The Rise of Web3 Social Dapps

The Rise of Web3 Social Dapps by APAC DAO

With its emphasis on decentralized governance, identity, and cross-platform interoperability, social dapps are  bringing to life the user autonomy ideals of Web3 by granting users greater ownership and control over their content and data. After slowing down from its peak in early 2018, the user base of SocialFi has been steadily growing since 2020. In terms of user base, content creation and social network are the market-leading segments though the product segment has recorded the most consistent growth from the first quarter of 2020 to date. 

SocialFi Userbase by Segments (Source: BDC Consulting)

Creating Web3 Content with Phaver

Leading the way in the content creation segment is Phaver, a Web3 social dapp launched in May 2022. Designed for the non-custodial ecosystem of web3,  Phaver allows users to create posts on blockchain social networks for off-chain points that can be converted to tokens post-token generation event (TGE) through Phaver’s token partners. With over 250,000 downloads as of September 2023, Phaver is a promising web3 social dapp that recently completed a $7 million seed funding round.

Commenting on its successful fundraising, Joonatan Lintala who is the CEO and Co-founder of Phaver said, “With the support of our investors, we would be furthering our mission of building a social network without silos to redefine digital engagement in the blockchain era.”

Phaver’s $7 Million Seed Funding Round (Source: Phaver)

SocialFi Open Networking with TON

Leading the way in the social network segment of SocialFi is The Open Network (TON) which is a decentralised internet platform powered by the TON Blockchain that serves as the core protocol that facilitates cross-chain interoperability for the TON ecosystem. Having recorded a 20-fold increase in addresses from 170,000 to 3.5 million since 2022, TON Blockchain has a need for speed and the network is set to prove itself as the world’s fastest blockchain during its performance testing event on 31 October 2023. After successfully raising an 8-figure sum from MEXC, TON is fast-charging its journey to becoming a Web3 social network dapp.

Commenting on its successful fundraising, Steve Yun who is the President of the TON Foundation Council said, “Armed with the shot of financial boost from MEXC, we are set to take blockchain technology to the next level to build a decentralized future for interoperable social networks.”

TON’s World’s Fastest Blockchain Live Attempt (Source: TON)

SocialFi Product Influencing with Friend.tech

Leading the way in the product segment of SocialFi is Friend.tech which is a decentralised social network where users can invest in their friends’ social networks by buying, selling, and holding social tokens. The main product feature of Friend.tech is the shares (or keys) of influencers’ accounts which grant users direct access to private group chats and interactions. With $44 million in total value locked (TVL) and annualized revenue of $148 million as of mid-October 2023, Friend.tech is a highly popular SocialFi dapp as shown by the rousing reception it received during TOKEN2049.

TOKEN2049 Panelists Discussing about Friend.tech (Source: Forkast)

Conclusion

Through  web3 social dapps, users can monetize their content, form network connections and support their favourite influencers on the blockchain. In the Metaverse where engaging content is as good as digital gold, the only way for web3 social dapps to go is up.