Memeland CEO Ryan Chan Talks Web3 Development and the Role of SocialFi in Blockchain Podacst
Summary:
Memeland CEO Ryan Chan discusses the shift from Web2 to Web3, the role of decentralized social media, and the effect of SocialFi on Web3 growth in the 46th episode of Cointelegraph’s Hashing It Out podcast. Chan shares his experience of buying prominent nonfungible tokens (NFTs) during a bull run, his participation in exclusive crypto communities, and his insights used for his Web3 project, Memeland. He also debates the terminology of SocialFi and suggests a focus on the "creator economy on blockchain". Chan anticipates a rise in decentralized social media usage as more individuals get involved with Web3 through social apps.
In Cointelegraph's Hashing It Out podcast episode 46, Memeland's CEO, Ryan Chan, discusses why the venture studio, backed by 9Gag, is making its presence felt in the Web3 sphere. He underscores the significant role of decentralized social media and the potential influencer of social finance (SocialFi) on Web3 development. Chan reflects on his past purchases of significant nonfungible tokens (NFTs) amidst a bullish market and his membership in premium crypto circles. Having a sizable fan base, Chan gained more recognition on X through his blue chip NFT acquisitions. He says his main reason for making such purchases was to learn from experts in these selective NFT communities. He acknowledges that his extensive NFT buying during a bullish trend has left him in a financial pit, but he deems the insights gained to be critical to building his Web3 project, Memeland. The chief executive of Memeland argues that SocialFi doesn't adequately define what is being forged in the Web3 realm. He points out that SocialFi often brings to mind social media and finance, which doesn't illustrate the fact that these platforms are not exclusively about monetizing social relations but shaking up the creator economy as well. Chan suggests that labeling these projects as the "creator economy on blockchain" might be more beneficial to most initiatives operating in the SocialFi space. He also thinks decentralized social media is still in its infancy and hasn't fully burgeoned yet, with most people scouting for ways to amass earnings. He is hopeful that this trend will change as more people join Web3 via social apps, which, according to him, are easy-entry products since a vast majority uses some sort of social app and a smaller fraction uses trading apps. The most recent episode of Hashing It Out is available on Spotify, Apple Podcasts, or TuneIn. Users can access an extensive list of informative podcasts on the Cointelegraph Podcasts page. Meanwhile, the magazine features topics like the refusal of CZ’s multibillion-dollar travel request, SEC postponing Ether ETFs, and more in the Hodler’s Digest for January 21-27.
Published At
2/1/2024 4:39:23 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.