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Breakpoint 2023: Consumer Apps Will Eat The World

Tania Tse, Co-Founder of SLEEC, discusses the transformative potential of consumer apps, particularly in the social space, to leverage Web3 for widespread adoption.

The notes below are AI generated and may not be 100% accurate. Watch the video to be sure!

Summary

In a profound exploration of the future digital landscape, Tania Tse, Co-Founder of SLEEC, shares her perspective on consumer applications, particularly focusing on the social aspect of Web3 and its potential to drive mass adoption, potentially unknowingly to users. Tse elaborates on the concept of "social fi," the synergistic combination of social media and decentralized finance (DeFi) yielding a model where users and creators can truly own their content and benefit financially. This new paradigm challenges the status quo of user exploitation by current social media platforms. Moreover, Tse underscores the significance of creating a successful bridge between speculation and utility, proposing that such a connection could lead to product-market fit and sustainable long-term business models.

Key Points:

Web3 and Social Apps

Tania Tse outlines the current state of consumer apps within the Web3 space, emphasizing that social apps have the most promising potential for widespread adoption. She argues that the recent success stories in the sector, such as those of 'friend tech' apps that have outperformed platforms like Uniswap in fee generation, indicate an emerging shift towards these new social platforms. Crucially, Tse highlights that the ownership of data and financial incentives offered by these apps stand out as the primary attractions, signifying a departure from the exploitative nature of conventional social media.

The Value of Decentralization and Financial Incentives

Tse describes "social fi" as a model where social media meets DeFi, facilitating ownership and interaction on-chain. From a user perspective, this addresses concerns about privacy and revenue, as users become stakeholders rather than products. For creators, it provides a safeguard against capricious algorithm changes or account suspensions. Most intriguingly, Tse suggests that while data ownership is a plus, it's the financial incentives that truly catalyze excitement and engagement within these platforms.

Speculation Combined With Utility

The concept of "speculation plus utility" is posited as a way to attain product-market fit in the Web3 social app industry. Tse articulates that although speculation might be frowned upon, it should be leveraged as a growth feature rather than the core product. The interplay between the excitement of speculation and the tangibility of utility can bootstrap early growth, leading to a cycle of more sustained and meaningful user engagement.

Facts + Figures

  • "friend tech" apps recently reached critical mass and generated more fees than Uniswap.
  • Web3 social apps offer ownership of data and content, recoiling from traditional models where users are monetized for their time and data.
  • There is an emphasis on finding the right blend of speculative elements and real-world utility to ensure long-term sustainability in Web3 social apps.
  • SLEEC started with "Monkey Dial" at Brickpoint, allowing users to form connections via their networking platform.
  • SLEEC also developed the “SLEEC Card,” integrating a Telegram bot for networking and on-chain verification of real-life interactions.

Top quotes

  • "Social fi means like social media plus DeFi."
  • "Speculation should be a feature, should be a growth feature, but not the product."
  • "Ownership is everything here."
  • "We become the product. Social media app use us."
  • "We're still early."
  • "Speculation plus utility could lead you to product-market fit."
  • "What is making users stay? We need to think about how to get them to be attached to the platform."

Questions Answered

What is "social fi"?

Social fi, as Tania Tse explains, is an amalgam of social media and decentralized finance (DeFi) allowing users to retain ownership of their data and content. This integration aims to decentralize social media, where users control their data, and social interactions occur on the blockchain, enabling true content ownership and the potential to reap financial rewards.

Why is Web3 significant for social apps?

Web3 is significant for social apps because it introduces a paradigm shift from the current model where user data is capitalized by companies. In Web3 social apps, users have true ownership of their data, which empowers them and enables participation in the financial success of the platforms they use.

How can speculation affect the growth of Web3 social apps?

Tania Tse suggests that while speculation in app value can be controversial, it can serve as an efficient springboard for initial growth. By combining speculation with practical utility in the app, users can be converted from being initially attracted by potential financial gains to long-term platform engagement based on the app's intrinsic value.

What challenges do creators face in traditional social media, and how does Web3 address these?

In traditional social media, creators can lose their following or content abruptly due to changes in algorithms or regulations. Web3 addresses these challenges by decentralizing the control of content, giving creators immutable ownership and assurance that their efforts and content remain secure and potentially profitable.

Why should users be excited about the SLEEC platform?

Users should be excited about the SLEEC platform because it offers a novel approach to professional networking by leveraging blockchain technology. The SLEEC Card, with its Telegram bot integration, allows users to form a social graph and verify real-life interactions on-chain, representing a significant evolution from traditional networking platforms.