Turkey flavor, attracting a numberSub -Ethereum and lido.However, due to the rude token economics, its KEYS transaction volume has fallen sharply. At the same time, the project party has delayed to conduct tokens in the points, and gradually eliminates the patience of users.
1.2 Market size
Taken together, the low market value of 1.7 billion US dollars in the SocialFi track has formed a sharp contrast with the broad profit space of traditional social platforms. We can look forward to the coming point of the SocialFi outbreak in the future.
2. Industry map
2.1 Social Agreement & amp; Layer layer
Lens also has a good user data: it has already owned nearly 370,000 users in the past year, and the daily active number is also steady.Lens completed a 15 million financing in June 23, and Tencent, a web2 social giant, participated in the investment.
2.1.2 faraster
Farcaster is one of the hottest social agreements in 2023, and even Vitalik himself has deeply participated in the use of the agreement and promoted it.
The data structure of the FarCaster protocol is divided into three layers: the first layer is the user identity, which is stored by the blockchain such as ETH and OP; the second layer is a variety of data generated in the user’s social process.Store in the server network formed by Hubs nodes; the third layer is the application layer and developed by ecological projects.Compared with Lens, Farcaster sacrifice a certain degree of decentralization and focuses on reproducing the smooth function of traditional social media.
Farcaster just opened to the public in October 2023. It has obtained 210,000 users in just a few months, and the results are great.Essence
The core concept and vision of CC are similar to Lens. They all have the user’s personal data NFT and link the corresponding social data to NFT.The difference is that: CC does not have all the operations such as attention, collection, etc., which means that users do not need to pay GAS fees when performing these operations, which significantly reduces customer acquisition costs.
In addition, compared with Lens, which is deployed on Polygon and subject to the Polygon user environment, the multi -chain deployment of CC has brought a certain advantage to it.
Since 2023, the number of users of CC has ushered in explosive growth (Of course it is related to its airdrop expectation) After June, its user growth tended to stagnate.
2.2 Application layer
There is no doubt that Friend.tech’s current economic model is destined to be long because itIt is impossible to retain users through long -term high -quality content output to achieve profitability, nor can it meet the exposure needs of the advertiser.However, this low -threshold, propaganda -oriented customer acquisition method is worth learning from other SocialFi projects.
If Friend.tech can learn from certain MEME tokens and build ecology and improve value capture in time after obtaining traffic, it may be possible to return to life, but at present, it is less likely.
However, in order to prevent a large number of robots from pouring into an invalid interaction, Phaver also created a hierarchical system. Users need to complete email verification, purchase NFT or pledge to govern tokens before they can obtain qualifications to convert points into governance tokens.
Through the above mechanism,Phaver realizes inspiration to contribute to the release of high -quality content and discovery of high -quality content, and effectively achieves value capture.
Phaver has accumulated a wallet connection of more than 120K since two years since it has been launched, and has 30,000-40,000 days.In addition, as a multi -chain application,Phaver will soon access the FarCaster protocol and issue governance tokensIt is foreseeable that it will become a powerful competitor of Warpcast.
2.2.3 warpcast
besides,Warpcast will also issue the unique elements of Web3, such as tokens, NFT, and other elements.This design has stimulated a FOMO boom in the user group, and has even bred a high -market MEME token such as $ Dege.
At present, the main purpose of users entering Warpcast is still gold rush. After the short -term wealth effect dissipates, whether it can truly replace Twitter to become the new online homeland of Crypto Degen, it remains to be observed.
2.3 Motivation combing
We briefly organize the projects in the track as follows:
3. Industry growth driving force
3.1 The demand for users’ personal privacy and freedom of speech is increasing.
Different server operators can formulate very different rules (such as some servers can post thousands of words, but some require users to limit the article within 500 words), which is very similar to different states in the United States. Users can freely choose to join different differentials.The server, and abide by the local behavioral guidelines.
Strictly speaking, Mastodon is not strictly decentralized, and the server “Governor” can still ban personal accounts at will (but you can still choose to join other states).Mastodon has reached a million monthly work so far, it is not comparable to any SocialFi project, but it also shows that there is still great room for growth in the future SocialFi.
Whether it is the increasingly serious censorship of the Chinese community or the various problems that occur in Twitter, people are thinkingHow to defend personal privacy and freedom of speech on social platforms,This gives a track such as SocialFi.In the near future, we may have the opportunity to see the project that is flat or even surpass Mastodon on the SocialFi track.
3.2 Reconstruction of traffic value is the core competitiveness of SocialFi
Just as DEFI constitutes a challenge to traditional banking and exchanges, the ultimate goal of SocialFi is to subvert the monopoly of the value of traffic on the value of the existing social platform.
There are countless wealth myths in the short video waves in full swing today, but in the process, most of the platforms such as byte beating and Tencent have taken away the value of traffic value, while the creators and consumers participating in it lack effective countermeasures against countermeasuresmeans.
Projects such as PHAVERTry to change such interest distribution patterns so that the value of traffic can be truly obtained by creators and consumers.
4. Conclusion and prospects
In the future, the SocialFi project should put down the body and think about how to spread decentralized social networking to larger groups after applying new technologies. On the one hand, we must optimize the operation process, reduce user learning costs, and improve user experience;The unique token mechanism of good web3 can incentive high -quality content and high -quality creators in order to achieve long -term user retention and positive feedback cycle.
