Friend.tech ebbs and Tip Coin rises

Author: bayemon.eth, ChainCatcher

According to the DataReportal report, there are 4.8 billion active social media digital identities worldwide, which is close to 60% of the world’s population. According to the historical growth rate data, the number of social media users in the world will jump to 5.85 billion by 2027. From the perspective of market share, the market value of social media applications in 2022 will reach 49.09 billion US dollars, and from 2023 to 2030, the compound annual growth rate is expected to reach 26.2%. In addition, GWI data shows that the average time spent on social media by the global population is about 6 hours and 37 minutes. Based on the average age of 73 years, people spend about 11 years of their lives completely on social media.

Regardless of the Web2 or Web3 world, social networking has already become a rigid demand of users. The huge market share and bottomless demand black hole have sufficient reasons to attract more and more projects to take a bite of the “social” pie. Recently, after Friend.tech attracted the attention of the Web3 world to the social field, another social project called Tip Coin began to hit the screen.

Tip Coin is a new social project based on X (formerly Twitter) and combined with cryptocurrency. It aims to allow users to earn points by participating in content creation through “tweet mining” (which may later be turned into project tokens).

Users only need to bind an account on the Tip Coin official website, and when creating, forwarding, and commenting on content on Earn points through dimensions such as number and citation forwarding.

Because it is in an extremely early stage and the threshold for participation is low, Tip Coin attracted about 100,000 users to participate in tweets and comments in just four days after it was launched (officially launched on September 1).

However, for the current Web3 social network, whether it is Friend.tech, which quickly “rised high” but eventually became a “dog gambling paradise”, or Lens Protocol, which has been busy but still has not made a splash, it seems that no one can really put it into perspective. Controlling the outlet of Web3 social networking has become an “enduring” application.

At present, apart from the simple interactive form of obtaining points, Tip Coin has not yet announced the real operating model. How it will develop in the future and how Tip Coin will be empowered are still unknown. The official said that the contract will be released soon, and the follow-up gameplay and development model can be said to whet the appetite of users.

How can current users participate? Can Tip coin, which “stands on the shoulders of Web2 giants”, survive in the highly competitive social field? This article will briefly analyze Tip Coin’s current marketing strategy and discuss the challenges it faces.

Tip Coin Rules and Strategies

To put it simply, the current gameplay of Tip Coin can be summarized as “Web2 giant traffic + Web3 token airdrop”, that is, using the existing X (former Twitter) relationship network as the traffic entrance, and using the expected future token airdrop of the Web3 world to attract early users .

basic rules

Step1: Enter the official website, click on the upper right corner to log in, and choose to connect to your Twitter account.

Step2: Follow the official website prompts to activate the account. You need to send a verification tweet with $tip@Tip Coineth and rt Tip Coin official tweet, and then click “check status” to complete the account activation.

After successful activation, the account has gained 10000 points.

In addition to the 10,000 points for posting a tweet with @Tip Coineth $tip for the first time, Tip Coin “daily tasks” can be rewarded in the following three ways:

— Original Tweet: Publish an original tweet with @Tip Coineth $tip, the points multiplier is 25, and the initial points (as soon as you post it) are 10,000, and then the corresponding points will be calculated based on the tweet reading, likes, replies, quotes and RT. addition. You can earn points for 5 original tweets every day.

— Tipped Reply: Post a reply with @Tip Coineth $tip under other people’s tweets, the points multiplier is 1, and the daily limit is 50 points-earning replies. At the same time, although Tipple Reply will also receive additional bonuses based on readings, likes and other measurements, it has a maximum limit of 25,000 points.

— Replied Kickbacks: When you receive replies from others, you can also get points, with a multiplier of 1/10, and no upper limit per day.

Tweet reading, likes, replies, citations, retweets, and citation reference bonus points are as follows:

PS: For specific point calculation, please refer to the official website Expected Point Calculator

Step3: Repeat the above “daily tasks” every week (Tip Coin Epoch is based on weeks) to become the social volume king and have the opportunity to be listed on the social cow honor list.

Step 4: Redeem: Starting from September 1st, every week will be an “Epoch”. The points obtained from all social activities in the previous cycle will be calculated and converted into the project token $tip during this cycle.

Score scoring strategy

1. Do your daily tasks well and tweet diligently: This strategy is more suitable for Twitter influencers or KOLs who have their own traffic. It may also be one of the reasons why Tip Coin chooses to directly associate with the X account, that is, to attract a wave of new traffic through the appeal of traffic, and give full play to the role of “fan economy”. The top two users in the current rankings, @Smartecio and @ix_wilson, both take the traffic monetization route.

2. Use “money power”: Since there is still some time before the end of Tip Coin Epoch 1, and Tip Coin has not officially announced the token economics model, for most people, Tip Coin can bring " “Profit” and the value of tip tokens are unknown. So for Twitter users without a fan base, in addition to the fixed income from daily tasks, the traffic attraction part must show some “sincerity” and exchange “real money” for comments, likes and retweets. This is also the strategy adopted by @CryptoYjj, who is currently the third on the list - to select 5 lucky viewers in the comment area to send 50 USDT every 24 hours. We must know that the number of fans of the first two users is 19,000 and 39,000 respectively, and the number of fans of the third user is only 1,353. With a difference of dozens of times in number of fans, the points can be kept at almost the same level. It can be seen that "there are You can really do whatever you want with money.”

3. Technology and hard work: When the official only checks the “quantity standards” such as releases, likes, and readings, for Twitter (X), which is currently rampant with popular numbers, directly letting the robot go to the end to brush up the amount is just a matter of zero cost. Perfect for wool users. In addition, users can also consider adding some tags such as #Vitalik when tweeting, triggering the “passive skill” of the robot’s automatic comments to complete the drainage. However, the official seems to have noticed this, and said that the impact of robot intervention may be gradually eliminated in subsequent version iterations and network upgrades.

Tip Coin Challenges

From the perspective of the Tip Coin project itself, since the project was just launched on September 1, the first Epoch will have to wait until the 8th to enter the stage of point settlement and currency exchange. Therefore, as far as the development cycle is concerned, current users are still unable to identify the profit model of the project. At the same time, Tip Coin has not yet announced the token economic model, and has never conducted token airdrops. Therefore, as mentioned above, the value of the project token tip It’s not known yet. So for the vast majority of users who came for the airdrop, if the initial value does not meet expectations, Tip Coin may suffer serious backlash. In addition, as a social product, Tip Coin has not yet deployed contracts, and now it only relies on fixed items such as tweeting, forwarding, and likes to mechanically obtain points. Even if it is built on a Web2 social giant like Twitter, the gameplay is still too much. It is monotonous and has limited long-term appeal to users.

By analogy, Mask Network, which also aims at social giants and is committed to lowering the user threshold and becoming a bridge from Web2 to Web3, has also led the way with functions such as sending encrypted currency red envelopes, encrypted payments, and sending encrypted messages without converting current social media. In addition to simple social functions, Mask Network also integrates a variety of rich functions such as NFT transactions, ITO, charity fundraising, digital identity and even voting and DAO community governance.

However, even though Mask Network has considered “laying out the social ecosystem”, it still cannot stop people’s “three-minute enthusiasm” for the SocialFi project. Therefore, for the current Tip Coin, if the goal is to become a sustainable social platform, then the functionality and practicality really need to be enhanced in the next stage.

Finally, back to social interaction itself, the definition given by sociology is “under certain historical conditions, social activities in which individuals interact with each other and engage in material and spiritual exchanges. Along with the transmission of information elements, they share opinions, emotions, and experiences.” The process of waiting." Tip Coin The current form of “social networks are assets and daily sharing is regarded as KPI” seems to pay more attention to the results of social behaviors and ignores the emotional communication and value sharing that should occur in the “normal” social process. When participants become popular after three minutes and the airdrop expectation fails to arouse the enthusiasm for tweeting, the follow-up answer sheet handed over by Tip Coin may be used as a true measure of its “sustainability”.