11.7 Daily Outlook

Last night, I was browsing Twitter and accidentally saw that Binance will release a major product on the 8th, with the text "the key to attracting the next billion users". At first, I thought it was just a simple Web3 wallet rehash and didn't pay much attention to it. Now it seems that it is not, and it is more likely to be related to SocialFi.

When I entered the circle in 2017, there was no such thing as Fi or Fi, let alone SocialFi. The first social category that became popular was undoubtedly SNT. When it was ICOed, it blocked the Ethereum network to the sky. The old investors should still remember it vividly.

Speaking of which, at that time, the circle was still full of imagination about various possibilities (naive), and the concept of public chain was not dominated by one company, so the idea of ​​a "decentralized WeChat" alone could make many people full of longing, so that not long after, in the mixed stage, those who had something to do with search called themselves "decentralized Google", and there were also decentralized Twitter, decentralization + artificial intelligence, decentralization + traceability, etc., all kinds of elements are flying all over the sky, which is very ridiculous now.

Then, there was no later. As time went by, people gradually recognized the reality and realized that there were not so many fields in the Web2 world that needed to be related to coins. After going back and forth, the players who could really survive in the crypto finals still had to return to the two major sectors of currency and finance, which were native to the cryptocurrency world. Under the constraints of this concept, whether it was games, NFTs, or other outsiders in the Web2 field, when they wanted to be related to the cryptocurrency world, they would always stop at the right point and would be a little short of the mark.

However, I think SocialFi is different. This thing is really worth having for the following reasons:

1. The cryptocurrency circle has been around for a long time. Those who should believe it have already believed it, and those who don’t will never believe it in their lifetime. Therefore, when attracting users outside the circle in the next round, it is necessary to be more skillful and targeted in retention and conversion;

2. The cryptocurrency circle naturally attracts money. When it rises, it will naturally attract people outside the circle. However, it is difficult to retain them. Once it falls, people will slowly leave. Therefore, this circle actually lacks a traffic-absorbing sector to assist, and the traffic gameplay of social media and social platforms just meets this attribute.

In summary, the conclusion is very simple. In the next cycle, "cryptocurrency native social media" is still very important. How to play it depends on the big guys. The bull market in 2017 was a grassroots era, and the bull market in 2021 was an institutional model. If the "national model" does not work in the next round, then we can only plan B, that is, to take the route of refined operation.

Shortly after Musk announced that Twitter would not issue a coin, if Binance really puts its new focus on social and plays its cards well, I will have more expectations to become its fan again. Recently, I am worried about how to choose products from a pile of garbage, and I have ignored the potential field of social. I simply study it carefully to see if there is a suitable one. It is a copycat, so I will try to win big with a small investment. The main goal is to play with the new instead of the old.