The Year of SocialFi Begins in APAC
We are entering a groundbreaking era for social media in web3, characterized by advanced decentralized applications that prioritize value ownership and high-speed scalability. This marks a time when content, such as meme culture and digital art, transcends mere expressions to become driving forces in the formation of vibrant, self-sustaining communities.
With 15 years of experience at the epicenter of Hong Kong’s social media landscape, I’ve witnessed the swift evolution and potential of the creator economy, particularly originating from the APAC region. Serving as the first Asian executive steering a company, 9GAG, through Y-Combinator, has endowed me with a distinctive perspective. The advent of web3 has presented creators with a fresh opportunity, one where ownership and control over their content and earnings are firmly reinstated in their hands, reshaping conventional practices of the web2 era. So, what do we term this evolution in web3?
Table of Contents
- The Emergence of SocialFi
- Impact of APAC’s Social Media Platforms on the Western Hemisphere
- The Contribution of SocialFi in a Boundary-Free Digital Community
The Emergence of SocialFi
SocialFi, the amalgamation of the most favorable aspects of social networking and decentralized finance (DeFi), represents the newest progression in blockchain technology use cases. It brings forth several significant advantages for creators:
- Innovative Business Models for Creators: SocialFi ushers in novel business models, distributing the generated value within the platform equitably among users, creators, and investors, fostering a more inclusive ecosystem.
- Ownership and Autonomy: SocialFi platforms prioritize the creator’s autonomy. Creators now wield control over their data and content, with cutting-edge technology ensuring that users, rather than the platform, retain ownership of their content.
- Community Cultivation and Engagement: SocialFi platforms cultivate stronger community engagement by aligning the platform’s interests with those of both creators and fans. This alignment incentivizes positive contributions to the community, resulting in more meaningful interactions and curated experiences.
SocialFi reshapes digital ownership and democratizes the landscape through web3 incentives, involving authentic users in content interaction and capturing diverse ways of connection and sharing within a transformative platform. Envision a realm where original Taylor Swift enthusiasts garner social recognition and tangible rewards. SocialFi holds the potential to elevate fans and curators to pivotal roles in a new digital economy.
For example, these devoted fans may relish exclusive engagement opportunities with Taylor Swift, such as intimate Q&A sessions or behind-the-scenes access. Furthermore, they could receive preferential treatment when purchasing concert tickets, ensuring they witness her live performance ahead of others. This model addresses the previously unacknowledged commitment of early fans, who historically supported artists without direct rewards. Recognizing and rewarding their loyalty and early adoption fosters a more inclusive and gratifying fan experience.
Impact of APAC’s Social Media Platforms on the Western Hemisphere
Examining WeChat’s Influence in Asia: Since its launch in 2011, WeChat has revolutionized social interaction, messaging, and digital transactions for billions. An impressive feat, it garnered 50 million active users within a year and skyrocketed to 355 million annual users in just four years. The introduction of WeChat Pay in 2013 further propelled its growth, culminating in 1.133 billion active users by 2023.
WeChat serves as a prime example of the APAC region’s recognition of the value inherent in mega social apps, a trend not fully mirrored in the Western Hemisphere. APAC’s unique willingness to embrace SocialFi positions it as a frontrunner in showcasing the advantages of a digital economy to a global audience. Platforms adept at attracting vast audiences and harnessing web3 are likely to thrive initially in regions like Asia, where the fusion of social and finance is well understood, before expanding globally, akin to the success of TikTok.
The Contribution of SocialFi in a Boundary-Free Digital Community
The notion of SocialFi is all-encompassing. Its objective is to deconstruct the constrictive framework crafted by traditional finance and centralized media, which profits at the expense of creators and the broader economy. The essence of SocialFi lies in leveling the playing field, ensuring that varied voices are not merely acknowledged but magnified and duly rewarded.
This marks a courageous stride towards a future where the worth of creativity is not constrained by geographical boundaries or gatekeepers but is determined by the global community’s embrace and endorsement. This transformative shift represents an evolution and stands as the next significant milestone for the creator economy.
Ray Chan serves as the CEO and co-founder of 9GAG, a global entertainment network boasting a 200 million-strong audience. Additionally, he holds the positions of CEO and Founder at Memeland, recognized as the fastest and largest growing SocialFi ecosystem and web3 venture studio. As an alumnus of Y Combinator and 500 Startups, Ray has a proven track record of nurturing community-driven digital innovation.
Prior to his successful ventures with 9GAG and Memeland, Ray made significant contributions to Singboard and played a pivotal role at aNobii, an online reading community ultimately acquired by a consortium featuring HMV Group and major publishers in 2010.
Memeland, an offspring of the creators of 9GAG, emerged in June 2021 as the fastest and largest growing SocialFi ecosystem and web3 venture studio. It champions community ownership through creativity, the $MEME token, and NFTs. Stemming from a small project that rapidly evolved into a global platform with a monthly active audience of 200 million, Memeland leverages blockchain technology to unite creators and communities, introducing an array of SocialFi products to the market.
