Memeland CEO Challenges Notion of SocialFi in Web3 Development

Memeland CEO challenges the narrative of SocialFi, advocating for a focus on the "creator economy on blockchain." Gain insights into the evolution of decentralized social media and its pivotal role in Web3 development. Explore more on Cointelegraph's Hashing It Out podcast.

  • Memeland CEO, Ryan Chan, discusses the shift from Web2 to Web3 and the importance of decentralized social media.
  • Chan shares insights from buying NFTs during the bull run, emphasizing lessons learned for Memeland’s development.
  • The CEO challenges the term SocialFi, proposing a focus on the “creator economy on blockchain” for a more accurate description.
  • Chan expresses optimism about the growth of decentralized social media, anticipating increased adoption as Web3 evolves.

Decentralized Social Media: Pioneering Web3 Development

In a recent episode of Cointelegraph’s Hashing It Out podcast, Memeland CEO Ryan Chan sheds light on the transition from Web2 to Web3. Having ventured into NFT purchases during the bull run, Chan draws valuable insights for Memeland’s evolution. Despite challenges, he envisions a thriving decentralized social media landscape, emphasizing the importance of onboarding through social apps. Chan challenges the term SocialFi, advocating for a more nuanced approach—positioning projects as the “creator economy on blockchain.”

Optimism Amidst Early Stages

Chan perceives decentralized social media as in its infancy, with users currently exploring earning opportunities. He anticipates a shift as more individuals embrace Web3 through social apps, emphasizing the accessibility of social applications compared to trading platforms. Memeland’s journey reflects not just a technological shift but a reimagining of the creator economy within the blockchain space.

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