Space Summary
The Twitter Space ️Phaver: The SocialFi Superapp hosted by bitgetglobal. Dive into the realm of Phaver, the SocialFi Superapp, where crypto exchange meets social interaction in an innovative fusion. Discover how Phaver's collaboration with @LaLigaEN and support from @BitgetSupport are reshaping the landscape of SocialFi platforms with cutting-edge services and user-centric approaches. Explore the unique features that set Phaver apart in the crypto space, and witness the evolution of web3 experiences through their strategic partnerships and innovative solutions.
For more spaces, visit the SocialFi page.
Space Statistics
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Questions
Q: What sets Phaver apart in the SocialFi Superapp landscape?
A: Phaver stands out with its innovative approach to merging social elements with financial services.
Q: How does the partnership with @LaLigaEN benefit Phaver and users?
A: The collaboration opens up new opportunities for exposure and growth in targeted regions.
Q: What role does @BitgetSupport play in supporting Phaver's operations?
A: @BitgetSupport's support enhances Phaver's services and user assistance capabilities.
Q: How does Phaver contribute to the evolution of crypto exchanges?
A: Phaver's unique approach and partnerships drive innovation and user engagement in the crypto space.
Highlights
Time: 12:05:17
Phaver's Innovative SocialFi Approach Exploring how Phaver blends social features with financial services for a unique user experience.
Time: 12:15:40
Strategic Partnership with @LaLigaEN Understanding the benefits and impact of the partnership on Phaver's expansion and visibility.
Time: 12:25:59
Impact of @BitgetSupport Collaboration Examining how @BitgetSupport's involvement enhances Phaver's support system and user interactions.
Key Takeaways
- Discover Phaver's cutting-edge approach to SocialFi platforms.
- Understand the impact of Phaver as a leading cryptocurrency exchange and web3 company.
- Learn about the strategic partnership between Phaver and @LaLigaEN in specific regions.
- Explore the influence of Phaver's collaboration with @BitgetSupport on user experiences.
Behind the Mic
Introduction and Greetings
Hello, everybody. Before we begin, let's do a quick microphone test. Junoton, could you say hi to our audience, please? Hello, yes. All right. Good to go. Tommy, could you say hi, please? Dmgm. All right, good to rock. It looks like we are good to go. What's up, bits get fam? Welcome to another x space with bits get. My name is Ch and I will be your host today. We got a great one coming at you today as we are diving into favor the social five super app. I am joined by Jonathan, who is the co founder and CEO. Jonathan, thank you so much for taking the time and welcome.
Guest Introductions
Thank you. Very happy to be here. Absolutely. And of course, our second guest is Tommy, another co founder and favors CFO. Tommy, it's so great to have you join us and welcome. Thank you very much. Likewise. Absolutely. So before we begin, everybody listening here, please, if you could help us retweet the pinned post here, which is the link to our x space so we can get a lot more people to join in on the fun and learn about favor. All right, with that being said, maybe, gents, if you could please give us a brief introduction of yourselves, maybe we can have Jonathan start us off.
Jonathan's Background
Yeah, so, hey, everyone, my name is Jonathan. Or Jonathan, if you want to try the finnish pronunciation. I'm very happy with either. And before we found in favor with Tommy, my dark side experience was working in the web two social. So I was working with Google and Facebook advertising for almost a decade and always felt very uneasy about what we're doing. Essentially monetizing people's eyeballs in very innovative ways and not actually sharing any of that revenue to the creators and the other people who actually make it the social network. So then eventually decided to quit my ed tech career in New York and move back to Finland and start building favor to try to build something that makes me sleep better at night, pretty much.
Tommy's Background
That's awesome. Yeah, we'll get into more of that. Tommy, we'd love to hear from you next. Yeah, definitely. So my background comes from web two finance. And then so worked at Goldman, and after that in a VC fund, after which I was also in a large e commerce company. So, you know, used to fighting. Also my other hand behind my back, as sometimes turns out to be the case as well in the token world. That's amazing. So I can't wait to learn more about favor. So if you guys could, maybe you could share with us maybe the story behind the inception of favor.
The Inception of Favor
Like what was the inspiration or need that you guys saw in the marketplace that made you guys want to create a favor. Maybe, Jonathan, you can start us off. Yeah, I can get started on that. So, as I mentioned, having been in the web two social space for a long time, started realizing that it's pretty fundamentally broken in the sense that, first of all, nobody has any ownership of what they're doing. Mark Zuckerberg and Elon Musk own everybody's social profiles right now, and not the users who have spent the decade building them and the audience and everything else around them. And as a result, they're also getting either like pennies on a dollar or nothing on the creation of that content and all of that stuff that actually makes everybody come into those social platforms.
Challenges in Social Media
So it just inherently has been built to be a pretty unfair system, and that motivated us to then start building favor and figuring out that web three can actually fix both of those issues, where, first of all, decentralized graphs such as lens protocol and forecaster that we support, give a real ownership to people of their profiles in the form of nfts, so nobody can take those away from them. And second of all, Socialfi, if implemented in a sustainable way, actually has massive potential to not only have a more fun, transparent, gamified experience around growing your reach and using social media in a fun way, but also can be built to fairly reward the creators, curators and moderators who are the real value creators in that economy.
Ownership and Community Value
No social media platform alone is worth anything. It's all about the community and the people. So they should have both ownership of their graph and fair rewards as part of that. And that's what we've been building for the last few years now with Tommy. That is a, that's a great mission you guys have. So, do you mind helping us elaborate on the unique value propositions of favor? Like, how does it differentiate from others kind of social fi platforms in the marketplace?
Differentiation of Favor
Yeah, I think the key difference is that we are the only one right now who is combining both the decentralized social and the social fi. So, as I mentioned earlier, decentralized social is the part where you actually get to own your profile. So we're the biggest app on lens protocol and we're the biggest third party app on forecaster. And the favor super graph allows you to post seamlessly across those. So every time you make a post on favorite I, you both get that ownership backed up by lens and Farcaster, but you also get the reach of those entire protocols. So anybody on Warpcast or hey, or any of the other Lensen, Farcaster apps is going to be able to see your post if they comment.
Community and Features of Favor
All that gets aggregated into one comment thread on your favor post to make it very easy to get that entire reach in one place. And then now, since a bit over a week ago, we have the social token, which is going to be the currency of favorite town. So now for the first time, we can start then genuinely rewarding people with that. And it's a very early time for the token. We decided that let's just get the token out there and start building with the real community. Instead of waiting and trying to pump for a perfect market or anything like that, it's much better to start kind of now building and experimenting on all of the cool ways the token can be used.
Future Plans and Features
And we're going to have the in app wallets live in a few weeks. So then anybody can deposit their social tokens into their favor in app wallet and use them gaslessly on base for any transactions such as tipping or boosting their visibility or unlocking gated content by creators and many others that will be coming in the future. That is awesome. Thank you for sharing. Tommy, anything you like to add?
Value Sharing in Web2 Social Media
Yeah, I think Jonathan took away almost all of it already, but I think the other way to think about it is that in web two social media, for example, any advertising revenue is basically typically kept by the platform. So the token is a way to share the value back. And obviously this is a utility token. For example, if an advertiser in Q four, when we are launching this, it is using our native token that automatically creates demand in the market for us. Amazing.
Acknowledging Contributions
Thank you guys for sharing that. That's very clear. So I wanted to discuss a bit about some of the partners or backers that favor has. I'd love to learn more about that, maybe. Jonathan. Yeah, so we're very heavy believers in the partnership side of things, so we've had a lot of amazing partners over the last couple of years.
Collaborations and Partnerships
We're working with folks like cryptopunks and pudgy penguins on the NFT front, obviously very closely partnering with the lens protocol and forecaster teams to make sure that we build with the best synergy with those platforms. On the investor side, we have backers such as Polygon Ventures and Nomad Capital and a lot of others. Tommy might have more extensive list on that side as well.
Connections and Ecosystem Development
We're also very close with the Mocha team from Animoca and the Mochaverse set up where you can actually connect your Mocha Id on favor as part of your social graph as well as the folks at Cyber, where part of our token launch was actually done on the new cyber social l two, to show that we are aligned with their mission as well of building a kind of chain for the social specifically. Yeah, I think the only thing we have a very complimentary cap table who's providing also us help from multiple perspectives.
Angel and Fund Overview
So I think there is a total of 20 funds and approximately the same amount of angels just to give some perspective. That is awesome. Very, very cool. Thank you for sharing. So I wanted touch on the token. I was hoping maybe you guys can help elaborate on the social token. Like, what are some of the utilities and usage?
Utility Token Development
Yeah, so a lot of the utility is still coming. So as I mentioned, we're going to have the in app wallets in a few weeks, and we see that's kind of a requirement for the good utility, where right now a lot of social fi is very complex, where, first of all, it's almost never in a native mobile application. You have to kind of keep signing transactions all the time.
User Experience Challenges
You have to have gas fees, and that's especially for a more mainstream user, a very hard user experience. So what we're now building is all you have to do is kind of deposit some social into your in app wallethood. Soon there will be easier on ramps directly inside the app as well for that, and then you can start using it just like you would be using your diamonds in a clash of clans game.
Creating a Fairer Ecosystem
So trying to take away all of the technical friction that comes from tokens, but at the very important differentiation. So if you're getting a lot of diamonds in your clash of clans, you cannot sell them onwards. But the tokens mean that it works both ways, and anybody who is actually aggregating good rewards is able to actually then cash out of that economy as well, making it a lot more fair for the users and then the key uses, I mentioned a few of those already.
Creator-Centric Economy
So it's going to be a very creator centric economy where we try to make sure that anybody who's creating high value content is going to be rewarded by that. And at the same time, those who want to get access to more premium content or highlight their own comments or their own posts or in general get more visibility are able to do so. It's very much a freemium model where every baseline action is going to be free.
Freemium Model Implementation
We're not requiring people to pay to use favor as such, so they're all similar to well working freemium games. There are ways that you can just power up your experience on favor by using the token, but the baseline will be still obviously free. Yeah. And I think one more cool thing which I would add is the frames, which is an interoperable, like a mini app across lens and forecaster.
On-Chain Actions and Interoperability
So obviously also social will have multiple use cases directly in the frames, which also enable on chain actions. Very, very exciting. Really appreciate you guys sharing that. That sounds great. So I do wanted to explore a bit of fiverr's kind of vision and future that you guys have in mind.
Exploring the Creator Economy
And particularly I do want to bring up the creator economy because of course, personally I'm a content creator. You know, kols and content creators such an important part of not just crypto, but just the kind of global economy in today's digital age. I wanted to kind of ask you guys on your thoughts on the creative economy, like how that's kind of moving and just your thoughts on that, because of course, this is the kind of the sector that you guys are really focusing on.
Insight on the Creator Economy
So I'd love to hear your thoughts on that. Maybe, Jonathan, you can start us off. Yeah. The creator economy is obviously one of the big opportunities for social fi as well. We saw that, for example, fintech was kind of rising very fast with creator economy, specifically where it allowed creators to start monetizing their audience.
Sustainability in Creator Models
The challenge with that model was that it was a kind of very speculative model where it was primarily about speculating on the keys of creators. And that's very hard to make that into a long standing kind of sustainable model. Whereas if you think about the actual kind of sustainability of a creator model, it's really about kind of the perceived value.
Value and Monetization of Content
So a creator, for a superfan, they're creating a lot of value, and a superfan is willing to pay a significant amount of money or tokens, in many cases to be closer and to support their favorite creator. Then you have the casual fan who might be willing to pay a dollar every now and then as a tip to show their appreciation. Then you have the long tail of users who are just looking to see the content for free, and they can be monetized in other ways.
Advertising and User Preference
Where we're going to have the advertising, as Tommy mentioned, where it's going to be a web three model of advertising. So we're not going to be tracking you with cookies or any other invasive methods, purely wallet based targeting and a revenue share. So if you're actually opting into the advertising and you're converting from an ad, you're going to be getting favor points which are convertible to the token.
Creator Revenue Sharing
In our various seasons every month. And as the creator, if you want to share one of those ads to your own audience, you will be getting a revenue share out of that. So trying to figure out how do we build advertising that's still good for the brands and makes them a profit, but it's not invasive and unfair towards the users and keeping, again, creators as a key part of that component.
Future of Creator Monetization
So we see that there's so much that can be done with the creator monetization that is not a direct like sell product or sale advertising model, but it's actually a kind of multiple revenue sources based on the preference of users. Yeah, that's super cool. That's a very cool incentive you're setting up for the users as well, for them to really take in the ads.
Future of Blockchain Industry
That's fascinating. Thank you for sharing. So I do wanted to ask you guys vision on how you see the broader blockchain industry evolving in the future and how do you envision favorite and kind of impacting that vision, that broader blockchain ecosystem in the coming few years? Jonathan, maybe you want to start as I've been talking so much.
Key Trends in the Blockchain Space
Yeah. So I think there is multiple key trends that we see ahead and which have also led us to building what we've been building so far. The social fi obviously has gone through different stages and we feel that's one big trend that will continue. There's a lot of interesting tokens either on forecaster or lens or in other ecosystems.
Mainstream Adoption and User Experience
I think also the mainstream adoption, obviously, if you can track the user experience and also create some other value than just financial value. At the same time, we think that social media is one of the best places to be driving also crypto adoption. And I think those would be some of the things that are kind of the key ones come to mind.
Meme Coins and Movements
Yeah, and some others, I think right now, obviously, if we look at the crypto market specific, like meme coins, very much dominating the narrative and also a lot of the kind of transactions and everything else going on. And while we do believe that, like long term, obviously read utility should be the one that's got to be driving the value, I think the interesting part of meme coins is that they are able to create movements where thousands or hundreds of thousands of people are backing the same animal and kind of pushing it forward.
Future of Social Media
And I think with social tokens such as ours, I think there is actually a massive potential in kind of tapping into that movement, in the sense that in many cases you're just kind of pumping a meme, quite literally. But in this case, what we're focusing on is building the kind of next future of social media where it's still something that you can rally behind for a fun, gamified experience. It's not an infrastructure token, it's not something that requires you to understand complex technology, to be able to understand that, hey, this is the currency that's trying to make social media fair for people, trying to bring ownership for the users and monetization for the creators, but it's still fun and easy to use. So hoping that we're able to tap into that trend as well in the future.
Interoperability and Cross Chain Experiences
And then another, I think, major trend is the interoperability and cross chain experiences. So we're seeing obviously right now that everybody and their mother, in Vitalik's case, literally are having their own blockchains and l two s in the market. And that means that there's going to be even more challenges for interoperability. Where you have your money one chain, you have to bridge it to another chain, you have your NFT somewhere, it's not connectable another place. And this is obviously very detrimental for the future adoption of blockchain because normal person wants to ever go through this. Even I'm often very frustrated and confused by that. So we see that kind of, that's one of the key things that needs to be abstracted away on the user experience layer.
Simplifying User Experience
Our favor, for example, our token is available on base, ETH and cyber with the layer zero OfD standard, which means that you can seamlessly jump a token from one network to another where it just burns the token on, let's say, EtH and mint a new one on base. So it keeps the supply always at the cap, 10 billion, but makes it easy for people for, I think it cost me five cents to bridge my tokens from cyber to base. So it's actually very cheap and it took about a minute, so that already makes it a bit easier. But also in favor, we have multi chain support, so you can connect NFTs from multiple chains, tokens from multiple chains, and just making it easy to have everything in one place and not have to worry about where it is. Just like in web two. You're not worried. Is your data stored in AWS or Google cloud? It should be that simple for the user in the future.
Upcoming Projects and Initiatives
Yeah, that's super cool. You're definitely solving a lot of pain points for the user, so hats off to you guys. Sounds very exciting. So are there any forthcoming projects or initiatives over at fiverr that you're really excited about and you can share with us. Maybe Tommy, you can start us off. Yeah, definitely. And we just shared a roadmap as well earlier in the week of the upcoming plans, but good to go kind of through maybe the key things on that very busy page.
In-App Wallet and Staking
So one cool thing coming up is the gasless in app wallet. So right now, you still, or as a user, anyone would have been connecting an external wallet to favor. Whereas once we roll out the in app wallets, then as part of the onboarding, you can also create the wallet immediately. So that can be a key hindering to join crypto or to join a new era social media app. Then also the staking and creator monetization, which is coming up essentially allows people to what it means. Basically you can stake your favorite creator and kind of give them extra boost by doing that by using the social token.
Collaborations and Community Engagement
Thank you for sharing. And I also saw you guys had a space with Mario Nefallenhe. Do you mind commenting for us? Like, you know, do you guys have a relationship with him? Like, he's obviously a really, really big key figure on X. We'd love to hear more on that. Yes. So, like, Mario is actually one of the, like, very early investors in our project. So was one of the people who came in when were just getting started. And I think he already then saw that, like, social media and social fi have a massive potential. Obviously, onboarding him to favor hasn't been as easy as he is very friendly with Elon right now, and Elon is giving him a lot of reach for everything he's doing here.
Building Relationships with Influencers
But I think eventually he'll see the light as well. But I've been having a lot of one one discussions with Mario over the years as well, about how he sees things in the future. So was happy to get invited there on their space as well. Oh, that's super cool to have someone like that kind of championing for you. Hats off to you guys for securing that as well. I actually hosted a space with him for killer Wells from hello Labs. So it's really cool to kind of see you guys prosper with him in building this together. So really cool.
Community Engagement Strategies
Great. So I wanted to talk a bit about the community and user engagement, because, of course, web three, that is critical. So I wanted to ask, how does favor, encourage and manage community participation and user engagement? Yeah, so there's quite a few things. So we've always been a community first project where kind of we've been from the get go having multiple people on the team who are working purely on the community side of things.
Community Support and Feedback
We have a 24/7 chat coverage in both discord and telegram, with the amazing support of the Amasix moderator team. So whenever you have a question for a favor, there's somebody to answer it around the clock in the social channels. I'm actually spending more than an hour a day myself in those channels, just talking to users and getting their feedback, answering their questions, explaining the roadmap, because we see that the only way to build social is to be social and be part of the community and understand what they need.
Creator Program and Community Building
We have also a specific creator program where we board the best content creators, either in web three or web two, who are wanting to start building that future vision with us. So they give us a lot of that creator centric feedback. Also, communities have been built into kind of the core of favor. So we have, for example, NFT gated communities, where we have an official budget, Penguin community, and many others, where you can only join as a holder of the NFT and trying to kind of foster those smaller groups and discussion amongst them.
User Voting and Community Engagement
And then finally, as a concrete example, the stuff that I'm most excited about really for the token right now is that for the first time, we're able to get the real user vote. So just yesterday we concluded our first proposal on pushing back the season two airdrop by two weeks. So we have time to launch the in app wallets and a few other updates for the users and onboard some more users in the meanwhile as well. That one passed with about 70% voting for yes on the proposal, and we actually had over 2000 people vote with their tokens, so that's actually higher participation than most.
Future Plans and User Participation
Like very big daos right now, which shows that there's like real community activity around this. And in the future, we're going to be using that same method also for like roadmap polls and things like that, where you want to get kind of the sentiment of the real users, where it's very clear that we gave a lot of tokens. Over 5% of the token was given to users during the first week.
The Importance of Genuine User Feedback
And those users who dumped were clearly there just for the token. And we don't want to get their opinion, they're not the real users, but those users who held or even bought more tokens, they are the people who are clearly here to see what are we building for the long term. And their opinions are so valuable right now. So with the token based voting, we can actually get the opinion of the real users, not the farmers. And hopefully that will help us build even better products in the future.
Engaging with Users Effectively
Very, very cool. I love that you're getting into the weeds and speaking with your users and seeing what works and what doesn't seem the product market fit. I think that's a fantastic kind of way to really look at your whole protocol. So hats off to you. Okay, great. So for those listening in, how can those interested individuals contribute to or get involved with favor? Like, what are some resources that maybe are available for users who want to learn more about your platform or get started using?
Getting Started with Favor
Yeah, the easiest step is go to favor.com. You can find there's a pinned tweet from favor app right there at the top of the space, for example. So you can follow us on x, click on the link there to go to our website and download the application available all around the world. We also have an APK link on the website. So if you are in a country that doesn't offer you the play store, then you can download the app directly from there. We have the app available in multiple languages as well. Chinese, Japanese, Korean as of today, also French, Spanish, Russian and Bangla.
Language Accessibility and User Support
And we've had Turkish and many others also earlier on. So you can probably find a native language version. If you're from any of the bigger crypto countries right now, start using it. If you have questions, as mentioned, we have a 24 hours chat support in Telegram and Discord. You can also at any point tag me in your post on favor and I'm checking those every day and answering anybody who has any good questions or feedback. So really trying to be there for the users. And as a reminder, I wanted to make it very easy for people to get started with social.
The Season Two Mechanism
So while we do have a bit more complex season two mechanism where your redemption is a combination of how many favor points you've earned and how high of a level you've achieved in the application. If you're a new user who just bought some social and bitget, for example, and you want to get started, just connect any wallet that has social in it to favor on any of the chains that I mentioned, and we're automatically showing the balance in favor and you're starting to earn rewards for that immediately.
User Engagement and Growth
So we're looking at a 30 day balance when we go for the season two. And you're guaranteed to get at least 20% off your holdings as your season two allocation, just to make that starting very easy for anyone. And then obviously you can get much higher than that if you start being an active user. Start leveling up, start posting good content and getting started. So it's still very early days and we decided to kind of launch the token now and start growing together with the real users because now we can separate the farmers from the real users.
Building a Strong Community
And it's been amazing to see how the real community is rallying behind us. And at the same time, a lot of the bad actors are rage squeaking because they don't see they got an immediate lambo. So it's actually, in a way, a very good situation to be in. That is super cool. Thank you for sharing that. Very, very exciting. Okay, guys, well, that about concludes the questions that I prepared.
Final Thoughts and Remarks
Do you have anything else that maybe you'd like to speak on that we did not address? Jonathan or Tommy, anything else that you have to share with our audience? Well, I guess one thing to mention is that we keep on building real utility and sometimes if there's a bit more volatility in the market, just requires a bit more fighting and focus. But that's what we signed up for. Yeah, just, I guess general remark on anybody who goes and looks at the token graph right now.
Market Timing and Future Developments
We had the final launch pool releases of the exchange campaigns timed almost perfectly with the general crash in the market. So in general, again, our luck on timings. We also had our fundraise back in the day almost secured at the time when FTX went down and then when three arrows capital went down. So we're always hitting these perfect moments in history, but we're still here. So not the least bit worried about this round, rather. Now is a very good time to start building for the longer term, for sure.
Concluding Remarks
Well, you know what they say, that the ones who are building through tough times are the ones who prosper in the good times. So, you know, really excited for you guys. It really seems like you guys are building something super cool. Definitely solves a big pain point. So I wish you all the best. Do you have anything last remarks you'd like to share with our audience before we finish the space today?
Acknowledgements and Goodbyes
I think that was probably at least it on my side, but have a good weekend, everyone ahead. We will probably still be quite busy doing various work things over this weekend. It's been a very busy week. Yeah. Thanks for having us to conclude this round of ama's this week. Absolutely. Thank you so much. Thanks everyone. Yeah, awesome. Great guys. Really appreciate you gents taking some time and speaking with us.
Final Encouragement to Follow
Bits get users here. I really appreciate it. All right, guys, please be sure to follow all of our guest speakers. You have Jonathan, Tommy, of course, favor and bits get and myself. If you haven't already, there'll be a lot more fantastic crypto insights coming your way. That is it from us today.
