Before embarking on the Memeland journey, Chan, renowned as the founder of 9GAG, ventured into acquiring prominent NFTs during the market surge. Despite the downturn in fortunes following these investments, Chan underscores the invaluable lessons garnered from engaging with elite NFT communities. These experiences have profoundly influenced Memeland’s trajectory within the Web3 landscape.
Chan contests the suitability of the term SocialFi in characterizing the evolving landscape of Web3. He contends that while SocialFi connotes the fusion of social media and finance, it fails to encapsulate the broader scope of disrupting the creator economy. Instead, Chan proposes rebranding projects within the SocialFi sphere as proponents of the “creator economy on blockchain,” emphasizing their role in empowering content creators.
Moreover, Chan perceives decentralized social media platforms as nascent entities yet to reach their full potential. He observes a prevalent focus on “farming” opportunities among users but remains optimistic about the sector’s evolution. Chan highlights the accessibility of social applications as a key factor driving user adoption in the Web3 space, contrasting it with the comparatively lower usage of trading applications.
In essence, Chan’s insights underscore the transformative potential of decentralized social media platforms within the Web3 landscape and advocate for a nuanced understanding of their role in shaping the creator economy.