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Source: Alice
Original title: Foresight Ventures: How do we design product models for Web3 social platform
TL; DR
- Encryption world is eager to have its own decentralized social media and web3-native game rules. Phaver provides a stage where web3ers can support their favorite content and creators with real tokens in their hands, and that all community builders can earn considerable rewards.
- After MVP product test , we have achieved good feedback on user growth, content production, and community operations, but there are still some product design problems.
- We have carried out two product solution iterations to maximize the balance of network effects, user privacy and token abuse issues, and adopted the principle of minimal intervention to return data sovereignty and management rights to the community to the greatest extent.
1. Why vote for Phaver?
first came into contact with the phaver team in May 22. From the beginning, I was moved by the aesthetic and smooth experience of its mobile products. Then I contacted two founders, Jonathan, Tomi, in discord. On the first introcall, they sincerely describe the web3 social picture. In the early crypto industry, the Phaver team’s community-oriented spirit, technical background, and product iteration speed were refreshing.
Phaver team has a background of social advertising, fintech and blockchain:
- Joonatan, Co-founder CEO, Smartly.io’s No. 7 employee (Global Sales Lead), and has also worked at Google ,
- Tomi, Co-founderCFO, an advisor for multiple Finnish encryption projects. He has worked at Alibaba venture capital, Goldman Sachs, BCG
- Tom, CIO, full stack engineer 11 years of work experience, The founder of coinmotion, the largest web3 payment service provider in Finland,
- , the team has exceeded 10 people when we invested and is spread all over the world. What impressed me most is that phaver's gameplay is very innovative: content pledge, allowing consumers to vote for their favorite content with tokens in their hands, subverting the traditional centralized content distribution and screening mechanism. There are several interesting features of
content pledge:
- allows more creators of medium-sized long-tail to obtain traffic and are no longer monopolized by top accounts.
- allows truly popular creators to gain benefits from it, rather than being monopolized by centralized platforms.
crypto world is eager to have its own platform and a set of rules for decentralized social media. Phaver provides a stage where web3ers can support their favorite content and creators with real tokens in their hands, and that all community builders can earn considerable rewards. Once consensus and momentum are formed, we believe this will be a bottom-up revolution, a web3-native revolution. So we decided to invest in this project, join this large web3 social experiment, and look forward to starting a new journey.
2. MVP Test: We succeeded, but not completely
May to September are the time for product testing. We conducted MVP product testing with phaver, Lens whitelist distribution, joint marketing, AMA, etc. Two major functional iterations were performed during the product period. In terms of
data, user growth and content operation and community have received quite good responses. In July, Phaver's content has accounted for 55% of all posts posted on Lens Protocol. The community is building bit by bit. The weekly return users doubled about every two weeks and are still growing. In September, the number of users exceeded 20,000. We did not have any token incentives, but instead rewarded participants in the form of points (can be redeemed for tokens in the future). Even so, everyone's enthusiasm for participation is still very high.Even so, the enthusiasm of users is still very high. In September, more than 400,000 posts were posted and nearly 2.5 million likes for their favorite posts.
. In the testing phase, we also found that the phaver mechanism is interesting. If the content created by the creator becomes worse, then someone will be willing to forward or create better content to attract more value provided by the stake arbitrage platform. In other words, the automatic balanced adjustment of the market can make the content better and better.
Rome was not built in one day, and we realize that the MVP also illustrates some problems.
- anti-cheating mechanism needs to be improved as soon as possible. Disheartened users may put high inflationary pressure on tokens. In other words, we punish honest users by diluting the value of tokens. We also need to refine reward rules and market plans so that everyone can participate better and more equitably in
- tokens need more utility and circulation methods, so that community members can create value through phaver and retain value in this ecological environment, rather than bringing out this system
3. Product Design 1.0
In the first version, our product design ideas are as follows:
In order to build an interesting and sustainable ecosystem, Phaver will provide two systems to reward members' contributions to social reputation, community participation and capital investment.
System1: SBT DID system
Each user will obtain a unique SBT DID based on third-party scores, in-app scores, etc. corresponds to different levels and in-app benefits. This allows everyone to take advantage of their social reputation inside and outside the ecosystem.
- STB DID is a non-transferable nft, which aggregates all user attributes, including creation, likes, comments, etc.
- users can continuously upgrade by completing tasks and contributing to the community SBT level
System2: NFT Pass
Phaver Publishes NFT Pass, which can unlock attractive advanced benefits, including:
- Higher returns: NFT Token holders receive up to 2.5 times the content pledge return for non-token holders
- Lucky draw: SBT top 50% NFT holders are eligible to participate in the weekly lucky draw
- Bronze NFT pass - 3000 USD per Lucky draw winner 1.5 times staking reward
- Silver NFT pass - 4000 USD per Lucky draw winner 2 times staking reward
- Gold NFT pass - 5000 USD per Lucky draw winner 2.5 times staking reward
- Advanced benefits: Read and create paid channels, NFT Gated communities, potential airdrops/whitelists, etc.
- each NFT series has limited circulation, and users can trade in Opensea.
- In order to ensure network effects and user experience, we hope that 30%-40% of users can hold NFTs in , and requires reasonable pricing tests.
4. Existing problems
After discussion with the team and the community, we believe that the design of the first version is not ideal, it has many problems:
- Legal concern: Many countries and regions do not allow products that face C-side users to launch with spinach-like gameplay, which has the risk of asset securitization , and the review of the app store is relatively strict. The infrastructure of
- is not yet perfect, and it is difficult to find mature technical solutions for overly complex NFT design. Product implementation is a big problem
- cheating problem mentioned above has not been solved
5. Product design 2.0
For product design 2.0 , After many trade-offs and discussions, we still retain the level hierarchy.At the same time, in order to maximize the balance of network effects, user privacy and token abuse, we adopted the principle of minimum intervention. formulates a simple and easy-to-understand rules to measure the level and give corresponding rights based on the user's behavior and contribution to the ecology.
- Level1 User: You need to complete email verification to participate in community activities, such as posting, like, forwarding, expression reaction
- Level2 User: You need to complete identity verification (such as: on-chain reputation/on-chain identity/NFT assets/Token assets to choose one) to unlock the content pledge function, and you can exchange points for tokens. This protection can ensure that the tokens are not freed by fake accounts, bringing additional token issuance and inflationary pressure. For regions with compliance requirements, if users need to do KYC, they also hope to use ZK technology solutions to protect privacy in the future
- Level3 users and above: NFT holders or token stakers , and they will receive advanced benefits, such as: publishing content in the Premium channel, increasing exposure, income dividends, and randomly obtaining higher staking rewards. We will not disclose too much here. Please pay attention to the Phaver 2.0 white paper
6. Our thinking
Specifically, we found that the main problems of the web3 social platforms on the market are:
- In token design, many products simply encourage post/like/repost/comments/sign-in and other behaviors. The phenomenon of excessive currency issuance is serious. Users holding coins are used to mining and selling, forming huge selling pressure capabilities
Solution: Differentiated rewards. Phaver makes the cash-making efficiency of different users different through hierarchy system, nft pass card, etc., and the cash-making efficiency of the first to vote VS last to vote is also different, forming a gamified social gameplay, which on the one hand meets everyone's social and sharing needs, and on the other hand, the rewards brought by social interaction cannot be accurately predicted. Only by contributing to community construction can people get high returns, and no longer a simple token farming
- creators do not have the motivation to continue to produce high-quality content
Solution: use dapp income to reward high-quality content creators, original content pledge rewards, and let most consumers pay for it (this behavioral pattern is reward in web2).
- It is difficult to effectively filter and distribute large amounts of content
Solution: Phaver allows users to vote with token through content pledge, helping the community filter out the best content information flow, and optimize the reading experience based on algorithm recommendations.
In the process of trying to solve these problems, we also have some of our own experiences:
- tokens can be a good way to GTM and start projects, but we need to adjust incentives very carefully to achieve a balance between ecosystem inclusiveness and abuse resistance.
- Minimum intervention principle . Listen to the community, the team is involved only as a supportive and guided role, just as the Ethereum Foundation is to Ethereum. The team provides the most basic access principles, allowing everyone to create in a fair environment, ensuring that high-value contributors can get the benefits they deserve.
Entrepreneurship is not about talking about it on paper, but a combination of theory, art and practice. Successful entrepreneurs should also be down-to-earth while looking up at the stars, plan products in the most practical way, and conduct agile testing through the smallest feasible products. Phaver still has a long way to go, but with a strong team and community, we are confident that we can build the most fun and native web3 social media.
