Social products in the Web3 era are fundamentally different from traditional social products. The two most fundamental differences between them are whether they are on the blockchain or not and the belonging of the ownership economy.
In traditional social products, all social behaviors are carried out off-chain, and there is a relatively closed relationship between social platforms. When a user posts a message on a social platform, it is almost impossible for users of other platforms to interact across platforms.
In the Web3 era, the social ways may be fundamentally changed. The user’s behavior location will change from off-chain to on-chain, everything will become open and transparent, and differences in social platforms will no longer be a barrier to interaction. When social relationships become public facilities, users can experience any new product with the accumulated social relationships without being bound by any one product.
In traditional social products, all user behaviors can only be carried out based on a highly centralized platform. This also means that all the output of the user is under the control of the platform, and the user has no control over the content push or operation authority. Web3, on the other hand, is committed to regaining users’ control over their own social media, and the property right of social content is an extremely important way.
The significance of social content property rights is not to judge how much real money the social content is worth (which cannot actually be defined), but to define the attribution of ownership. When all social content is in the form of assets, then the ownership of assets must be involved. At this time, users can determine the ownership of their own social behavior, so as to strive for their own benefits. And then realize the vision of controlling your own network in the Web3 era.
2、The current problems of Web3 social networking
But even if the vision is quite good, there are still many practical problems with Web3 social.
First of all, the maturity of the current Web3 social products is still insufficient. Even if it is a track leader such as Mirror and Lens, the actual use experience of products is still relatively rigid.
Second, even though Web3 socialization emphasizes the return of value, we need to realize that for most people, the direct direction of social behavior may not be the actual economic benefit, but the social value between people. Therefore, for the social track, we have to consider a question: whether the benefits brought by the Web3 social platform are enough to drive people to give up the social circle that has been established on the Web2 platform.
Finally, the impact of the bear market on the development of the Web3 social platform is also quite intuitive.
3、Web3 social networking should find another way
For Web3 social networking, simply copying the social model of Web2 will not work. If the Web3 social track wants to find a smooth path, it may have to find another way.
The most central key word in the current encryption ecology is undoubtedly wealth, which moves our nerves all the time. If the theme of Web2 social is life social, then we can position the Web3 social theme as value social.
People who have been in the crypto market all year round may not need an entertainment or life-oriented Web3 social scene, but a highly specialized Web3 social investment platform, where professional investors can show their investment operations and earn profits. Ordinary investors can also learn and communicate here. But for a long time, the crypto market has been quite lacking in this aspect.
However, recently, the author discovered an interesting project, which attempts to build a Web3 social investment platform for crypto users, thereby lowering the threshold for crypto investment and finally opening the door to the crypto market for everyone. It is CryptoLink.
CryptoLink – Web3 Social Investing Platform
CryptoLink is a decentralized Web3 social investing platform where users can create profiles, share ideas, create or join groups, create and manage portfolios or copy others’ portfolios, chat directly with others via wallet to wallet, establish DAO, conduct crypto fund raising, multi-signature management, etc.
CryptoLink was established in the second quarter of 2022. It plans to launch a beta version in the fourth quarter of 2022 and launch the mainnet in the first quarter of 2023.
For crypto newbies, they can learn the strategies of good investors and replicate their portfolios with the help of the CryptoLink platform. With CryptoLink, crypto novices can enter the crypto market in a fast way.
For ordinary investors, they can improve their investment skills by interacting with and learning from other investors in the Web3 local social network with the help of CryptoLink.
For crypto experts and seasoned investors, they can share their insights and portfolios, create closed fan clubs, monetize their knowledge and more through CryptoLink. And their income will also increase with the growth of followers.
As a Web3 product with both social and investment functions, CryptoLink has a very rich product matrix and functions. Specifically include:
CryptoLink enables instant communication from wallet to wallet. This move endows social with certain asset attributes.
Users can publish content through CryptoLink and can choose to monetize their knowledge in the form of paid subscriptions or previews.
Through this feature, users can follow interested bloggers and have real-time access to content posting, portfolio creation and copying operations of the bloggers they follow.
Users can comment on content posted by bloggers.
This feature can be used to demonstrate user support for their favorite content.
This feature allows users to reward posts they like.
7. Create groups
Users can explore on-chain wallet assets through CryptoLink and form groups with investors who hold the same encrypted assets; senior investors can also create closed paid groups to realize knowledge realization.
As a one-stop social investing platform, CryptoLink enables users to create portfolios and share their performance. Ordinary users can also copy professional investors’ portfolios and trading strategies. Of course, professional investors are rewarded accordingly when their portfolios are copied by others.
Users can view the price and transaction data of each token on the real-time market chart through CryptoLink.
10. NFTs and DAOs
Senior investors can obtain NFT passes from Cryptolink, and holding diamond-level NFTs can obtain the permission to create DAOs.
The DAO on CryptoLink can be regarded as a modular fund management platform, through which users can crowdfund, elect fund managers, create and manage investment portfolios, distribute income, etc.
For the comparison of the above 4 products, the author can only say that each has its own strengths, after all, the ideas of these applications are quite different.
For Mirror and Lens rooted in Web3, they lack functional extensions with Web3 colors, and in terms of end-user experience, the experience brought by Mirror and Lens to the author is not very good, and the fluency and complexity are still cannot be ignored.
As for eToro and Xueqiu, as old-fashioned applications of Web2, it goes without saying that their products are mature, but the problem of centralization is indeed inevitable. And this is their biggest dead end.
In contrast, CryptoLink combines the decentralization of Web3 social networking, and also has quite a variety of products and functions. I hope it can continue the current thinking, and use the above-mentioned applications as a reference to launch a truly excellent social product with Web3 colors.
SocialFi is already a common track, and many distinctive products have been launched in this area. But it is undeniable that compared with the traditional social model, it is still difficult for Web3 social applications to come out.
Most of the current Web3 social applications are actually copying the traditional model, and the immature products plus the copying of the Web2 model obviously cannot become a social paradigm exclusive to Web3.
Therefore, there may be only one way in front of the Web3 social track – to be a social application with Web3 value orientation.
Although Vitalik Buterin always emphasized that Web3 should not only have a value orientation of wealth. But it is undeniable that the current Web3 is indeed inseparable from wealth, and as a new product, there is probably no more attractive narrative than wealth.
Therefore, CryptoLink’s combination of investment and social networking has undoubtedly grasped the context of the encryption market, and this combination is quite Web3.
In addition, the CryptoLink product itself has quite a wealth of products and functions. If it can be well polished, it will hopefully become the premier project on the SocialFi track. In this regard, we may wish to wait and see.