Liquid Stake with compassSOL for an 7.50% APY from staking, MEV + fees

Enjoy the freedom of liquid staking in Solana Defi while delegating your stake to the high performance Solana Compass validator. Stake or unstake at any time here, or with a Jupiter swap.

Benefit from our high staking returns and over 2 years experience operating a Solana validator, and receive additional yield from priority fees + MEV tips

Earn 6.8% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.8% APY yield on your SOL, while supporting us to create new guides and tools. Learn more

Stake your SOL

  1. Click to connect your wallet
  2. Enter the amount you wish to stake
  3. Kick back and enjoy your returns
  4. Unstake from your wallet or our staking dashboard

Earn 6.8% APY staking with Solana Compass

Help decentralize and secure the Solana network delegating your stake to us and earn an impressive 6.8% APY yield on your SOL, while supporting us to create new guides and tools.

Learn more

Breakpoint 2023: Web3 Social Won't Sell You Socks

Published on 2023-11-09

An exploration of what Web3 social platforms offer beyond traditional economic models.

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

Summary

At Breakpoint 2023, a panel of innovative leaders from SolarPlex, Dialect, and Quiver provided insights into the evolving landscape of Web3 social platforms and how they differ from traditional social media and e-commerce models. Discussing the shift away from advertising-based revenue and towards creator-centric economic models, these experts highlighted the unique opportunities Web3 presents for genuine creator-consumer relationships, interoperability, and the facilitation of direct transactions. They also touched on overcoming stigmas related to NFTs and cryptocurrencies and outlined their vision for a future where Web3 tools and ownership empower both users and creators.

Key Points:

The Role and Potential of Web3 in Creator-Consumer Relationships

Panelists from SolarPlex, Dialect, and Quiver discussed the transformative potential of Web3 in facilitating direct relationships between creators and their audiences. They emphasized that unlike traditional social media platforms, which rely heavily on advertising revenue and controlling user data, Web3 platforms give creators true ownership over their content and data. This shift enables more personal interactions between creators and consumers and offers innovative ways for creators to monetize their content without third-party intervention.

The Dialect Approach to User Engagement and Retention

Mark Wittman, COO of Dialect, shared insights on keeping users engaged and returning to their messaging app by creating unique sticker packs. He elaborated on Dialect's strategy to stand out from other social platforms by focusing on the user experience and utility. Wittman underscored that while Web3 features enhance the platform, the emphasis is on offering a great social application that could even allow transactions or notifications for other decentralized apps (DApps) to take place within the messaging environment.

Quiver's Blend of Web2 Interface and Web3 Integration

Raymond Lee, cofounder of Quiver, highlighted the significance of identity validation and civic participation on their platform. Quiver provides a "LinkedIn for culture" by creating a decentralized space where users can build reputations based on their genuine interests and actions. Through collaborations with artists like Deadmau5, they've shown that melding a familiar Web2 interface with Web3 capabilities can attract users not yet familiar with the underlying blockchain technology.

Facts + Figures

  • SolarPlex is a digital content social marketplace with an emphasis on reduced friction between creators and audiences.
  • Dialect is a messaging app with integrated Web3 features allowing transactions and smart messaging.
  • Quiver is a decentralized identity platform focusing on reputation building and civic participation.

Top quotes

-"What if all that data was on-chain owned by the user, permissioned by the user for someone else to use it."

  • "We need to figure out a way of like, how do you get people like those college kids to really care about data ownership."
  • "Abundance and accessibility are important to us because we want [...] you can buy a pack of something like you would a pack of trading cards for $5."

Questions Answered

What is the primary goal of Web3 social platforms like SolarPlex?

The primary goal of Web3 social platforms such as SolarPlex is to connect creators directly with their audience, vastly improving the relationships while helping creators monetize their content without relying on advertising revenue and without the interference of third-party gatekeepers.

How does Dialect retain users on its platform?

Dialect keeps users coming back by offering an engaging and game-like experience with collectible sticker packs. They emphasize a fun and utility-driven user experience, as seen with their smart messaging feature, where users can conduct transactions within the platform.

What is Quiver's unique approach to social media?

Quiver's approach to social media integrates Web2's ease of use with the benefits of Web3, such as decentralized identity and data ownership. By allowing users to connect their social graphs and validating identities through data, Quiver creates a more authentic and rewarding social media environment.

Why is interoperability important in the context of Web3 social platforms?

Interoperability is crucial as it allows users to take their assets, data, and experiences across different apps and platforms. This cross-compatibility is one of the superpowers of Web3 that Dialect and other platforms aim to utilize, enabling a seamless and broadened user experience.

What are the current issues Web3 social platforms are facing?

Web3 social platforms currently face challenges with changing the negative stigma surrounding NFTs and cryptocurrency. Overcoming this perception is key to wider adoption and acceptance of these innovative platforms by mainstream users.

Related Content

Breakpoint 2023: Finding Utility for NFTs

An in-depth look into the expanding utility and application of NFTs in Web3.

Breakpoint 2023: tBTC comes to Solana

Discussions on the integration of tBTC, a decentralized Bitcoin, into the Solana ecosystem.

Breakpoint 2023: Web3 Music

A panel discussion on the future and current state of Web3 music with industry pioneers and an independent artist.

Breakpoint 2023: Building a Creator Community

Industry experts discuss empowerment and innovation in the NFT creator community.

Breakpoint 2023: Gaming in Web3 Panel

Leaders in the Web3 gaming space discuss the challenges and opportunities within the industry.

Breakpoint 2023: Auditor's Panel

Insights from leading blockchain auditors on the importance of security in the Solana ecosystem.

Breakpoint 2023: Creator Economy on Solana

Exploring the rising creator economy on Solana with a focus on on-chain monetization and relationships.

Breakpoint 2023 Recap - Day 1

Breakpoint 2023 commences with the live launch of Firedancer on testnet.

Breakpoint 2023 Highlights

An overview of Solana's achievements and the future of decentralized networks presented at Breakpoint 2023.

Breakpoint 2023 Recap - Day 3

The video discusses the potential of Web3 gaming and its economic impact through Solana's blockchain technology.

Breakpoint 2023: How Helium Migrated to Solana

The migration of the Helium network to Solana blockchain.

Breakpoint 2023: Building Blocks of a Regenerative Economy

An insightful discussion on blockchain's role in establishing a regenerative economy.

Breakpoint 2023: OpenBook v2

Rebuilding Decentralized Finance Post-FTX Crisis: The Launch of OpenBook v2

Breakpoint 2023: The Metis Routing Algorithm

Innovations in swap aggregator platforms with Metis Routing Algorithm for optimal cryptocurrency trade routes.

Breakpoint 2023: Web3 Security and Best Practices

An in-depth look at securing the Web3 environment with industry best practices and tools.