When we talk about the Web3 social track, we are actually talking about a series of Web3 products that are closely related to social. This is a broad but easy-to-understand conceptual category. These products rely on public chains to operate. Compared with Web2 social products, they show more significant decentralization features in data storage and operation management. At the same time, they often issue tokens or NFTs to provide users with a new value experience.
In the vast world of Web3 social networking, the word "social" covers all scenarios with social attributes. Therefore, many products related to creator economy are naturally integrated into this category. Here, we have to mention a concept closely related to Web3 social networking - "SocialFi". #COS开启SocialFi新时代
The rise of the term "SocialFi" is closely related to the popularity of DeFi and GameFi. At first, it was more used to describe projects with obvious social financial characteristics and focus on token mechanism design. However, as time goes by, the term "SocialFi" has gradually become generalized and can also refer to Web3 social projects in a broad sense. After all, the user data and user relationships of Web3 social projects are firmly anchored on the chain, coupled with their unique token mechanism, which gives these projects a unique advantage in financialization. $COS
However, the development of Web3.0 social protocols is not smooth sailing. Among them, the size of the population on the chain has become an important factor restricting its development. Whether it is Web3.0 or Web2.0, human traffic is one of the core competitiveness. Only when the traffic of Web3.0 reaches a certain scale, the entire industry will be able to usher in more vigorous development.
At present, the dilemma faced by Web3.0 social networking is that there are relatively few people on the chain, which to some extent restricts the development of the entire industry. However, this problem cannot be solved by Web3.0 social networking itself, it requires the joint efforts of the entire ecosystem and all aspects. From Ethereum to the blockchain ecosystem, to various service providers, they all need to work together to improve service quality in order to carry more users and provide them with more stable and higher-quality services.