What’s this about
- In Web2 social, users without active participation are being left out of economic opportunities.
- Web3 social is changing social interaction by combining the features of decentralized finance (DeFi) and social media, allowing users to benefit from the financial component of making friends online.
- This is made possible through tokenization, NFT memberships, crypto rewards & creator economy on the blockchain.
- In this report, we will examine the latest platforms and emerging technologies that are changing the way we socialize, earn and own in the Web3.
Section 1: Key Market Trends
(1) Web2 social networks are going into crypto:
- Many social media platforms are adding Web3 experiences for Web2 users by offering digital art collections, crypto payment options, and Fintech integration.
- Reddit has launched an NFT avatar marketplace at Collectible Avatars Shop.
- Twitter has a tipping feature that allows creators to accept Bitcoin via Strike.
- Telegram aims to launch a marketplace for selling NFT-based usernames to interested buyers.
- Discord, home to crypto and gaming enthusiasts have enabled Web3 sign-in feature via MetaMask and WalletConnect integrations.
(2) Curator economy aka monetizes “good taste”:
- Online content is overabundant. Information overload is driving the need to centralize quality content in one place. Curators come into play. They “re-bundle” information by organizing and sharing thoughtfully curated content. They get paid by monetizing “taste”.
- New Web3 startups are rewarding curators via cryptocurrency and turning social media users into “digital librarians” who get paid by sharing what they love.
- Yup is a social network for curators. Curators get paid in YUP tokens when users “like” their content collections.
- Catalog is building a listening discovery platform and has helped artists earn over $3 million.
- Dataverse is building Web3’s Pinterest. Users can curate, share and monetize their collection.