Op-Ed: APAC's distinct readiness to embrace SocialFi positions it as a leader in demonstrating the benefits of a digital economy to a global audience.
We're entering a transformative phase for social media in web3, marked by advanced decentralized applications that offer value ownership and high-speed scalability. An era where content like meme culture and digital art are not just forms of expression but catalysts for building vibrant, self-sustaining communities.
With 15 years of experience operating at the heart of Hong Kong's social media scene, I've witnessed the rapid growth and promise of the creator economy, particularly originating from the APAC region. Being the first Asian executive to lead a company, 9GAG, through Y-Combinator, has given me a unique perspective. We know that the introduction of web3 opened a new opportunity for creators – one where ownership and control over their content and earnings are firmly placed back in their hands, redefining traditional practices of the web2 world. So what do we call this in web3?
The Introduction of SocialFi
SocialFi - the synthesis of the best parts of social networking and the best parts of decentralized finance (DeFi) - is the latest evolution of use cases for blockchain technology, and it offers several key benefits to creators:
- New Business Models for Creators: SocialFi introduces new business models where the value generated within the platform is shared among users, creators, and investors, creating a more equitable ecosystem.
- Ownership and Control: SocialFi platforms are designed with the creator in mind. Now, creators have control over their data and content. New technology ensures that users, not the platform, own their content.
- Community Building and Engagement: SocialFi platforms foster stronger community engagement by aligning the interests of the platform with both creators and fans. There is increased incentivization to contribute positively to the community, leading to more meaningful interactions and curated experiences.
SocialFi revolutionizes digital ownership and democratizes the landscape by leveraging web3 incentives, engaging real users in content interaction, and capturing the myriad ways we connect and share in a transformative platform. Imagine a world where OG Taylor Swift fans gain social recognition and tangible rewards. SocialFi promises to transform fans and curators into pivotal contributors in a new digital economy.
For instance, these top fans could enjoy exclusive engagement experiences with Taylor Swift, including intimate Q&A sessions or behind-the-scenes access. Additionally, they might be given priority in purchasing concert tickets, ensuring they can see her perform live before anyone else. This model addresses the previously unacknowledged dedication of early fans, who have historically supported artists without any direct rewards. Their loyalty and early adoption can be celebrated and rewarded, creating a more inclusive fan experience.
How APAC’s Social Media Platforms Are Influencing The West
Consider WeChat's impact in Asia: it has transformed social interaction, messaging, and digital transactions for billions of people since its 2011 launch. A feat for any technology company, WeChat achieved 50 million active users within a year and soared to 355 million annual users in four years. The introduction of WeChat Pay in 2013 further accelerated its growth, reaching 1.133 billion active users by 2023.
WeChat exemplifies the APAC region's grasp of the value of mega social apps, a trend not yet fully replicated in the West. APAC's distinct readiness to embrace SocialFi positions it as a leader in demonstrating the benefits of a digital economy to a global audience. Platforms that skillfully attract large audiences and leverage web3 are likely to initially flourish in areas like Asia, where there's an established understanding of the fusion of social and finance, before spreading globally, mirroring TikTok's success.
SocialFi's Role in a Borderless Digital Society
The concept of SocialFi is universal. The goal of SocialFi is to dismantle the restrictive ecosystem that traditional finance and centralized media have designed to profit off creators and the larger economy. This leveling of the playing field, where diverse voices are not just heard but amplified and rewarded, is the essence of SocialFi.
It's a bold leap towards a future where the value of creativity isn't dictated by geography or gatekeepers but by the global community's embrace and support. This shift is evolutionary and the next major milestone for the creator economy.
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Ray Chan is the CEO and co-founder of 9GAG, a global entertainment network with a 200 million global audience, and the CEO and Founder of Memeland, the fastest and largest growing SocialFi ecosystem and web3 venture studio. An alumnus of Y Combinator and 500 Startups, Ray has a track record of fostering community-driven digital innovation. Prior to his success with 9GAG and Memeland, he contributed to Singboard and played a pivotal role at aNobii, an online reading community acquired by a consortium including HMV Group and major publishers in 2010.
Memeland, born from the creators of 9GAG, is the fastest and largest growing SocialFi ecosystem and web3 venture studio, championing community ownership through creativity, $MEME token, and NFTs. With roots in a small project that quickly grew into a global platform with a 200 million monthly active audience, known as 9GAG, Memeland was created in June 2021 and leverages blockchain technology to unite creators and communities, bringing an ecosystem of SocialFi products to market.
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