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Author Topic: How sustainable is web3 socialfi concept??..  (Read 91 times)
Phoenixtrader (OP)
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September 23, 2024, 08:34:15 PM
 #1

Hey guys, let's talk about Web3 and SocialFi. In this day and age, it's clear that quality content is the real deal, and many of you are aware of how much some content creators make from apps like TikTok and YouTube.

The downside is that these platforms own the content, and they earn much more than they pay the creators.

This is why I believe Web3 is crucial, especially with projects like Phaver, which not only give users control over their social profiles and content—ensuring they aren't locked into a single network—but also reward them for their contributions.

https://x.com/phaverapp?t=SEK6TrNyibS_gr4vBpKGZw&s=09

The question, though, is about sustainability in the long run. Do you think this model can last?
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September 23, 2024, 09:15:59 PM
 #2

HIVE still does so well they are still able to give 20% interest on their HIVE-based dollar (HBD) stabletoken so I don't see why not...

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September 23, 2024, 10:59:27 PM
 #3

Hey guys, let's talk about Web3 and SocialFi. In this day and age, it's clear that quality content is the real deal, and many of you are aware of how much some content creators make from apps like TikTok and YouTube.

The downside is that these platforms own the content, and they earn much more than they pay the creators.

This is why I believe Web3 is crucial, especially with projects like Phaver, which not only give users control over their social profiles and content—ensuring they aren't locked into a single network—but also reward them for their contributions.

https://x.com/phaverapp?t=SEK6TrNyibS_gr4vBpKGZw&s=09

The question, though, is about sustainability in the long run. Do you think this model can last?

The problem with that kind of project is how huge and the insane amount of advantage centralized platforms like Google and Meta have when compared to decentralized social networks in which content creators are the sole owners of what they create. There is a reason why people choose to this day to browse on YouTube instead seeking for alternatives, it is due to the monopoly YouTube almost have established in the content distribution and the distribution of wealth to creators, which is minimal, that is obvious.
How is a web3 platforms which is supposed to compete against YouTube to survive if it does not have a fraction of the traffick both YT and Meta have? How to catch the attention of people from the beginning?  Decentralization of content and ownership of cryptographic keys is not enough to attract people onto the platform, actually, most of the average YouTube users do not even know how to properly protect and manage cryptographic keys by their own, and in Web3 that translates to the loss of access to the channel, the context itself and also loss of identity on the eye of the platform.

There is still a long path ahead before some Web3 could even start to compete against YouTube, whether we like it or not...

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September 24, 2024, 04:00:03 AM
 #4

How interesting! Web3 and SocialFi indeed present a new paradigm in the way we interact and generate from digital content. With its underlying blockchain technology, Web3 allows users to have complete control over their data and digital assets, something that is difficult to achieve on traditional Web2 platforms such as YouTube and TikTok. This also presents a huge opportunity to address the gap between creator and platform earnings.

SocialFi, as exemplified by the Phaver project, encourages a community contribution-based economic model, where creators and users can directly earn rewards for their participation in the social ecosystem. This gives more power to individuals than large platform companies, creating fairer incentives to contribute with quality content

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September 24, 2024, 04:27:14 PM
Last edit: September 27, 2024, 01:43:00 PM by avikz
 #5

The concept is nice. There are some platforms available in the market, where people can monetize their content and have control on it at the same time. There was a platform called STEEM which empowers their users in a similar way. So the concept is not a challenge here!

The main challenge is execution of this concept at a large scale while keeping the scammers out of it. There are whales available in the market who might gulp down the smaller projects in the blink of an eye.

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September 24, 2024, 08:45:07 PM
 #6

The concept is nice. There are some platforms available in the market, where people can monetize their content and have control on it at the same time. There was a platform called STEEM which empowers their users in a similar way. So the concept is not a challenge here!

The main challenge is execution of this concept at a large scale while keeping the scammers out of it. There are whales available in the market who might gulo down the smaller projects in the blink of an eye.

It's a good concept especially for creators, I'm thinking if it'll be sustainable. In your experience do you think their tokens does well in the market?? Cos I'm looking at exploring phaver's token SOCIAL for a medium term hold. It went live today though with some initiatives.


I'm not a content creator though, but these incentives are appealing...
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September 25, 2024, 07:24:22 AM
 #7

depends, the existing social platform is backed up by giants that have so many money to spend to dominate the market, web3 socialfi concept is great and all but it also need to be able to compete to other social media platform that have such advantage to be able to have foothold in the market which as I've seen most of the socialfi fail to achieve.

here's the thing, so many socialfi actually don't really have the vision to build something that actually works and long lasting, most of them are just trying to raise fund from VC and abandon the project after awhile.
so finding one socialfi project that's worth it and truly have the intention to compete against the like of tiktok is also a challange on its own.

but hopefully at least one socialfi can do that, though I'm still not sure which one, the closest one I think warpcast since many big crypto influencer also stick with the platform.

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September 27, 2024, 06:39:30 AM
 #8

Hey guys, let's talk about Web3 and SocialFi. In this day and age, it's clear that quality content is the real deal, and many of you are aware of how much some content creators make from apps like TikTok and YouTube.

The downside is that these platforms own the content, and they earn much more than they pay the creators.

This is why I believe Web3 is crucial, especially with projects like Phaver, which not only give users control over their social profiles and content—ensuring they aren't locked into a single network—but also reward them for their contributions.

https://x.com/phaverapp?t=SEK6TrNyibS_gr4vBpKGZw&s=09

The question, though, is about sustainability in the long run. Do you think this model can last?

Web3 is meant to solve what traditional systems cannot solve, and hence why we have the blockchain system and the whole web3 space. Anything that can allow cross-posting and combining reach & reactions, will be good and that is why utility tokens like this make it to Bitget, and users request it on Binance afterwards.

Check your records to know what utility tokens are and how you can know what they do.
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September 27, 2024, 07:19:50 AM
 #9

To be brutally honest, web3 and socialfis are just trendy names in the community.

No matter how ticked they are for once or twice in a cycle, still people will end up seeing that they're not used to it.

They're just buzz words that have gotten attention but then, the limelight will disappear in a year or two or after the bull run cycle.

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September 27, 2024, 10:14:12 AM
 #10

To be brutally honest, web3 and socialfis are just trendy names in the community.

No matter how ticked they are for once or twice in a cycle, still people will end up seeing that they're not used to it.

They're just buzz words that have gotten attention but then, the limelight will disappear in a year or two or after the bull run cycle.

Yeah, maybe one day that will change, but for now, I view many concepts like described that one: they gather people, hype, and funds around them, but that's the main thing for them.
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September 27, 2024, 01:47:38 PM
 #11

The concept is nice. There are some platforms available in the market, where people can monetize their content and have control on it at the same time. There was a platform called STEEM which empowers their users in a similar way. So the concept is not a challenge here!

The main challenge is execution of this concept at a large scale while keeping the scammers out of it. There are whales available in the market who might gulo down the smaller projects in the blink of an eye.

It's a good concept especially for creators, I'm thinking if it'll be sustainable. In your experience do you think their tokens does well in the market?? Cos I'm looking at exploring phaver's token SOCIAL for a medium term hold. It went live today though with some initiatives.

I'm not a content creator though, but these incentives are appealing...

It's very hard to say! because as I had mentioned, the main challenge is execution. The marketing needs to be very strong so that it can gather a good amount of users first. That's where the challenge is. The competition is very stiff and the competitors are very well funded which can ensure that no other competitor suddenly starts getting traction. So it is really difficult to say whether the token will survive or not.

I guess we will have to take wait and watch approach to understand their game and to get a feeling about its survival.

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September 28, 2024, 05:51:27 AM
 #12

To be brutally honest, web3 and socialfis are just trendy names in the community.

No matter how ticked they are for once or twice in a cycle, still people will end up seeing that they're not used to it.

They're just buzz words that have gotten attention but then, the limelight will disappear in a year or two or after the bull run cycle.

Yeah, maybe one day that will change, but for now, I view many concepts like described that one: they gather people, hype, and funds around them, but that's the main thing for them.
And after they've gathered funds with the hype that they've made, they take the money of the investors that are gullible.

While these investors will be surprised why the price of the tokens that they've bought from these hypes are dropping down.

Not a surprise, rugpull is imminent there.

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Today at 02:04:01 AM
 #13

To be brutally honest, web3 and socialfis are just trendy names in the community.

No matter how ticked they are for once or twice in a cycle, still people will end up seeing that they're not used to it.

They're just buzz words that have gotten attention but then, the limelight will disappear in a year or two or after the bull run cycle.
yeah, they just don't have the thing to compete with existing social media, the normal people won't even care if their content is also partly owned by the social media platform through granting fair-use for the copyrighted object upon term and condition agreement.
moreover, the fact that web3 socialfi used web3 technology which majority of people don't really understand just adding layer of complexitiy.

here's the thing, content creator seek a platform that have big amount of audience which are the reason the platform could have so much content while the audience want platform that's easy to use and also big amount of content it's like circle, the web3 socialfi on the other hand lacking both content creator and audiences, unfortunately we've past that stage where content creator and audience are still seeking for a platform, instead everything already revolve around the giants of social media and too much content creator already invested their time in there so migration to a less popular web3 based social fi is not an option but just an expensive overhead.

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Today at 03:13:13 AM
 #14


yeah, they just don't have the thing to compete with existing social media, the normal people won't even care if their content is also partly owned by the social media platform through granting fair-use for the copyrighted object upon term and condition agreement.
moreover, the fact that web3 socialfi used web3 technology which majority of people don't really understand just adding layer of complexitiy.

here's the thing, content creator seek a platform that have big amount of audience which are the reason the platform could have so much content while the audience want platform that's easy to use and also big amount of content it's like circle, the web3 socialfi on the other hand lacking both content creator and audiences, unfortunately we've past that stage where content creator and audience are still seeking for a platform, instead everything already revolve around the giants of social media and too much content creator already invested their time in there so migration to a less popular web3 based social fi is not an option but just an expensive overhead.


On the technical side there is just X number of lines of code not yet written preventing all "distributed" socialfi sharing all their content with one-another.

End-users need not be shown any supposed complexity, in fact could end up choosing which user-facing front-end to use based on how much of the underlying is successfully hidden from them.

However if the underlying strata used had a little extra some extant networks lack, extant ones could use it in ways that foil the use of those extras.

For example suppose something like HIVE but adding the ability for user reward to go to the front end they use; probably add optional for that only to mean to a trust account the front end cannot appropriate.

Suddenly some front ends could arise whose end users need not even be made aware of the underlying at all but any time their chosen front end chooses any earnings from posts they made through that front end could be suddenly awarded to them for supposedly any reason.

Maybe might want to have a max lock time or set of them, like maybe any not awarded before the second "Holiday Season" following posting ends the underlying will award anyway even if one's front end doesn't bother to show you you got any. A five year one could be in place too, so any time in first five years a user of a given front end has been a user of that front end that front end could award them a loyalty bonus, whatever.

Aribtrary reasons can be given by front ends for why they chose some particular moment to award a user, but in the long term the user is going to get it anyway despite their choice of front end.

Wow, a lot of complexity in that, so how about just use HIVE (aka STEEM-clone family) directly and just let front ends conceal all aspects their users might find "too complex"?

Facebook et all would still not be locked out of course; they could perfectly well create HIVE accounts for all their users, paste all posts of their users to it, and having the keys do anything they choose with any "proceeds".

I said technical, you did notice that? Because legal copyright, blah blah blah might make such technically almost trivially simple things crazy-complicated to deploy...

Also incentive considerations... how to incentivise pre-existing potential front-ends such as Facebook, X, etc etc etc to share the content their users post?

Any that target marketers, of course, could make how much money advertising to marketers "for only X bucks per Y ticks of time all your posts made through us we will automatically post for you to Z number of other front ends, including our largest competitors who collude with us on this..."

-MarkM-

EDIT: You think Facebook et all have content? How about the Disneys of the world get into it, "your treasured posts can be part of history, generations from now, along with such other family favourites as [our fine movie show etc collections etc etc etc]..."

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