🔥Introduction: Recently, the trend of Socialfi track brought by Friend tech has intensified. From my personal summary, there are two forms of socialfi products (I am not a professional player, please add and correct any omissions or errors)

🅰 Let’s start with the first mainstream category. There are three major players with relatively high voices in the market:
@friendtech

@starsarenacom

@tomo_social

The current situation of these three products is different:
◼FT is in a growth bottleneck period where the product has no new hot spots and is diverted by other competing products;
◼SA is in the crisis recovery period after the last systemic risk. The product is currently waiting for the second launch. The latest update is that the product has been launched, but the trading function has not yet been launched;
◼Tomo is in a period of sharp decline or silence after the first short-lived boom. Its true value still needs to be verified by the project’s release of financing information and product updates (this is basically the same as the early FT path). Especially for the security of funds that everyone is concerned about, the quickest way is to launch an H5 web version as a backup plan (the removal of Metamask’s iOS version has sounded the alarm for many players 🤣 and has now been restored). With the spread of gossip, the second round of climb has begun.

Summarize
1️⃣The biggest commonality of these products is that they are all ponzi (we will not comment on this point for now. It is impossible to define the good or bad of ponzi based on its model, or determine whether players can make money from it. This has a lot to do with personal ability. Moreover, at this stage, there seem to be few examples of web3 products with a little fi attribute that are not ponzi. After all, financial attributes are the top priority of the current web3 hot spot rotation)
2️⃣ The second point is that the delivery of the final value of this type of existing product is heavily dependent on the operational capabilities of the room owner. Whether it is early alpha information, personal network, or various physical and virtual asset draws, or even offline empowerment, it requires conscientious room owners who want to operate well to invest a lot of energy in maintaining user relationships and providing holders with valuable things to be worthy of the support of the key holders. Of course, for holders and room owners, there is also an expected benefit in the later points exchange airdrops, which is also a point worth seeing, but after all, there is great uncertainty. The airdrop distribution mechanism is also a completely centralized black box. The final mechanism is determined by the project party. Most of the participating users are here to fight for expectations and to breed a short-term wealth-making effect under the impetus of capital.
🔷The core drawbacks of this type of product are currently two points (not to mention the wear and tear caused by the extremely high commission for each transaction)
🔹Some high-quality content creators who only want to produce content diligently but do not have the time to operate a room will not join this Ponzi scheme, which invisibly limits the upper limit of the entire product. You can see that many truly influential content producers in the Chinese and English regions on TW have not opened their own rooms on FT, so users cannot buy keys (although Tomo has cleverly solved the dilemma of FT with the concept of unclaimed value, for key holders of such room owners, although it does help players to ambush some unregistered room owners in the short term, in the long run, if the room owner decides not to settle in, the product experience of the previously ambushed users will completely become a financial game lasting more than 6 months. It can be said that at least in terms of obtaining content, it will be of no value to such users)
🔹For social, our traditional thinking should be to expand social influence as the purpose, so as to expand the more favorable marginal effect of content dissemination. I have previously published an article discussing the product logic of ft. The exponential increase in the price of the room master key is naturally not conducive to subsequent players entering the market, blocking many potential paying users from the door, making it impossible to grow, and limiting the user scale.
🔸There is also a third point that is not discussed as the focus. Because the room owner's income is directly linked to the platform's commission, and each transaction commission is divided in half, in terms of the income model, without considering the fluctuation of the Key price, the way to maximize the room owner's income is to encourage high liquidity of the Key holder, rather than to accumulate users (considering that most of the room owners of the top FTs are relatively open-minded, and there is too little incremental capital in the market at present, this behavior is relatively rare. It is a way for the room owner to sacrifice personal economic interests in exchange for social value, but it is still problematic from a mechanism point of view if we look deeper)

🅱The second category is another branch of the socialfi track. It only requires simple tag #标签 in daily interactions on tw to achieve interactive projects. It can be understood as a 0-cost project, and you can participate without investing any money.
1️⃣This represents @tipcoineth which was very popular more than a month ago
Looking back now, although it was phenomenally popular at the time, after a short period of fomo, due to the design problems of the product mechanism, a large number of kols brushed each other's points in the early stage, and a large number of bots came out to make money, and the project party did not make reasonable restrictions and avoidance for this situation, resulting in a very high concentration of chips. After three rounds of airdrops of tokens, a large number of market crashes occurred, and there was no subsequent gameplay, so it was naturally destined to return to dust. In addition, even though there was a high level of popularity and expectations of the corresponding wealth effect at the time, due to the random rush of bots, the entire tw environment was messed up, and many users and many kols were unwilling to participate in it. There were even many users who uniformly blocked the accounts that brushed points every day. This also needs to be reflected on the product side.

Although Twitter is a web2 product, it is currently the most mainstream social platform on web3, where the quality and level of users vary greatly. How to make as many users as possible see the application value of Socialfi products without causing resentment in product design is worth thinking about.
🆘An urgent interruption. While writing this article, @tipcoineth officially released a new video trailer. It can be seen that the product was launched in the form of an APP, and a chat box and price appeared. The specific details were not disclosed, leaving a lot of suspense. I don’t know whether they were prepared in advance or learned from Tomo’s experience of directly cutting to the APP. The official time given is 10.23.23, so we can look forward to it a little bit.
2️⃣@Port3Network, which has become popular in the past two days, is also a project that has received a large amount of financing. It adopts the same strategy as tip at the time, tagging or using the hashtag #Port3. In the past two days, a large number of users have flocked to it for the wealth effect. At present, the basic form is similar to tipcoin. I don’t know whether Port3 can have innovative gameplay or product changes after the previous experience of tipcoin. We have to wait and see.

3️⃣Now here comes today’s protagonist, and this is also the reason for writing this long article. I want to introduce you to a special project, a pure community project based on @wormhole_3 tools——@MfercDAO (Chinese name is Mobi Community)

A brief introduction to the Mobi community:

◼Mobi is an experimental project with community autonomy as its core. It originated from Meme Fair Erc20 Dao and is a decentralized earn platform. In Mobi, "tweet to earn" and "like to earn" have become a reality.

◼In terms of token distribution, Moby has no venture capital institutions or team shares. All tokens are minted by smart contracts and automatically distributed to community contributors according to the distribution agreement. In this respect, Moby returns to the origin of Bitcoin. The minting and distribution of assets are completely controlled by the protocol, avoiding human influence factors.

🔶The community token $mferc is deployed on the Arbitrum chain, contract address: 0xB4ee30dE6BF7e8F9eFBFcC9715021144DEFDe96F

◼Currently, Mobi Community provides two incentive modes for users
1) Social Mining: MfercDAO Social
2) Staking module: MfercDAO Staking
(Part of the incentives are also allocated to the community treasury and DAO organization operations)

In the latest version of the incentive proposal (proposed by the member community and voted on on Snapshot, then executed by multi-signature), the following distribution agreement was passed:
Social (social mining 20%) + Staking (staking mining 70%) + DAO (treasury + DAO organization operation 10%)

The theoretical total supply of $mferc tokens is 100 billion. As of the time of writing, the total number of tokens minted is 9.28 billion. The current price is 0.000011u, and the circulating market value is 107,000u.
In addition to staking, $mferc token empowerment also has an important role in staking to calculate the community credit score. A higher credit score can improve the efficiency of social mining. Currently, the credit score is determined by three factors: token staking (tokens and LP liquidity pools), user social influence, and community NFT holdings, with weights of 75%, 10%, and 15% respectively.

◼Mobi’s incentive mechanism design has, to a certain extent, improved the shortcomings of traditional Socialfi products, which have always been criticized for the overwhelming advantage of big Kols, making the entire ecosystem relatively balanced, allowing ordinary retail investors to truly participate in it fairly, and realizing the goal of universal Social

◼The unique curation model of the community determines that the mferc project will not publish too much shoddy content to brush points like the previous tip and port3. Every curation action (Like, RT, Quote) of each person will consume curation credit (VP), and curation credit is restored in days.
When users have restrictions on curation behavior, they will tend to interact with higher-quality content to obtain greater economic benefits (the specific value generated by social mining is comprehensively considered by the number of tweet views and the number of likes by curators in the Mobi community). Only in this way can their interactive behavior maximize benefits;
This form forces content producers to create better content to attract more users’ attention:
Internally, Mobi can improve the quality of its content to gain more recognition within the community; externally, Mobi's social mining mechanism can help the initial high-quality content to increase in volume, greatly improving the marginal effect of content creators in producing content.
In this way, content creators and community members participating in social mining will form a two-way positive feedback loop, generating a flywheel effect.

🔹It is also worth mentioning that as a Socialfi project, Mobi Community has taken care of Twitter space, which is not covered by many competing products, and launched Space or Topic to earn voice mining. In the case of social mining of Space-related tweets, Hosts, Co-hosts, and Speakers participating in Space will also receive different degrees of incentives.

◼Moby is very simple to play. After registering with a wallet, bind your tw account to the#wormhole3platform. When posting on tw, mention the#mferctag to synchronize the article to the steem chain. At this time, if the user likes, RTs, or quotes an article with#mfercon steem or wormhole3, the user can share the $mferc tokens generated by the article, realizing the process of social mining.
➡Registration link: https://alpha.wormhole3.io/square?referee=1482518033424084996

◼A lot of Builders in the Mobi community have written many tutorials. I picked the most concise one to share with you. Thanks to @web3_koala brother🙏
https://mirror.xyz/0x1F0eA29902BACff8187e3B7995D0E03b67538963/ZSQAszXR-458sY4L2M13n7uazP-1f9seG_M2JnAwBvg

🔶Risk Warning:
◼The Mobi project has a seemingly perfect economic model, but the disadvantage is that it is a completely community-initiated project, without a luxurious team, strong capital, and complete decentralization. Even under the existing distribution mechanism, it may not be favored by capital in the future. Capital is profit-seeking, and future exit methods must also be considered. Mobi's fully transparent smart contract automatic distribution is naturally incompatible with capital. Therefore, from this point of view, it is not suitable for users who want to participate in the short term and obtain huge wealth returns.
For most users, it is not recommended to invest any money. You can start from 0 cost and participate in the physical mining process. Experience comes first.

◼It is highly recommended for two groups of people. The first is excellent content creators. As mentioned above, the design mechanism of the Mobi community is a natural amplifier for good content. Under the restrictions of curatorial behavior, there is no need to worry that after the#mferctag is used, your potential audience will be affected by shoddy information flow. The second is the majority of ordinary Web3 users who are willing to participate in Web3's social for a long time and get their own remuneration while browsing the information flow on a daily basis. If you are a user with energy and interest, you can participate in the governance of MfercDAO, experience the bitterness and happiness of being a Web3 Builder, and learn the experience of community governance.
The Mobi community has a group of strong and excellent builders who have built the Mobi community from scratch and expanded it to its current size in just a few months during the bear market. This is very rare.
🔷The core logic of Socialfi products should be to break the monopoly of traditional web2 platforms on social tools, at least in terms of value acquisition (there are still limits to what we can do with our current infrastructure construction), so that users can get the value they deserve in Social:
◼ As content creators, they should be paid for their output (this has been solved in web2 by sponsorship from advertisers);
◼As users who contribute their attention to content creators, they should also receive a corresponding return for their time cost. Although obtaining high-quality content is often a form of compensation for users, it is not a more direct economic benefit after all.

◼What traditional Web2 social platforms get after users settle down is massive data, time and lasting attention of users, which makes it quite easy for the platform to monetize. However, the centralized model of web2 means that the social products launched by the platform will not have a reasonable way for ordinary users to get their own rewards. Most of the current solutions are for kols (content creators) to give back physical and virtual prizes to their fans who have been paying attention to and supporting them for a long time, with certain remuneration or sponsorship. At this time, ordinary users have to face the competition of individual kols' fake draws and a large number of draw bots, which is very unfriendly.
The emergence of the Moby community has achieved a certain degree of win-win for both ends of the user base. Of course, there may be better products in the future that will surpass or even replace Moby, but for now, based on Twitter, the huge Web2 social gold mine, the emergence of Moby has given the majority of users an opportunity to fairly participate in the national social community.
The consensus of the community is sometimes limitless. Who knows what the day will be like when the bull market comes? No one knows how far Mobi can grow💥

❤At the end, I would like to quote a speech by Wormhole3 Founder @0xNought in the group, which touched me deeply:
Ft allows a very small number of super KOLs to tokenize their identities, while most KOLs/KOCs that can produce content do not have that kind of influence and are unknown on Ft, so they need to tokenize their content in some way. For a larger number of people, their value lies in the community and in community social interaction (such as the Mobi community holding a singing competition, etc.), so they need the community to tokenize their behavior.

SocialFi's exploration may also follow this order. Therefore, when Ft reaches a certain stage, other products will tokenize (assetize) KOL/KOC that can output content. This is what we are doing. However, in order to truly activate SocialFi, community members who account for the vast majority of the population must join. In this regard, Wormhole3 and Mferc have made some attempts.
Therefore, I think Mferc can try to support KOL/KOC in the community. When the product of this stage appears, community members, KOL/KOC and Mferc will all win.

The purpose of KOL/KOC tokenization is to allow investors, curators, and community members to obtain corresponding certificates (or tokens) after making contributions, and KOL/KOC will work with them to serve the project party (produce high-quality content, the project party pays, and directly injects it into the content tokens), and serve fans/consumers (introduce new products, produce content such as future trends, and fans give rewards or content brings goods, and the income is also injected into the content tokens)
As a KOL/KOC incubation platform, the community and community members will gain benefits in the process of supporting KOL/KOC and inject them into the community tokens. This benefit will increase with the same frequency.
More and more KOLs/KOCs gather in the community, and there will be more and more of them, which is enough to support the basic economy of communities like Mferc. KOL/KOC rewarders (investors) will gain benefits from the future appreciation of KOL/KOC due to their own vision and krypton gold. The curators of KOL/KOC content will gain benefits by spreading their content.

Finally, the project owners/consumers/fans pay the fees, KOL/KOC create the main value, the community acts as an incubation platform, the rewarders act as investors of KOL/KOC, and the curators act as people who help spread the message.
They will work together in the community to form a collaborative group. Mferc can be the first community to try to build such an incubation platform or kol ecosystem.

Now, Mferc has built the basic part using Wormhole3's tools. As SocialFi becomes more popular, more and more tools will help content KOL/KOC (most people) tokenize, and Mferc is only one step away from such an incubation platform/KOL ecological community.

Blockchain is always a collaborative tool. Bitcoin uses $BTC and a system to allow a group of "No Bodies" to maintain the safe and effective operation of the system for 14 years.
Such a No Body can be a small boss of a small hydropower station in western Sichuan, a Bitcoin mining pool factory of a US financial giant, or an employee in a small house in the rainforest of South America. This collaborative system gives everyone in the world an opportunity (it does not divide people into different levels because of your birth), but allows everyone to use their own cognition, ability and even luck to gain benefits.
Bitcoin mining machines are also expensive now, and it is gradually becoming a capital game. However, the most important capital in society is people. Each of us has a chance and can unite around smart contracts. I think Mferc has given me a glimmer of hope in the past three months.
However, this road is tortuous and the future is uncertain. Fortunately, the SocialFi we have been waiting for has gradually emerged with the innovation of products such as Ft. I still believe that the Mferc community is very likely only one step away from a positive spiral cycle.

New products are important, but what’s more important is that we keep exploring. Who knows where SocialFi’s big explosion will be? Looking back, we may find that the imitations of Ft may not even be considered small waves. Mferc is not as good as the choice he is facing now (we may have almost made the wrong choice). I always believe that the most important thing is the people and where you want to go.

💗The whole article ends here. Finally, thank you very much for your time⏳
💞If you like it, please like ❤, forward, and leave a message. Your support is my motivation for creation😛