FriendTech boom temporarily slows down, which simulation platforms are ideal for Web3 social networking?

FriendTech boom slows, ideal simulation platforms for Web3 social networking?

Author: Dylan; Source: SevenUp DAO

1. When will the hype of this round of @friendtech end?

Discussing the future development of web3 Social

Obviously, there is a trend of decreasing popularity. The growth is slow, TVL is maintained at 40+M, some big V’s have started selling keys, and conflicts are gradually emerging;

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• Only by integrating the metaverse with industries can it have a future.

The market sentiment is gradually calming down. Previously, the sentiment was in an excessive FOMO state: indeed, faced with the continuously rising TVL, KOL’s recommendations, Twitter discussions, and the continuous growth of one’s portfolio value, it is difficult not to let adrenaline surge and blood boil;

But after experiencing a few days of retracement, I believe many people have become more calm, after all, @machibigbrother’s entry did not bring growth to TVL;

With that said, FriendTech is bound to continue to decline because its own gameplay is not complicated, and the various modes of empowering keys have been explored and determined. Without sustained growth, most retail investors will find it difficult to continue to profit and may leave early to prevent being cut;

So, when will this wave of hype end? I think it depends on the official adjustments. The project’s next feature updates, gameplay adjustments, and the long-term development of FriendTech’s economic model will have a crucial impact;

After all, the current functionality of FT is too rudimentary and not a very good knowledge payment product; hosts cannot have endless activities; most importantly, the hundreds of ETH deposited by the big players are not purely for consumption; there will eventually be a day when liquidity is withdrawn. Therefore, the design of the token economic model is the key to the project’s ability to stabilize TVL and avoid a series of trampling.

2. So, is @friendtech a revolutionary web3 social project?

FriendTech is undoubtedly an excellent social project. Its innovative gameplay, combining social and crypto, the resulting hype and discussions, high TVL and profit levels, undoubtedly have significant significance for the SocialFi track;

However, FT still has many shortcomings, or to put it another way, there is still a huge room for improvement:

• First of all, there is the high transaction tax and bots that many people criticize. This leads to the project team and scientists taking the majority of the benefits, apart from the top hosts. It is also the reason why most retail investors are unwilling to play deeply. Lack of functionality. I won’t criticize the UI here, but its current social activities are limited to text and image exchanges in the rooms, which is too limited. The hosts operate their keys and come up with various innovative empowerment methods, but they all need to rely on other platforms or tools to implement them. Even basic lottery and voting functions are not available in the rooms.

• In SocialFi, the cost of Fi is too heavy. The bystander will eventually collapse someday. If the product cannot retain users, then after the economic model collapses, the place will inevitably be empty.

Of course, this project has only been in operation for three months, and its future development depends on the team’s actions.

3. How to view FT simulation and other social projects?

Recently, the most popular simulation platforms should be @starsarenacom and @CipherRip. I think one thing they did very well was to add features similar to tweeting and tipping, which diversified the social activities of web3. However, it is difficult for them to pose a big threat to FT.

Previously, we often mentioned social graph projects like @CyberConnectHQ and underlying protocol projects like @LensProtocol as social leaders, but now the market seems to prefer utility projects with interesting gameplay.

The ideal web3 social super app in my opinion should have:

– A public domain section similar to Twitter and Weibo

– Private groups, public groups, holding groups, paid groups sections

– Voice and video livestream sections

– Open-source platforms and API interfaces that can integrate with other Dapps, allowing independent developers to develop related mini programs

Currently, @DeBox_Social is more in line with this, but Fi gameplay can be further innovated.

4. Finally, I would like to share three personal opinions on Web3 Social

• SocialFi and GameFi can both be seen as P2E, but their biggest difference is: when playing GameFi, you can only receive rewards within the game (NFT and tokens). As the token price drops and the number of new users decreases, it is easy to enter a death spiral. However, when playing SocialFi, in addition to receiving token rewards, you can also gain traffic and influence, which gives you the ability to monetize on other platforms and channels. So even if you are not making money from a Social project, you have the motivation to continue playing. Therefore, SocialFi will be more sustainable and have a higher ceiling than GameFi.

• Social projects must focus on product development and meet the needs of web3 users (lotteries, red envelopes, voting, governance, treasury, etc.). This is a long-term process that requires continuous improvement. Only with a good product can you gain long-term and loyal users.

• Don’t try to replace Twitter or become a Twitter killer. This way, you will only lose a channel that attracts web2 users. Embrace Twitter and use open platforms and API interfaces to attract traffic and create more gameplay.

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