Evolution of Social Networks and the Need for Change

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This chapter delves into the evolution of social networks from basic internet services to social media platforms like Facebook, highlighting the introduction of features like feeds and algorithms. It discusses the challenges faced by startups in competing with established platforms and explores three possible paths to break this pattern. Additionally, it examines the limitations of the current ad-based business model and the need for new approaches, such as Web3 social and crypto, to change the landscape of social media.

Many of our listeners are familiar with Li Jin, an investor and co-founder of Variant Fund and is one of our favorite thinkers on crypto and the creator economy. Li is also joined by Eugene Wei. He’s a web2 product visionary. Listeners may be familiar with some of his incredible blog posts such as, “Status as a Service”, “Invisible Asymptotes”, “Why Information Grows” and more.

In today’s episode, these two gigabrains, one from web2 social, one from web3 crypto, talk about the future of status as a service, psychological ownership, and the future ties between social and crypto.

------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-li-jin-eugene-wei

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------ TIMESTAMPS

0:00 Intro 8:00 Web2 Social History 18:55 Is Web2 Ending? 24:50 Network Effect Theory 27:45 3 Paths to Break Free 32:17 The Internet’s Good, Bad, & Ugly 41:48 The Algorithm’s Constraints 46:25 Web2 to Web3 Learning Lessons 54:40 Love vs. Fame 1:00:24 Web3’s Potential 1:07:00 Crypto's Social vs. Financial Problem 1:19:30 Ethereum’s Social Network 1:25:14 Increasing Psychological Ownership 1:31:25 Price vs. Psychological Ownership 1:35:00 Eugene’s Advice to Crypto Builders 1:42:00 Li’s Take on Crypto’s Potential Closing & Disclaimers

----- RESOURCES

Li Jin https://twitter.com/ljin18 https://li.substack.com/p/the-ownership-economy-2022 https://www.youtube.com/watch?v=N6AJlmB2h8k https://li.substack.com/p/building-psychological-attachment https://li.substack.com/p/love-vs-fame-a-framework-for-social

Eugene Wei https://twitter.com/eugenewei https://www.eugenewei.com/blog/2019/2/19/status-as-a-service https://www.eugenewei.com/blog/2018/5/21/invisible-asymptotes

----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures