The direction of Web3 reform after Musk’s acquisition of Twitter

Wu Said Author:defioasis

On October 28, Eastern Time, after several twists and turns, the world’s richest man Elon Musk finally completed the acquisition of social media giant Twitter for $44 billion. After the acquisition, Musk fired Twitter’s former CEO Parag Agrawal, CFO Ned Segal and other executives, and Musk’s Twitter profile was changed to Chief Twit, and he wrote that he would become the company’s CEO. The acquisition of Twitter shows Musk’s ambitions to revolutionize the social media industry amid the poor performance of social media such as Meta (formerly Facebook) and Snapchat this year. Twitter is the most important communication medium in the Crypto circle, and Binance also occupies a place in this acquisition. In addition, Musk himself has always paid more attention to cryptocurrencies such as BTC and DOGE. Web3 Social and SocialFi have directional references. This article will explore the general direction of Twitter’s reform based on some of Musk’s previous remarks.

Building a public discussion square

First, the platform should encourage dialogue and accommodate different voices. Similar to the current stage of centralized social media, Web3 social users can participate by creating an account (wallet address), and everyone can speak. At this time, the platform should become what Habermas called the “public domain”. As a public opinion place, different users can put forward critical opinions. The platform’s encouragement of freedom of speech is an important condition for these behaviors, rather than arbitrarily interpreting community rules and banning accounts. Second, the platform should remain neutral and not become a tool of politics or capital. As Musk said in his tweet “Dear Twitter Advertisers”, there is a great danger of social media splitting into echo chambers of the extreme right and the extreme left, which will generate more hatred and divide society. In the past, social media pushes based on users’ views and interests to prolong users’ retention time on the platform, but it narrowed users’ horizons and contributed to group polarization, just like Facebook and Cambridge Analytica used algorithms and databases to manipulate U.S. elections in 2017 ; and the earlier Monaco Planet screened the use of the Chinese language in order to prevent the behavior of picking wool, causing a confrontation between the Chinese-speaking and foreign-language communities. Web3 social projects should remain platform neutral. The premise of maintaining neutrality is to delegate governance rights to the community, and the community will supervise whether the platform or the manager (project party) acts evil by virtue of the identity of the manager/founder. The community also has the right to choose platform managers, and allows platform managers to strengthen their own management responsibilities.

Become a platform to filter fake news and spread the truth

The low threshold and anonymity of social media, coupled with the large base of information publishers and the psychology of not blaming the public, promote the savage growth of false information. The social platform promotes and expands the dissemination based on quantitative data such as clicks and readings, which also promotes the further spread of false news. For a long time, regardless of Web2 or Web3, fake news is a problem of social media platforms. The main problem is that the audit mechanism is not perfect. For example, AI’s judgment on information is too rigid, and “smart” users can always pass information such as homophonic and pinyin. and other ways to bypass; manual review has limited energy, etc. In addition, in terms of source governance, decentralized projects are censorship-resistant. For example, news published on Mirror does not need to be verified first.

At present, the ideal method may still be “resolved after the fact”. The DAO community, the owner of the social media platform, formulates a chapter, and forms a special group in the community to review it. After users find it, report it. According to the report, the team will make a judgment. Then delete the speech, thereby reducing the reputation score of the address. When false information that has not been reported is still in the mainstream, the platform can use the “algorithm + manual” model to check the authenticity of the content. For the follow-up of rumors, the DAO organization can select a group of high-reputation individual users or institutional users in the field to publish content to refute the rumors and pin them on the topic to prevent further spread of rumors.

Expand the scope of services, not only socializing with pictures and texts

In an interview, Musk bluntly stated that if Twitter is acquired, it will copy Wechat mode, that is, it will not only be satisfied with doing graphic social media, but also increase the scope of video and game services. At present, many Web3 social projects simply copy the social media model, and then add incentive systems such as Read To Earn, Write To Earn or Comment To Earn, resulting in on-chain projects only tokenized off-chain projects. Although the X to earn model can help these social project parties increase DAU in the short term, it is not attractive to users in the long run, especially after the Token falls, it is more likely to cause community FUD. The main purpose of users’ use of social DApps is not to maintain financial relationships, but to maintain social relationships, so the user stickiness of the head social media has the “two-eight phenomenon” that the stronger the stronger.

Functional innovation is a key factor in attracting new users for long-term retention. Although the addition of film and television services may be difficult to act due to the limited operating costs of the project, the NFT sales based on Web3 social projects and the commission of the artist’s PFP circulation may make up part of the cost. In addition, as a community gate, NFT is actually creating private domain traffic for specific users, so functions such as live broadcasts, short videos or creating “private domain traffic” similar to WeChat Moments may also be presented in a more decentralized form. come out. Web3 social projects should think about returning to social value, that is, whether this social dapp is innovative and fun enough to attract users to retain, bring the old to the new, and solve the pain points of Web2 social media, rather than how to copy the successful model of others and then add Certain economic benefits allow users to stay.

real users

Like Twitter, there are many bots or fake accounts on Web3, which is related to the low cost of creating wallet addresses, as well as “scientist” scripts, wool parties, airdrop parties, etc., which generate a lot of meaningless content, filling the content area and comment area with water. For example, a large number of fake accounts that pursue the economic benefits of Write to earn appeared on Monaco Planet, which produced a large amount of invalid redundant information and disrupted the entire page. Cleaning up fake accounts, on the one hand, can improve the entry threshold. For example, users can unlock multiple functions by connecting to Gitcoin passport identity authentication for multiple authentications; the project party can increase the airdrop or “X to earn” rewards for real users, or reduce Reward weight for non-authentication. On the other hand, the project side is anti-sybil attack review expectations, reducing the enthusiasm of the wool party and reducing the contamination of the project by fake accounts.

Pay attention to the celebrity effect to drain and bring goods

According to CoinMarketCap data, after Twitter was acquired, MEME Dogecoin, which is highly related to Musk, rose sharply for two consecutive trading days, once rising to $0.1494. Although Twitter has previously supported users to tip BTC and ETH to creators, and there are rumors that DOGE will join the Twitter tipping program in the future, the huge increase in DOGE should actually be related to Musk’s own celebrity effect. Taking the high-quality NFT project BAYC as an example, Curry, Bieber, Madonna, and Neymar are the celebrity endorsers, which can not only bring traffic attention to the platform OpenSea, but also allow a number of high-quality NFT projects to enter OpenSea first to gain market share. attention, which also allows the platform to obtain a virtuous circle. The Web3 social project is based on social media such as Twitter and INS. It should pay attention to the role of celebrities in attracting traffic to the platform, and find brand spokespersons that match the project positioning. In addition to letting celebrities stay, you can also try the platform to incubate grassroots KOLs, such as Indonesian youth Ghozali Everyday The selfie-made NFT sold at OpenSea became popular, attracting other people to try to create on OpenSea. The success of grassroots KOLs made ordinary people believe that they have achieved success in the Web3 world, and also attracted other passers-by to participate in SocialFi/ NFT project.

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