Web3 Social: A UX-First Approach
There are two approaches to web3 social posited by Li Jin, formerly of a16z, now co-Founder & GP of Variant.
The asset-first approach prioritises financial incentives and ownership of digital assets within the social experience. This may include incorporating NFTs, crypto tokens, virtual goods, or digital collectibles. Users are incentivized by potential profits from trading/holding assets, this appeals to users’ financial motivations primarily.Engagement is driven by speculative interest and asset appreciation with value accruing in users’ wallets through market dynamics. Examples include BitClout, Lens Protocol, Steemit, and Stealcam.
The ideology-first approach prioritises users’ ideals, leading with decentralization, privacy, security, plus censorship-resistance by leveraging blockchain architecture and trustless protocols. This appeals to users’ principles around freedom of expression, transparency, and control with engagement primarily driven and supporting the ecosystem. Value accrues through upholding human credos encoded in the protocols with the social experience itself potentially closely resembling centralized platforms. Examples include Bluesky, Cyber, and Mastodon.
