In-depth Discussion on the Current Status and Future Trends of Web3.0 Social Products

The number of users for Web3.0 social products continues to grow, but they often face a sharp decline in daily active users after the airdrop ends. How to maintain the vitality of the product, balance the contradiction between content moderation and decentralized social interaction, and whether tokenization can truly incentivize user participation are all issues that entrepreneurs in the Web3.0 social field need to think deeply about.

This article will start from the essence of social interactions to explore the significance, classification characteristics, challenges faced, and future optimization directions of Web3.0 social products, in order to help readers gain a more comprehensive understanding of the current status and development prospects of this field.

Why are Web3.0 social products attracting so much attention?

By 2027, the number of global social media users is expected to approach 6 billion. Currently, the average internet user spends 144 minutes a day on social media and instant messaging apps. Although traditional centralized social platforms have a large user base, they also face issues such as data breaches, content censorship, and algorithmic bias.

Web3.0 social products are based on blockchain technology, providing a decentralized social experience that ensures user data privacy and security. They can eliminate the censorship and algorithmic biases of centralized platforms, giving original content creators more autonomy. These advantages make Web3.0 social products an important trend in the future development of social media.

Although traditional social media giants like Facebook still dominate, the emergence of SocialFi may disrupt this pattern. Twitter co-founder Jack Dorsey once proposed three principles that social media should follow: resilience against corporate and government control, only original authors can delete content, and moderation should be achieved through algorithmic selection. These principles align perfectly with the philosophy of blockchain social media applications.

Main Categories and Features of Web3.0 Social Products

The current popular social and DID projects mainly include infrastructure, middleware, applications, and tools. The SocialFi track is thriving, with many projects based on social tokens that integrate DeFi elements and continuously undergo technological upgrades.

According to the issuance method of social tokens, they can be divided into the following categories:

1. Personal Tokens: Tokens that represent individual identity or influence, such as RAC, ROLL, etc.

2. Community tokens: Issued and controlled by the community, typically governed by a DAO, such as WHALE, Mirror, FWB, etc.

3. Minting and distributing platform tokens: Represents control over the platform, making it easier for creators to manage tokenized communities, such as Chilliz, RALLY, etc.

4. Tool projects: Provide distribution and other services for social tokens, such as Mask Network.

The Main Challenges Facing Web3.0 Social Platforms

1. High data storage costs: Decentralized storage requires more computing resources and storage space. Some projects are exploring new solutions, such as increasing block size, sharding, or off-chain storage.

2. Insufficient network effects: The user base and activity level are low, making it difficult to form strong network effects. Attracting traditional Web2.0 users still faces many challenges.

3. Cross-platform interaction difficulties: The differences in data formats, encryption methods, and validation rules between different protocols lead to insufficient interoperability. More collaboration and standardization between protocols are needed.

4. Sustainable economic models have not yet formed: Currently, value is mainly obtained through two methods: social behavior rewards and content creation incentives, but high-quality content and effective incentive mechanisms are still insufficient.

5. Business expansion competition is fierce: top Influencers have become the objects of competition among various projects, and how to balance the revenue distribution of social influence at different levels still needs to be explored.

Optimizing the Future Direction of Social Products

In 2023, SocialFi will still be one of the important hotspots. Innovations in middleware and protocol layers continue to emerge, making social applications more stable, secure, fast, and scalable. Decentralized social media protocols such as Nostr, Farcaster, and LensProtocol are receiving widespread attention.

Privacy protection will become an important area of innovation. The combination of zk technology and SocialFi is expected to enhance transaction security and privacy. However, it is necessary to balance the conflict between anonymity and establishing social status.

In the future, Web3.0 social products need to explore more innovative interaction methods and social scenarios to attract more users to participate. At the same time, issues such as user experience, scalability, and privacy protection also need to be addressed. With continuous technological advancements, Web3.0 social products are expected to achieve broader applications and popularity.