How can blockchain revolutionize social media? Phaver aims to be the social hub for web3 #SlateCast 25

by Arthur · October 20, 2022

Phaver is a share-to-earn social media platform running on the Lens Protocol. This Web3 social media platform allows users to own their data and generate revenue streams by posting and sharing content.

Phaver’s co-founder, Joonatan, describes the value of the platform by saying:

“Users are in control of their own profiles with the NFTs and their social relationships through following NFTs. So we realize that something we need to do from the beginning is allow users to resume the interoperable data.”

Unlike web2 platforms like Instagram, which can provide profiles in NFT forms, but can also decide which NFT can continue to post on their platform.

When users provide and own the data, Joonatan continues, our job at Phaver simply becomes to build a first-class user experience.

Table of Contents

The platform

The Phaver ecosystem runs on the Phaver points and tokens. Instead of likes that we use on all social media platforms, Phaver gives the chance to stake tokens during a post. Every day each Phaver account gets five coins to bet on any five posts they like. A bet adds 10 Phaver points to the bet account.

The stake function works like gift tokens. Although these tokens have no value right now, they will be valuable in the future after Paver’s original tokens are launched. According to Joonatan, the team is working to establish a dual-token economy, which will reward early adopters at launch.

All content types, including text, video, GIFs and images, are allowed on Phaver. Users are also encouraged to share content they find on other web2 social media platforms. Each post is added under a predetermined category to enable users to navigate more easily among posts in Phaver.

How it works

Phaver focuses on rewarding the users rather than the protocol. The platform is looking to monetize the ads in a way to increase the original token. Joonatan describes the model by saying:

“We don’t want an invasive monetization model where we scrape your web history, instant messages and inbox like Google and Facebook do. But rather we have contextual targeting of the topics inside Phaver.”

For example, if Nike wants to do a sneaker drop in Phaver, it starts by creating an organic post under the sneakers topic. Then it should buy Phaver tokens to increase its ad record in Phaver.

In this way, the revenue generated from ads does not go into the platform owners’ pockets, but is used to increase the value of the Phaver token, benefiting all users.

Ways to earn and lose in Phaver

The idea of rewarding those who create the best content is at the heart of Phaver. The more bets you get during a post, the more coins you will earn.

However, users who are looking for the best posts can also be rewarded. According to Joonatan, users who help the team by boosting only the best content or disliking scams are also rewarded for their work.

The platform also developed its mechanism to combat users with multiple accounts, squatters and spammers. When detected, the Phaver team has the authority to deduct Phaver points from these profiles based on the severity of the damage they cause.

In the future

In its early stages, Phaver mainly focuses on two main functions: discovery and support via staking. However, the team is aware that supporting all types of content in one feed is challenging without sacrificing user experience.

Therefore, Joonatan says that Phaver will grow to become more segmented. For example, the video-based content could evolve into something more like TikTok, rather than the current state of the app today. In the future, Phaver aims to become a super app where it reduces all social data in one chain.