The internet is currently an oligopoly, where social media giants make huge profits by monopolizing users’ social identities and data. They can also change the rules of the game whenever they want, which negates the original spirit of the internet where openness and sharing are the core principles. When it comes to building Web 3.0 and developing a large-scale creator economy in the metaverse, we need new social infrastructures that embody the original elements of the internet. The creation of the Follow protocol is an attempt to do just this.
Follow is a decentralized social protocol based on blockchain technology. By providing complete basic development tools and a standard smart contract interface, any individual or organization can build applications based on this protocol. In any application built on Follow, users have full control over their own social identity and data. They can also interconnect and combine various applications, to form a decentralized, hybrid and hierarchical Social Finance (SocialFi) network with an autonomous economic system. Follow Protocol and its utilities are launched on Ethereum mainnet and will be deployed to Ethereum layer 2 in the next stage.
A variety of decentralized social applications can be built on the Follow protocol. For example, if users want to make a collection of their favorite webpages or dapps, they can easily do it with the Like and Unlike function. If they want to build a network music player that can collect music and create their own playlist, they can use Like and AddPlaylist functions. Using the Follow protocol, they can even build a decentralized Instagram.
Follow was officially released in September 2021, along with Follow.top, which focuses on nonfungible token (NFT) social networks and is based on the Follow protocol.
NFT technical standards have let digital art become more valuable. However, this value is still realized through common aesthetic perception and deep social interactions. Creators need exclusivity to maintain relations with their community, as well as to have greater control over the benefits. In the existing centralized social platforms, it’s difficult for creators to establish strong connections with customers and for fans to gain any benefits in the community.
On Follow.top, users can freely access the platform, collect and enjoy NFTs, support creators, share personal opinions with creators, participate in community building and form an exclusive community with fast-growing economic activities.
Follow.top will build a complete value system that integrates the minting and trading functions of NFTs. This will encourage creators to launch social tokens so that every user can benefit by demonstrating their social value. Follow’s DAO includes people who’ve worked for Tencent, Alibaba Group and Huobi.
The long-term plan of the Follow protocol entails developing Follow Protocol v2.0, establishing an artist alliance, releasing a variety of NFT collectibles and expanding its DAO, among others, as well as announcing long-term community-led governance rules. Follow is one of the key driving forces for the large-scale development of Web 3.0 applications, as well as a solid cornerstone for building a more dynamic and robust digital art ecosystem.
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