Phi is a whole new Web3 world created directly from ENS & wallet activities, enabling the easy visualization of on-chain identities.
I know I go on about this stuff and I apologize to anyone bored by it but I’ve been analyzing social networks since 2004, before we even understood them to be “social networks.” I understand incentives, moats, feedback loops, flywheels, etc…This is not guesswork, it’s 19 years of watching networks compete and determining why winners won and losers failed. I firmly believe Lens has the best structural model for our future. It’s obvious to me. So I’m sorry if you’ve heard this before but I’m going to keep going on and on about this until stuff actually gets built (and I know it will):
NFTs enable social networks.
They are data in a shared database.
Anyone can take that data and build an app which uses it.
If you reverse this stack it becomes infinitely easier to build everything:
Anyone can build any app.
Put the data for that app in the shared database.
Social networks can form around the data.
Data Creation
Social networks require data creation to survive. To get and retain more users you need more data being created. This is difficult. Most people on a social network never (or rarely) create content. This is known as the 90-9-1 Rule:
90% of users lurk
9% contribute a little
1% account for almost all of the content
TikTok has incredible solutions for this: Stitches, Duets, etc. Remixing existing data makes it easier for users to create.
The apps on Lens so far have been mostly focused on getting web2-type creators to create data. “Here’s my photo, here’s my music. Please pay me and you get a digital receipt.”
The creators here trying to break that mold (myself included!) are doing so haphazardly. In a database where anyone can create any type of data, the creators here are creating data in their own formats. I’m using my collected posts differently than @arterlioz.lens is which is different than how @chaoticmonk.lens is which is different than how @jessyjeanne.lens is.
Standards enable faster creation:
When Instagram created tools for square photos + filters people were able to quickly create data in that format.
When Instagram enabled carousels, the entire user base was able to create that data quickly.
When Instagram created Stories, the entire user base was able to create that data quickly.
When Instagram created Reels, the entire user base was able to create that data quickly.
Instagram doesn’t allow users to upload any random data, they create the tools first. The tools determine what the data looks like. A Reel is a very specific type of data in a database, for example.
In my opinion, almost all of web3 suffers this problem. Web3 is focused on creating the data first and figuring out the tools later. I’m trying to point out that doing the opposite will achieve faster, greater results.
Create the tool first.
Use NFTs as the data.
Reddit Avatars are a great example of building the tool first.
Collects
Right now collecting posts here is like Facebook + Patreon. It’s mildly interesting.
Remember the 90-9-1 rule?
Data Sovereignty is niche. The 1% care. The 90% don’t care about the database they’re using, they want to consume engaging content.
Lens’ Super Power:
Collects are a data creation flywheel!
Collecting is a new form of data/content creation. Lens’ biggest advantage by far has been almost completely ignored to date.
Collecting turns the 90% into creators. Incentivizing collecting means more data is created, more users become creators, and more creators are incentivized to create on Lens.
I beg any and all devs to please think of this stack when building here:
-Build an app with very specific data.
-Use NFTs (collects) as the database.
Incentivize collecting by utilizing the collects as data in your app. Usage, creation, and adoption will skyrocket for those who focus on the “collecting” side of the creator/collector equation.
The following tweet inspired this post:
twitter.com/nikitabier/status/1645817059224489987?s=46&t=NqnqeEyWB5cKHDeTzLzYxA
dOrg Hot Seat Podcast | EP 10 ft. LENS
Redefining Social Media: An Inside Look at Lens Protocol's Open Social Graph
Join us on the Hot Seat as we interview Nader, Director of Developer Relations for Aave and Lens Protocol.
Lens Protocol is one of the most innovative projects in web3, social media, and blockchain. They are changing the game by creating an open social graph where any front-end or algorithm can build on top of its core aspects, such as users, followers, and posts.
Our guest explains the challenges of developing this technology, including security, data privacy, and freedom of speech, and how Lens Protocol is tackling these issues. Discover how Lens Protocol's open social graph redefines social media and empowers users to control their data and reputation.
Don't miss this eye-opening conversation on social media's limitless potential and future.
dOrg
dOrg.tech
Hire Us: www.dorg.tech/#/hire
Join Us : www.dorg.tech/#/joins
Discord: discord.com/invite/bA9ZM7WXZU
Twitter: twitter.com/dOrg_tech
Lens Protocol
www.lens.xyz/
twitter.com/LensProtocol
twitter.com/dabit3
You know what day it is folks. Its STATS FRIDAY.
Did you know.... ?
That surfers (people who have mirrored to earn with wav3s) have made more than 4000 WMATIC (about $5800 USD) ?
More than 28k mirrors have been made on wav3s posts, which accounts for almost 4% of ALL mirrors made on Lens
On average, campaigns that have been completed, have exceeded their initial mirror goal by 237% !!
The top wav3ers THIS WEEK have been (in WMATIC):
@theshr with 400
@wav3s with 121 (of course we were gonna be here guys c'mon, we love wav3s)
@nader with 100
@prashantbagga with 70
@thesymmetrical with 54
@arterlioz with 50
@serenay with 40
@bvdaniel with 32
@assesddef with 20
@nicocapital with 20
@fraction_token with 20
What other stats would you like to see stat geeks out there ?
Have a good weekend guys....
#justwav3it
You might have missed out on $arb, but ...
Don't miss out on DiverseHQ Mainnet!
Collect this post for FREE, and you will be whitelisted.
My latest nerdy curiosity deep-dive: how Bitcoin NFTs work, since Bitcoin support smart contracts
What I learned: Bitcoin NFTs take advantage of the Taproot Bitcoin upgrade****
Taproot lets you permanently inscribe Satoshis — the smallest atomic units of Bitcoin equal to 0.00000001 BTC — with any arbitrary data (e.g. artwork)
Bitcoin NFTs are just Satoshis that contain inscribed data 🤔