Exploring the Future of Web3 Social: Token Incentives and Social Innovation

In recent years, the development of decentralized social networks has faced three major challenges: user growth, personal information processing, and advertising models. However, with technological advancements, these barriers once considered "impossible" are gradually being overcome. This article will focus on how to utilize Token economic models and incentive mechanisms to solve income issues, exploring innovative paths in the Web3 social domain.

Create "Killer Applications"

The key to the success of Web3 social lies in whether it can create a truly innovative social experience that attracts a large number of users. While we cannot accurately predict the form of the next blockbuster application, we can explore two strategies:

1. Add Web3 features to existing social platforms
2. Build a new social community centered around Web3

Tokenization Enhances Existing Social Experience

A simple method is to add Web3 features to mainstream social platforms, a typical example being Reddit's Moons program. This program offers token rewards based on contributions to users of the r/CryptoCurrency subreddit, allowing users to participate in community governance.

However, the long-term sustainability of this simple "posting for profit" mechanism is questionable. Data shows that the actual earnings of most users are minimal, which may lead to user disappointment. Therefore, the focus should be on creating innovative social experiences that users are willing to pay for, rather than merely providing incentives.

The friend.tech project on the Base network showcases an innovative attempt. It allows users to buy and sell "stocks" of influencers, promising more exposure opportunities. This model of tokenizing personal influence has triggered a large number of transactions in the short term, but its long-term development remains to be seen.

Build Web3 Native Social Community

Another approach is to build a social platform aimed at Web3 users from scratch. Phaver is a typical example, built on the Lens protocol, integrating NFT communities and Web3 identity technologies such as soulbound tokens. Phaver adopts a dual-token model, incentivizing user participation through a "reputation" and "points" system.

However, the main challenge faced by Phaver and other Web3 native platforms is how to expand their audience, attract new Web3 users, and lower the barriers to entry.

The POAP project originates from the unique conference culture in the crypto space, using NFTs to record proof of user participation in events. This method is easy to understand and does not require specific Web3 knowledge, with the potential to be applied to broader communities and subcultures. The key lies in how to continuously provide practical value and promote the formation of new social communities.

Conclusion

The key to the success of Web3 social lies in creating a brand new social experience, rather than simply replicating Web2 mechanisms and adding "on-chain" and "tokenized" labels. The new experience should be rooted in Web3 culture, such as NFT communities, asset tokenization, or crypto conference culture.

At the same time, in order to attract a broader user base, the application must have easily understandable use cases and avoid excessive Web3 terminology. Successful Web3 social platforms need to provide users with enough creative space, allowing them to independently explore new ways of usage.

Only when Web3 social platforms can unleash user creativity, rather than merely focusing on financialization and on-chain replication, can we truly build revolutionary "killer apps" that push Web3 social into a broader future.