Exploring the Future of Web3 Social: From Definition to Business Models

Web3 social is redefining our view of social networks and providing a range of innovative solutions. Whether it's social finance ( SocialFi ) or decentralized social ( Desoc ), Web3 social is actively exploring the possibilities of future social networks.

1. Definition and Characteristics of Web3 Social

Web3 social emphasizes decentralization, user data privacy and control, as well as the incentive mechanisms of cryptocurrency economics. Protocols and products such as Lens, CyberConnect, Farcaster, Phaver, Debox, and friend.tech have emerged, and concepts like SocialFi are integrating finance and social interaction, reshaping the landscape of social networks. Desoc focuses on building a decentralized social ecosystem to eliminate many of the issues present in Web2 social networks.

2. Demand Analysis of Web3 Social

1. Data value feeds back to users

Traditional Web2 social platforms usually centralize control over user data, lacking transparency and privacy protection. Web3 social projects attempt to address this issue through token incentives, data NFTization, and other methods.

For example, Lens Protocol stores users' social graph data in the form of NFTs, allowing users to control and trade their own data. Friend.tech tokenizes the influence of KOLs, allowing fans to purchase a KOL's "key" to participate in private chats and earn profits from transactions. Bodhi enables users to receive returns directly from high-quality content by assetizing content.

2. Anti-censorship

Web3 social tends to be decentralized, reducing reliance on platforms, lowering the risks of censorship and bans, and promoting greater freedom of speech.

Farcaster ensures the decentralization of user identity by storing user identity information on the chain. Nostr adopts a unique service framework consisting of clients and "relays," allowing anyone to become a relay, thus achieving maximum censorship resistance.

3. Web3 Native Social Scenarios

Some projects focus on addressing the social needs inherent in Web3. For example, DeBox solves the problem of "holding chat," allowing users to set up communities where only members who hold specific NFTs or Tokens and meet a certain amount can enter, thereby establishing communities with specific consensus.

3. Challenges Faced by Web3 Social

1. The Trade-off Between Decentralization and User Experience
2. High switching costs of social products
3. The sustainability of the data value feedback user model
4. The overlap between the target social users and Web3 user profiles is relatively low.

4. Exploration of Business Models for Web3 Social

The business model of Web3 social projects is still in the exploratory stage, evolving from a single advertising revenue model and membership fees to rewarding users with data value through tokens/NFTs. In the future, there may be a greater focus on the value of user data, user engagement, community governance, and more diversified business models.

5. The Combination of Web3 Social and AI

AI and Web3 have complementary potential in the social domain. AI primarily focuses on emotional companionship and support, such as projects like Character.AI; while Web3 emphasizes data value feedback and anti-censorship. Some projects like Myshell and Siya.AI are attempting to combine the two, exploring new possibilities to meet human social needs.

Conclusion

Although Web3 social faces many challenges, its innovations in feeding back data value to users and resisting censorship are still highly anticipated. In the future, Web3 social may pay more attention to community attributes and intersect with other fields such as gaming, bringing users more innovative experiences. With the continuous evolution of technology and ongoing exploration of projects, Web3 social is expected to have a profound impact on the entire social field while addressing existing issues.