How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25 How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25

How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25

Web3 social media platform Phaver allows its users to own their content and get rewarded based on its popularity.

How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Phaver is a “share-to-earn” social media platform that runs on the Lens Protocol. This Web3 social media platform allows users to own their data and generate income streams by posting and sharing content.

Phaver’s co-founder, Joonatan, describes the value of the platform by saying:

“Users have control of their own profiles with the NFTs and their social relationships through following NFTs. So we realize that something we have to do from the beginning is to allow users to re-own the interoperable data.”

As opposed to web2 platforms like Instagram, which may provide profiles in NFT forms but can also decide which NFT can keep posting on their platform.

When users provide and own the data, Joonatan continues, our job at Phaver becomes simply building a premium user experience.

The Platform

The Phaver ecosystem runs on the Phaver points and tokens. Instead of likes that we use on all social media platforms, Phaver gives the chance to stake tokens under a post. Every day, each Phaver account gets five coins they can stake on any five posts they like. One stake gives 10 Phaver points to the staking account.

The staking function works as gifting tokens. While these tokens don’t have value right now, they will be valuable in the future after Phaver’s native tokens are launched. According to Joonatan, the team is working to establish a dual-token economy, which will reward the early adopters upon launch.

All content types, including text, video, GIF, and pictures, are allowed on Phaver. Users are also encouraged to re-share content they find on other web2 social media platforms. Each post is added under a pre-determined category to enable users to navigate easier amongst posts within Phaver.

How it works

Phaver focuses on rewarding the users rather than the protocol. The platform is looking to generate money from the ads in a way to boost its native token. Joonatan describes the model by saying:

“We don’t want do and invasive monetization model where we scrape your online history, direct messages, and inbox like Google and Facebook do. But rather we have contextual targeting the topics inside Phaver.”

For example, if Nike wants to do a sneaker drop within Phaver, it starts by creating an organic post under the sneakers topic. Then, it should purchase Phaver tokens to boost its advertisement post up within Phaver.

This way, the income generated from advertisements doesn’t go to the platform owners’ pockets but is used to increase the Phaver token’s value, which will benefit all users.

Ways to earn and lose in Phaver

The idea of rewarding the ones who create the best content is at the center of Phaver. The more stakes one gets under a post, the more coins one’ll earn.

However, users who are on the lookout for the best posts can also be rewarded as well. According to Joonatan, users who help the team by boosting only the best content or disliking the ones that are scams are also rewarded for their labor.

The platform also developed its mechanism to combat users with multiple accounts, squatters, and spammers. When detected, the Phaver team has the authority to deduct Phaver points from these profiles based on the severity of the damage they cause.

In the future

In its early stages, Phaver mainly focuses on two main functions: discovery and supporting via staking. However, the team is aware that supporting all types of content in one feed is challenging without sacrificing the user experience.

Therefore, Joonatan says that Phaver will grow to be more segmented. For example, its video-based contents might develop into something more like TikTok, rather than the current state of the app today. In the future, Phaver aims to turn into a super-app where it mitigates all social data in one chain.