The recently popular friend.tech has set off quite a whirlwind in the encryption community with its social fission and IP monetization routines, and has also revived concepts such as Web3 social networking and creator tokens.
In fact, as of now, the development practice of the entire Web3 social track is still in its early stages, including the definition of Web3 social. The encryption industry has been inconsistent and there is no unified statement.
What is Web3 Social?
From a narrow perspective, for many SocialFi users and even SocialFi practitioners, "chat" applications that simply map social products such as WeChat and Telegram in the traditional Web2 world are the most direct social practice path in the SocialFi track:
So-called "blockchain social software" that includes chat community functions, such as Huoxin and Mixin, which appeared a long time ago, are only targeted at niche circles such as currency players. They are essentially "blockchain-based" software. Coin circle version of WeChat".
This is very similar to the early days when people's understanding of DEX was an on-chain CEX - it still uses the limit order trading model of the order book like CEX, but moves the transaction settlement data to the chain, just like 0X, Kyber, etc. , compared to Binance and other CEX, there is no essential user experience and competitive advantages, and indeed not many people use it.
It was not until the emergence of Uniswap and AMM, which provided a new trading paradigm that was different from traditional CEX and completely different from the original DEX, that everyone discovered that the original DEX should be like this, thus giving rise to a new gameplay and incremental market.
"Web3 social" in a broad sense is actually similar to the exploration direction of friend.tech - it is to reconstruct the links between address-based blockchain users.
That is to say, it transcends the limitations of traditional chat and communication, but builds links between users on different chains. This form of link has a variety of rich scenarios:
Exchanges between holders of the same currency;
Chat price negotiation between NFT buyers and sellers;
Two-way communication between project parties and users;
Information notification contact between DApp and users;
All of the above are centered around the various possible link scenarios between users on different chains in the Web3 world - based on the data on the chain, links can be established with people (addresses) with commonalities from any angle.
The most direct one, for example, if everyone holds a certain token, has held a certain NFT, has interacted with a certain product, etc., create a group based on certain filtering conditions:
Only by holding certain tokens and reaching a certain amount can you join a community of the corresponding level and chat with holders of the same currency;
Only those who have interacted with certain DeFi protocols and the amount reaches a certain threshold can enter the corresponding product internal testing or receive token airdrops;
Only by holding a Punks or BAYC address can you join the corresponding NFT community;
However, different project directions still need to be explored, and the integration of SocialFi and Web3 is lagging behind, and there is no clear role positioning.
Web3 returns data ownership to users, which means that the lowest data availability layer will obtain the greatest network effect. This is also a completely new paradigm that is completely different from the "application is king" in the mobile Internet era.
What actually produces and carries data in Web3 is the flexible on-chain addresses, which is destined that the development trend of Web3 will become increasingly social.
Exploration of the new social paradigm of Web3
Then we need to seriously think about what kind of social form truly belongs to the blockchain and Web3, that is, what should the "Web3 social new paradigm" look like?
In fact, at the end of last year, Binance Research released an analysis report on the Web3 social track. It believed that the current Web3 social network is difficult to compete with Web2, but it can still focus on observing innovations in certain specific scenarios.
The report specifically emphasized that no killer application has emerged in the social field, and the path to large-scale adoption is still unclear. Instead of competing directly with Web2 applications, it is better to use the unique ecosystem in DeFi, NFT and other vertical fields to provide users with Provides unique, innovative and practical tools.
In short, remove intermediaries, provide only the basic environment, directly build links, and help other DApps achieve the upgrade of "SocialFi+".
Just like the "View NFT" and "Chat with Owner" functions previously launched by Etherscan, "View NFT" allows users to click to view the detailed information of NFT held under the Ethereum address, and "Chat with Owner" allows users to jump to Blockscan Chat communicates and chats directly with NFT holders.
Such a paradigm is based on the Web3-style on-chain social product model that can only be realized on the chain, and everything will fall into place.
In recent times, from the original Blockscan Chat of Etherscan to the Push Chat of Push Protocol (former Ethereum message push application EPNS) and Nansen's Nansen Connect service, it is also the largest imagination space in the Web3 social track - Web3 itself is based on addresses. , naturally suitable for social interaction.
Therefore, if it is further combined with the unique ecosystem of more vertical fields on the chain, it will coincide with the idea of exploration by friend.tech today - to form a social graph based on the data on the chain and ask the address for application scenarios.
And friend.tech is just the tip of the iceberg in the social exploration dimension of Web3. In fact, it is not limited to DeFi and NFT. Almost all applications we can think of, such as on-chain entertainment and games, can further expand the imagination of social services.
The gray line of grass and snakes spreads for thousands of miles. Now when we look back at Binance's series of layouts after this Web3 social report, we will actually find that this is also a main investment line running through its Web3 social concept. Binance has been thinking about and laying out the Web3 social track for a long time:
Hooked Protocol: In September 2022, Binance Labs and Sequoia Seed Fund led Hooked Protocol’s seed round of financing; Binance Innovation Zone launched the Hooked Protocol token HOOK at 22:30 on December 1, 2022;
CyberConnect: Binance Launchpool listed the CyberConnect governance token CYBER and officially opened trading on Binance on August 15;
Port3 Network: Received grant funding this year from Binance Labs;
From the perspective of participating projects, the core of Binance’s Web3 social project investment landscape is to explore incremental solutions to Web3, while looking for mobile applications, crypto-native innovations and innovations that intersect with Web3 scenarios.
Among them, Port3 is a typical representative. As a portal for acquiring and aggregating Web3 social data, Port3 Network has a development vision of building a "decentralized social data layer" and aims to aggregate on-chain and off-chain data (Web2 and Web3's Data) provides various data-driven services for Web3 applications.
In addition, Binance also stated in response to why it invested in Hooked Protocol that the market built on the new bottom layer of blockchain is full of new application products. How to acquire customers is bound to be a problem that every application must consider and solve. .
The traffic problem is always the core key to the development of all projects. From the perspective of Web3 projects, currently DApps (DeFi, GameFi, NFT, DAO) also lack effective user drainage methods, and there is no unified channel to encourage users on the chain to experience new products and services. As a result, it is impossible to achieve new user promotion.
In the current Binance ecosystem, whether it is the exchange or the BNB Chain on-chain ecosystem, there is no established Learn & Earn product, and such products are bound to be urgently needed by Binance in the application cycle.
Therefore, for Binance, there is no doubt that there is further consideration for the layout of Web3 social projects - whether it is Hooked Protocol, CyberConnect, or Port3 Network, they are essentially the logic of seeking incremental users:
Combining general user learning and DApp growth guidance solutions to build a multi-dimensional comprehensive traffic platform for yourself to solve and meet the increasingly strong product traffic needs of attracting new customers and acquiring customers in the Web3 world.
And further consideration, if a general comprehensive traffic platform that is not restricted by region or country and is accepted by the entire industry can be established, there is a high probability that it will become an incremental entrance to the Web3 blue ocean, regardless of whether it is an off-chain currency. An exchange, or the BNB Chain on the chain, will be one of the biggest winners.
Social: the new infrastructure in the Web3 era
The Internet has completely changed the traditional social paradigm of using emails and phone calls, allowing everyone around the world to freely establish social connections on the Internet, and even gain fans through their social influence on content platforms.
The positive significance of this change is to break through traditional geographical and occupational restrictions and make social connectivity easier and less expensive. But there is always a double-edged sword in everything. Centralized social applications and the centralization of control of social graphs by giants have ceded everyone's social autonomy to others.
And if the platform side of Web2 can be removed, the links between users and users, users and services can be rebuilt, a P2P search discovery and contact connection mechanism can be established, and the interactive relationships and social graphs on the chain can be enriched, thereby relying on it to establish a completely independent Any innovative applications and scenarios dominated by third parties are a new imagination space for Web3 social networking.
From this perspective, Web3 social still has huge value potential waiting for us to explore, especially the content of Web3's on-chain "social" and "social+" concepts themselves may be even more ambitious, and the key to this is How to maximize the formation of a social network that covers enough on-chain audiences (future Metaverse and Web3 users) and on-chain social relationships.
Binance co-founder He Yi once said that he is most concerned about three types of project investments, and the top two are "those projects that build infrastructure" and "those projects that run various blockchain applications." .
In the Web3 world, the identity corresponding to each individual, with the help of the address as a carrier, can form a social network based on various data on the chain, thus becoming the key bottom layer of all-encompassing Web3 applications, that is, Web3 social may become The most imaginative “innovative infrastructure”:
Based on on-chain addresses and social data, on-chain native social networking will be a strong demand for Web3, and on-chain social relationships will become the basis for various innovations in Web3.
This means that massive user addresses and data volumes, and the corresponding social relationships and social data need to be generated, saved, and utilized natively in the Web3 world.
If we continue to explore along the Web3 social dimension such as friend.tech and socialize all on-chain scenarios (NFT buying and selling, token trading, lending), all social behaviors will be implemented and saved on the chain, and at the bottom At the protocol level, if the settlement and clearing modules such as payment, rewards, and fees are automated and tokenized, it will be a completely different new Web3 social landscape.
However, the current Web3 social projects are only in the initial stage of the track. They are more of "weak social products" on the chain. Social needs such as finding people on demand and establishing relationships that are truly similar to traditional Internet social applications cannot be met and cannot be used. Realize that social giants such as WeChat and QQ in the Internet world can complete the "social+" empowerment of many other on-chain DApp products.
summary
Ma Huateng once said, "For us, WeChat is like getting a ticket for the mobile Internet. Once you get the ticket and get on the ship, the rest will have no chance."
Web3 is a grand concept, and Web3 social networking is also a track full of imagination. How to form a social network that covers enough on-chain audiences and on-chain social relationships is what Web3 must do on the eve of a large-scale influx of users. Questions to think about.
Whoever can solve this problem can open the incremental door to the Web3 blue ocean and meet the traffic needs of DApps and project parties. This is an opportunity that Web3 must strive for to move towards the "golden age", and it is also a blue ocean that Web3 builders can seize.
Whether it is Binance, BNB Chain or other heavyweight Web3 players, the massive scene data and address users in the Web3 social scene are a key ticket to win the second half of Web3 competition.