Opportunities and Missions in Web3 Social

Recently, the Web3 industry has been filled with hostility, being regarded as a field for easy targets and scams. However, as builders, we should view the industry's development objectively, recognizing that Web3 social is not yet mature but has been making progress. This article will outline the development history of Web3 social over the past 8 years, summarize lessons learned, and discuss potential future opportunities.

The underlying demand for Web3 social comes from human social instincts. Token holding is a new way to connect, and an open verifiable database expands the dimensions of information. This will give rise to entirely new social relationships and interaction methods. The unique advantage of Web3 social lies in: underlying information support across databases and organizations, allowing for the free choice of modular social interfaces in the front end. Token-supported rights interactions are a unique social scenario of Web3.

The development of Web3 social is showing two trends: competition in decentralized social technology standards, and establishing token consensus through social interactions. In terms of technical standards, new generation protocols such as Bluesky, Nostr, Lens, and Farcaster have made significant progress. However, overcoming the challenge of economies of scale is key. Token incentives have become a common means, but they also face issues such as effectiveness and witch attacks.

In terms of content autonomy, projects have attempted to chain content and create NFTs from STEEM to Mirror, but are limited by insufficient operational capabilities. The content recommendation system has evolved from simple sorting to intelligent algorithms, and Web3 projects need to utilize on-chain data to participate in decision-making to form differentiated advantages.

Social asset tokenization is another evolutionary path. Attention tokenization ( Meme Coin ), social relationship tokenization ( DAO ), content tokenization, and other directions have all been explored. The innovation of bonding curves has solved the liquidity problem for small-scale projects.

The opportunities for Web3 social in the future are:

1. Lower technical barriers, improved user experience
2. Innovative Embedded Social Scenarios
3. Middleware and infrastructure improvement
4. Increase in indigenous users

The blueprint for Web3 social could be: centered around content, integrating various protocols and tools to form small economic cycles. Such as diversified monetization models like scripts + live streaming + NFTs + fan tokens.

The mission of Web3 is to restore the rights taken away by centralization to everyone and provide more choices for users. The key to future success lies in: reducing costs, improving recommendation mechanisms, restructuring organizational forms with content at the core, and enhancing interactivity. Finding the best way for content and community to interact in a decentralized environment will determine whether Web3 social can truly take root.