Farcaster

Co-founder @bountycaster (bountycaster.xyz). Co-producer @ethereumfilm. Previously co-founder of Scalar Capital and product at Coinbase

The determining factor for socialFI for me is that you can do transactions right in warpcast.

SocialFI seems to get a negative connotation right now due to friendtech and very speculative use cases but there‘s nothing inherently wrong with being a social fintech app - it doesn’t mean you need to be hyperspeculative, you can provide great social and financial value

Socialfi is not a social app with finance / transacting signing in it.

Socialfi is the financialization of a following - buying and selling of accounts. So Friendtech, Scoop, Drakula, BitClout, etc.

Not Farcaster or Lens, which are open social graphs that you could build socialfi products on top of (like Scoop).

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If this were the case, then TikTok, Instagram, etc would all be socialfi.

They are not.

I agree, lens & farcaster are the underlying protocols, social graphs.

Your definition seems narrow though & misses most of the opportunity.

the social graph is obv a nice primitive. the financialization of a following is a straightforward, primitive, first use case (& gets often abused due to bad design/actors). I see more interesting "socialfi" products that combine &or leverage the social, financial &or speculative sides.

social x financial
1️⃣ utility: payments, ads, revenue streams, etc.
2️⃣ entertainment: tipping, [add your own primitive]
3️⃣ mix: tipping app for farcaster content, content discovery & social matching

social x financial x speculative
💡  financial, gaming, gambling, trading apps bw social users/protocols

As of now, Warpcast is becoming a superapp & host to many of these apps - in their first innings. It's likely top socialfi use cases spin out with their own app/client but simple versions will be also available as frames, as miniapp in explore section to onboard users.

we're talking in the web3 context: hence, the underlying open data, blockchain data should be a given (> compare socialfi, defi, not cefi)

Aside that, facebook had very interesting early developments with their games. Lots of developers pushed apps but relied on the ad model, payments or subscription (if that was even enabled).

I would love to see such games in a farcaster explore miniapp section AND enable users to play for cryptos. That would be A perfect socialfi use case.

we're talking in the web3 context: hence, the underlying open data, blockchain data should be a given (> compare socialfi, defi, not cefi)

Aside that, facebook had very interesting early developments with their games. Lots of developers pushed apps but relied on the ad model, payments or subscription (if that was even enabled).

I would love to see such games in a farcaster explore miniapp section AND enable users to play for cryptos. That would be A perfect socialfi use case.

https://warpcast.com/juli/0x92315fdf

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If Uniswap adds a feed of the memecoins your Farcaster friends are buying, is that socialfi?

If any DeFi frontend adds social context, is that socialfi?

Is Zora socialfi, since you can mint what your friends are minting?

All of the answers here are no. That's too broad of a definition and unhelpful as a term.

Another good definition here: is the financial component built into the protocol itself. 

It is for Friendtech, Scoop, Drakula, BitClout, etc.

It is not for Farcaster or Lens.

No one is arguing Farcaster / Lens 😄

I can sympathize with the built-in definition but I still see value in a broader definition.

I’d make a difference between

1️⃣ apps with a social feed, chat, graph but no (social) transactions (not socialfi)
—
2️⃣ responsive / interactive apps where you take a financial action with/against other user, app, curves (min socialfi: apps like time.fun with tw integration, Drakula got social & financial use case but not combined)

3️⃣ responsive/interactive web 3 social chat, channel, graph + financial action + gamification/speculation (max socialfi)

👉🏻A uniswap frontend with a feed where you can only copy trades or read & text isn’t socialfi.

👉🏻A uniswap frontend with a web 3 social channel/chat where you can do transactions in chat or do some gamified trading on the platform with/against other users is a socialfi app (this is a simple use case 50 teams should jump on!)

This doesn’t make uniswap - the protocol - socialfi.