Future of Social Network: How Web3 Social, Crypto, NFT & Community Intersect

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What’s this about

In Web2 social, users without active participation are being left out of economic opportunities.
Web3 social is changing social interaction by combining the features of decentralized finance (DeFi) and social media, allowing users to benefit from the financial component of making friends online.
This is made possible through tokenization, NFT memberships, crypto rewards & creator economy on the blockchain.
In this report, we will examine the latest platforms and emerging technologies that are changing the way we socialize, earn and own in the Web3.

(1) Web2 social networks are going into crypto:

Many social media platforms are adding Web3 experiences for Web2 users by offering digital art collections, crypto payment options, and Fintech integration.
Reddit has launched an NFT avatar marketplace at Collectible Avatars Shop.
Twitter has a tipping feature that allows creators to accept Bitcoin via Strike.
Telegram aims to launch a marketplace for selling NFT-based usernames to interested buyers.
Discord, home to crypto and gaming enthusiasts have enabled Web3 sign-in feature via MetaMask and WalletConnect integrations.

(2) Curator economy aka monetizes “good taste”:

Online content is overabundant. Information overload is driving the need to centralize quality content in one place. Curators come into play. They “re-bundle” information by organizing and sharing thoughtfully curated content. They get paid by monetizing “taste”.
New Web3 startups are rewarding curators via cryptocurrency and turning social media users into “digital librarians” who get paid by sharing what they love.
Yup is a social network for curators. Curators get paid in YUP tokens when users “like” their content collections.
Catalog is building a listening discovery platform and has helped artists earn over $3 million.
Dataverse is building Web3’s Pinterest. Users can curate, share and monetize their collection.