Author: Dylan Dylan
1. When will this wave of friendtech craze end?
Let’s talk about our views on the future development of web3 Social:
Apparently the popularity has gradually faded away. Growth is slow, TVL remains at 40+M, some big Vs have begun to sell keys, and conflicts have emerged one after another;
Market sentiment gradually returned to calm. My previous emotions were in a state of excessive fomo: Indeed, facing the rising TVL, KOL’s orders, overwhelming discussions on Twitter, and my ever-increasing portfolio value, it is difficult not to feel adrenaline soaring and my blood pumping;
But now after a few days of retracement, I believe many people have calmed down. After all, @machibigbrother’s entry has not brought growth to TVL;
If this continues, FriendTech will inevitably continue to decline, because its own mode of gameplay is not complicated, and Key's empowerment has also determined those common modes through exploration. Without sustained growth, it will be difficult for most retail investors to continue to make profits, and they may rush out of the market in advance to prevent being cut off;
So back to the question, when will this wave of enthusiasm end? I think it depends on the official adjustments. The project team’s subsequent functional updates, gameplay adjustments, and economic models will have a crucial impact on the long-term development of FriendTech;
After all, the current functions of FT are too simple and are not a good knowledge payment product; it is impossible for homeowners to have endless tasks; most importantly, the big guys’ recharge of hundreds of eth is not for pure consumption. There will come a day when liquidity will be withdrawn. Therefore, the design of the token economic model is the key for the project to stabilize TVL in the future and avoid a series of tramples.
2. So is friendtech a revolutionary web3 social project?
FriendTech is of course a very good social project. Its innovative gameplay, the combination of social and crypto, the popularity and discussion it has generated, and its extremely high TVL and profitability, undoubtedly make FT of great significance to the SocialFi track.
But FT still has many shortcomings, or to put it another way, there is still huge room for improvement:
❶ First of all, of course, there are the high transaction taxes and robots that many people complain about. This has led to the majority of the profits being made by project developers and scientists, except for the leading homeowners. This is also the reason why most retail investors are unwilling to play in depth.
❷ Lack of features. I won’t complain about the UI here, but its current social activities are limited to text and picture exchanges in Room, which is too limited. Homeowners operate their own keys and come up with various innovative capabilities, but they all need to use other platforms or tools to achieve them. Room does not even have basic lottery and voting functions.
❸ In SocialFi, the cost of Fi is too heavy. Pond's will eventually collapse. If the product cannot retain people, then after the economic model collapses, people will definitely disappear.
Of course, this project has only been in operation for three months. How it develops in the future still depends on the team’s actions.
3. What do you think about FT imitation disk and other social projects?
The most popular imitation disks recently are probably Stars Arena and CipherRip. I think one thing they did very right is to add new functions such as tweeting and tipping. Diversify web3 social activities a little bit. But it is difficult to pose a big threat to FT.
In the past, the social leaders we often talked about were CyberConnect for social graphs and Lens Protocol for underlying protocols, but now the market seems to favor tools + interesting gameplay.
My ideal web3 social super app would have:
- Public traffic section similar to Twitter and Weibo
- Private group, public group, position group, paid group section
- Voice and video live broadcast section
- Open source platform and API interface, which can be connected to other Dapps, allowing free developers to develop related mini-programs
At present, DeBox is more suitable, but Fi's gameplay can be more innovative.
4. Finally, I would like to share three personal views on Web3 Social.
❶ Both SocialFi and GameFi can be regarded as P2E, but their biggest difference is: by playing Gamefi, you can only receive in-game rewards (NFT and tokens). Then, as the currency price falls, new users of these rewards will decrease. It is easy to enter a death spiral; and by playing SocialFi, in addition to getting token rewards, you can also gain traffic and influence, which gives you the ability to monetize on other platforms and channels. So even if a social project you are playing does not make money, you will still have the motivation to continue playing. Therefore, SocialFi will be more durable than Gamefi and have a higher ceiling.
❷ Social projects must focus on products and meet the needs of web3 users (lotteries, red envelopes, voting, governance, treasury, etc.). This is a process that requires long-term polishing. Only with good products can we gain long-term and deep users.
❸ Don’t think about replacing Twitter or becoming a Twitter killer. This way you will only lose a channel to attract web2 users. Embrace Twitter, attract traffic through open source platforms and API interfaces, and generate more gameplay.
