Galxe, Lens Protocol, and CyberConnect are among the top 5 on DappRadar Social Ranking.
Web3 social media has witnessed a wave of user growth in 2022. These projects aim to tackle many of the concerns of the Web2 social experience while giving users more control. Here, we will introduce some of the most popular social dapps and explain why they have gained user acceptance.
Table of Content
- Why Web3 social media are in demand
- How is Web3 social media different?
- Lens Protocol
- How does Web3 social media perform in terms of stats?
Why Web3 social media are in demand
According to Dataportal’s October 2022 data report, there are 4.74 billion social media users worldwide, representing 76% of the population over the age of 13. In addition, users spend an average of about 2.5 hours daily using social media.
On the other hand, large Web2 tech companies have become gatekeepers of online information, with their social media platforms taking up most of users’ attention.
However, the way these platforms operate is plagued with hidden problems.
For example, monopolistic social platforms can dictate how one should behave. It silences or even removes users who do not follow the rules. Also, to fulfill their attention-craving business model, these companies introduce manipulative algorithms that result in echo chambers that could deprive users of their freedom to access the truth.
How is Web3 social media different?
Web3 holds the potential to complete a social media revolution in a new paradigm. Proponents of it argue that this open internet has the potential to right many of the Web2 wrongs, bringing attributes such as censorship resistance, data transparency, and self-sovereignty to social media.
At the same time, Web3 offers not only a new way of using digitalized information but also a digital economy linked to it that creates new business models that can benefit all participants in the network.
So what are the best Web3 social media?
An effective way to do this is to utilize the DappRadar Ranking tools. DappRadar aims to empower users with data-driven insights and help them assess Web3 projects effectively. Here users can find not only the best and fastest-growing projects but also new dapps with potential.
Now, let’s dive into some of the hottest projects on DappRadar Social Ranking.
Enjoy a customized social experience without sacrificing privacy
CyberConnect is a decentralized social graph protocol that provides developers with a rich set of tools to build Web3 social applications. Users can truly own their social identities, content, and connections while using CyberConnect-backed social networks.
What to build with CyberConnect?
Developers can create blogging platforms where users can publish their content in NFT format on a chosen blockchain for monetization purposes. It can also support crowdfunding features which let users monetize their creations.
Another example is a social platform for events, such as Meetup or Facebook Events. Link3 is one such platform, but with the help of CyberConnect, it implements many Web3 elements.
Users can browse and participate in a wide range of online and offline events by simply logging into the Link3 platform with their web3 wallet. But, more importantly, users can find topics they are interested in here and join the discussion.
CyberConnect is a new arrival in the DappRadar Social Rankings. As soon as it entered the rankings, the dapp surged to the top 10.
In November 2022, CyberConnect’s unique active wallets (UAW) increased by almost 400%, with over 18,000 wallets interacting with it.
Learn Web3 knowledge, find NFT deals, and more
Galxe is arguably the most visible Web3 social project in recent times, and its UAW has been growing continuously for the last 30 days. It is currently in second place in the DappRadar Social Rankings with a 30-day UAW of over 644,000.
What’s so appealing about Galxe?
Galxe is a collaborative credential infrastructure that explores ideas around Soulbound token and Web3 identity authentication. Simply put, it creates user profiles based on people’s blockchain actions.
Brands and projects can then use these Web3 digital credentials to promote their projects better, such as gamifying their loyalty systems, running marketing campaigns, acquiring users, and so on.
To end-users, they can participate in events and campaigns on Galxe to collect NFT badges. These medals will grant the user different rights and benefits.
Projects using Galxe for promotion come from all sorts of businesses, including Polygon, BNB Chain, CoinGecko, Project Twelve, and many more.
Social intelligence for crypto, NFTs, and stocks
LunarCrush is a social listening engine that collects social and market data for cryptocurrencies, NFTs, and stocks and distills it into actionable intelligence. LunarCrush’s mission is to help users filter the noise on social media and identify value in an ever-changing marketplace. For example, LunarCrush can tell users which projects are getting media exposure, which influencers are making an impact, and so on.
Let’s use a specific project as an example to explain further.
If you want to get a sense of Bitcoin’s social sentiment, you can find quite a bit of information on LunarCrush. For example, you can see how many times Bitcoin has been mentioned on social media, how engaging users are, and much more.
Users’ participation in LunarCrush will enhance its engine to provide more accurate information. In return, participants will receive LUNR tokens as a reward.
Your identity is yours to own
Lens Protocol is a composable, decentralized social graph on Polygon that empowers creators with full control of their content and data. With Lens Protocol, users own their profile, where they want to use it, how they want to use it, and even how they monetize it.
In addition to giving ownership of user data, Lens hopes to solve some of the problems of Web2 social media mentioned above, but in a community-driven approach. It invites developers to innovate and develop healthy algorithms infrastructure that allows users to personalize their own feed and have choices.
The Lens ecosystem is constantly expanding, with more and more social media outlets choosing to serve their communities on it. These projects cover a variety of media types, ranging from images, text, short videos, and more.
Engage community in a gamified way
First, Huddln is a mobile social media marketplace that lets users transform their existing content into NFTs. Creators can leverage Huddln’s social-to-earn experience to encourage support from their community members.
In addition, similar to Galxe and LunarCrush, the Huddln XP agreement is designed to provide an efficient marketing tool for business. It offers projects and creators a simple way to track and incentivize users’ on-chain and off-chain behavior.
By calling Huddln’s API or smart contract, it lets the Huddln system know the users’ behavior, which will be analyzed and scored. Based on these scores, the project owner can reward users with airdrops and other benefits.
How does Web3 social media perform in terms of stats?
Looking at the data tracked by DappRadar, Web3 Social has recently rallied in user numbers. With over 200,000 smart contracts and nearly 13,000 dapps tracked, it’s not often that the top five spots in DappRadar Ranking are filled by two social dapps (Galxe and Hooked).
Zooming out to have an industry overview, we also find that unique active wallets in the social sector have recently overtaken those of DeFi, with an upward trend greater than Games UAW.
Although we cannot predict whether Web3 social media platforms will shake off the Web2 giants, it is still exciting to see these trends emerging. Also, it is unclear how long the current trends will last. But the consensus among users regarding data transparency, self-sovereignty, and an open network will undoubtedly continue.
Carry your Web3 journey with you
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