In an interview with Phaver's CEO Joonatan Lintala and Ecosystem CFO Tomi Fyrqvist, we explore how this Web3-powered social platform aims to revolutionize social media by integrating blockchain technology and token-based incentives.
Phaver, a decentralized social media platform powered by Web3 technology, is aiming to revolutionize the way we interact on social media. In an interview with the company's CEO Joonatan Lintala and Ecosystem CFO Tomi Fyrqvist, we delve into Phaver's unique approach to putting users back in control of their content and data.
Unlike traditional social media platforms where corporations retain ownership of user-generated content, Phaver is designed to empower users by ensuring that they fully own their posts and can reap the benefits of their contributions. This stands in stark contrast to the Web2 model, where users' content and attention are often commodified for the platform's financial gain.
Together with Joonatan and Tomi, we explore how Phaver is integrating social graphs like Lens and Farcaster, the steps involved in making blockchain-based apps mainstream-friendly, and the key differences between Web2 and Web3 social media. We also discuss the benefits of ownership that come with Web3, user onboarding strategies, and the challenges of moderating a decentralized platform.
Their goals are ambitious, but realistic. Their approach to social media is neither stridently crypto-native and libertarian nor a Web2 app with crypto window dressing.
Phaver and other Web3 socialfi projects are trying to do to social media what defi apps are doing to traditional finance. Only with blockchain technology can the flaws of Web2 social media companies finally be redressed.
One important lever available to Web3, but not Web2, is a token. The $SOCIAL token in the case of Phaver. Everyone gets a minimum 20% of the $SOCIAL average connected to the app during Season 2 of the Phaver airdrop. The token can also be used to boost your post back to the top of the feed for more visibility and Phaves.
The interview covers other ways Phaver is trying to engender good behavior amongst participants without stifling creativity. Some things not mentioned, but coming soon in the app are tipping, paid private communities, boosting comment visibility, plus many ways to earn and unlock new experiences. There will be opt-in Web3 ads that pay a portion of proceeds to users, and gasless in-app wallets. The last is crucial to get users who have no familiarity with crypto in the door.
I believe fixing social media is the hardest and most important task in tech. It seems that the problems of Web2 social media products are not for lack of effort, but because of technological limitations. The phrase, “crypto fixes that” is often used ironically, but I think it might be resoundingly true in this case.
Are you as excited for Web3 Social as I am? Share your thoughts and opinions about this subject in the comments section below.