Variant Fund’s thoughts on the future development of SocialFi: How to build it?

Variant Fund's vision for SocialFi development: How to construct it?

Variant Fund investment partner Mason Nystrom has written an article envisioning the future development of encrypted social applications, stating that a successful Web3 social platform should utilize financialization as a core component of the user experience.

Building an encrypted application with a sticky social experience should be based on the most exciting field of cryptocurrency: financialization. After all, the killer application in the crypto field is still native internet finance and permissionless capital coordination. I believe that social media has been indirectly financialized, and this is a competition to build social capital and convert it into actual capital. The tokenization path of social capital will vary depending on the network. Some networks choose to directly link rewards to social capital, such as TikTok and Spotify, while social networks like Twitter and Substack choose to provide users with a means of dissemination and leave tokenization to individuals through additional functions such as advertising and sponsorship.

What will be the future development of encrypted social applications? 1) Multi-person capital coordination plans, such as NFT group purchases and social experiences, will be combined; 2) Social games based on permissionless capital coordination, such as InvestmentDAO, Juicebox, and ConstitutionDAO; 3) Alliance social experiences in non-alliance social networks: permissionless social graphs can include on-chain credentials based on token thresholds, social financial game subgroups, etc.; 4) Providing better platforms and tokenization tools for curators to enhance their discovery experience; 5) Enhancing the on-chain experience of content; 6) New live broadcast formats using programmable content, tokenized assets, and creator tokens; 7) Dynamic NFTs that are degradable or upgradable and provide unique benefits in the network; 8) New cryptocurrency economic mechanisms and business models, including on-chain micro-payments and competitive minting. The platform can also provide creator rewards related to in-app economic activities.

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Reference: https://variant.fund/articles/socialfi-financial-component-web3-social-media-apps/

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