SocialFi: Exploring Social Business Model Innovation
SocialFi：探索社会商业模式创新

SocialFi is reentering the zeitgeist after FriendTech popularized financializing a user's social activity by attaching a tradable token (”key”) to the user in August 2023. Now, with FriendTech V2 and FantasyTop launching last week, the sector is receiving another moment in the spotlight. FantasyTop has already seen multimillion-dollar volume days and Friend.Tech has seen $40 million in volume for its new Clubs feature. This comes as Farcaster approaches daily active user highs and new social apps raise eight-figure seeds.
2023 年 8 月，FriendTech 将可交易的代币（"密钥"）附加到用户身上，从而普及了用户社交活动的金融化，此后，SocialFi 再次成为时尚。现在，随着FriendTech V2和FantasyTop在上周推出，这一领域又一次成为了焦点。FantasyTop 的交易量已达数百万美元，Friend.Tech 的新俱乐部功能交易量也已达 4000 万美元。在此之前，Farcaster 的日活跃用户数量已接近最高值，而新的社交应用程序的种子资金也达到了八位数。

The innovations within SocialFi can largely be bucketed into two major categories:
SocialFi 的创新主要分为两大类：

• Social Primitive Substrate — Farcaster provides the base tooling for identity, posting, wallet relationships, and general application integration patterns via Frames and Actions.
  社交原始基板 - Farcaster 通过框架和操作为身份、发布、钱包关系和一般应用集成模式提供基础工具。
  This breaks apart the prevailing tech stack associated with social apps and allows anyone to build interconnected apps on top of the same base tooling and social network leading to more efficiency and experimentation.
  这打破了与社交应用相关的主流技术堆栈，使任何人都能在相同的基础工具和社交网络之上构建相互关联的应用，从而提高效率和实验性。
• Financialization — Friend.Tech and FantasyTop attach a tradable component, such as an NFT or token, to familiar social activities and existing profiles. Other users can thus speculate on the creator’s future activity or attention.
  金融化--Friend.Tech 和 FantasyTop 在人们熟悉的社交活动和现有资料上附加了一个可交易的组件，如 NFT 或代币。其他用户因此可以推测创建者未来的活动或关注度。
  In turn, creators earn a portion of the speculative trading activity enabling them to capture a new form of revenue not present in traditional social platforms.
  反过来，创作者也能从投机交易活动中赚取一部分，从而获得传统社交平台所没有的新收入形式。

Both innovation areas bring true business model innovation which is historically an indicator of a lasting trend versus a flash in the pan. Financialization, in particular, can potentially change the way social activity is monetized broadly, especially in a world where we continue to hit records in the amount wagered in speculative uses.
这两个创新领域都带来了真正的商业模式创新，这在历史上是持久趋势而非昙花一现的指标。金融化尤其有可能广泛改变社会活动的货币化方式，尤其是在我们不断创下投机性赌注记录的今天。
It adds a new speculation-value-capture revenue stream to the traditional creator revenue surface area currently consisting of subscriptions and sponsorship revenues, which are power law distributed towards creators with larger accounts.
在目前由订阅和赞助收入组成的传统创作者收入表面区域之外，它增加了一个新的投机-价值捕获收入流。
With the current monetization frameworks, small to medium size creators do not have a viable avenue to earn a living. For example, nearly 98% of creators on YouTube would not earn enough from the platform’s ad revenue share program to meet the US poverty line.
在当前的货币化框架下，中小创作者没有可行的谋生途径。例如，YouTube 上近 98% 的创作者从该平台的广告收入分成计划中赚取的收入不足以达到美国的贫困线。

The reason why only large accounts are able to earn a livable wage from social activity largely has to do with the advertisement-based business model of the platforms and the power dynamics of mega platforms. An ad-centered model favors predictability and of course, relies on large audiences to prolificate sponsored content and ads.
之所以只有大账户才能从社交活动中赚取可维持生计的工资，在很大程度上与平台以广告为基础的商业模式和巨型平台的权力动态有关。以广告为中心的模式倾向于可预测性，当然也依赖于大量受众对赞助内容和广告的支持。
This business model thus results in new accounts having little to no earning power from their online presence.
因此，这种业务模式导致新客户几乎无法从其在线业务中获利。

Furthermore, creators are only ever able to realize earnings once they have achieved the large audience sizes which can take a long time.
此外，创作者只有在获得大量受众后才能实现盈利，而这需要很长的时间。
This puts nearly all the risk on the creator to fund (both financially and opportunity cost-wise) their online presence until they have achieved a large enough size to monetize.
这使得创作者几乎要承担所有的风险，为他们的在线展示提供资金（包括资金和机会成本），直到他们达到足够大的规模，可以实现货币化。
The bootstrapping cost pressures of this model can force creators to monetize too early in the form of subscriptions, which limit virality growth, or conform their content towards a mass audience for faster growth at the expense of experimentation or authenticity.
这种模式的引导成本压力可能会迫使创作者过早地以订阅的形式实现货币化，从而限制病毒式增长，或者以牺牲实验性或真实性为代价，使内容向大众受众靠拢，以实现更快的增长。

However, introducing a speculative component to a user’s online presence introduces a new monetization path for creators which can result in realized earnings far earlier in the creator’s life cycle in addition to generally increasing their overall earning potential.
然而，在用户的在线存在中引入投机成分，为创作者引入了一条新的盈利途径，除了普遍提高创作者的整体盈利潜力外，还能在创作者的生命周期中更早地实现盈利。

While the speculative aspect may be offputting, the mechanism is no different than traditional venture, just at a smaller scale.
虽然投机方面可能令人反感，但其机制与传统风险投资并无不同，只是规模较小而已。
Venture deals in software businesses enable code creators to monetize today in the form of a salary while the business itself is still a long way away from earning cash flows.
软件企业的风险投资交易使代码创造者如今能够以工资的形式实现货币化，而企业本身距离赚取现金流还有很长的路要走。
Similarly, creator financialization allows creators to capture value from speculative activity happening around them as near-term income until future earnings can be captured from traditional mechanisms (if desired).
同样，创作者金融化可以让创作者从身边发生的投机活动中获取价值，作为近期收入，直到未来可以从传统机制中获取收益（如果需要的话）。

In general, giving creators the ability to capture speculative value opens up the door for business model innovation at both the creator and platform levels so let’s dive into the leading platforms being built within SocialFi to get a sense of the sector’s current direction.
总的来说，赋予创作者获取投机价值的能力，为创作者和平台层面的商业模式创新打开了大门。

SocialFi Landscape SocialFi 全景

The application landscape for financializing social activity can largely be bucketed into four major application themes:
社会活动金融化的应用前景可大致分为四大应用主题：

• Social Graph Platforms — platforms that house user profiles, followers, posts, and more providing the core tooling of any social application. Typically, these platforms have full apps or micro apps built on top of them utilizing their frameworks.
  社交图谱平台--容纳用户档案、关注者、帖子等内容的平台，为任何社交应用提供核心工具。通常，这些平台利用其框架在其上构建完整的应用程序或微型应用程序。
  Examples of social graph platforms include Farcaster, Lens, and, to an extent, Twitter as it increasingly is required to be linked in creator tokenization applications.
  社交图谱平台的例子包括 Farcaster、Lens，在某种程度上还包括 Twitter，因为它越来越多地被要求与创建者标记化应用相连接。
• Creator Tokenization — apps that tokenize creator profiles where users are able to buy and sell the tokenized asset to speculate on the creator’s future attention capture. Built-in fees automatically flow back to the creator’s account so that they can capture a portion of the speculative value.
  创作者代币化--将创作者资料代币化的应用程序，用户可以通过买卖代币化资产来投机创作者未来的关注度。内置费用会自动流回创作者的账户，这样他们就能获取部分投机价值。
  These apps, like Friend.Tech, typically introduce some simple native social features such as posting or can be adjacent to existing social activity such as FantasyTop, which links creator-tokenized cards to their Twitter engagement.
  这些应用程序，如 Friend.Tech，通常会引入一些简单的本地社交功能，如发布，或者与现有的社交活动相邻，如 FantasyTop，它将创建者标记的卡片与他们在 Twitter 上的互动联系起来。
• Content Tokenization — apps that allow creators to tokenize their content, such as blogs, music, and other media, that can then be collected (bought) by other users.
  内容令牌化--允许创作者将其内容（如博客、音乐和其他媒体）令牌化，然后由其他用户收集（购买）的应用程序。
  Once content is collected, the creator potentially earns a fee and the collector has a copy of the media in their wallet, which can further be used to access future exclusive rewards from the creator.
  一旦内容被收集，创作者就有可能赚取一定的费用，而收集者的钱包里则有一份媒体拷贝，可以进一步用来获取创作者未来的独家奖励。
  Examples include Mirror for blogs, Sound for music, and, to an extent, DEGEN has evolved as a tokenized “like” or tipping function.
  例如，Mirror 用于博客，Sound 用于音乐，在某种程度上，DEGEN 已经发展成为一种标记化的 "喜欢 "或小费功能。
• End Applications — Apps designed to present a content feed to end users for consumption and discovery reminiscent of traditional social apps like Twitter.
  终端应用--旨在向终端用户提供内容馈送，供其消费和发现的应用，让人想起 Twitter 等传统社交应用。
  In addition to traditional content feeds, these apps tend to externalize crypto-native features such as content collection provided by content tokenization platforms.
  除了传统的内容馈送外，这些应用程序还倾向于将加密本机功能外部化，例如内容标记化平台提供的内容收集功能。

The bulk of the social financialization innovation is centered within content tokenization and creator tokenization products.
大部分社交金融化创新都集中在内容代币化和创作者代币化产品上。
However, while content tokenization has been the longest form of financializing online activity, it arguably has seen slower adoption and less excitement than creator tokenization.
不过，虽然内容代币化是在线活动金融化时间最长的一种形式，但与创作者代币化相比，它的采用速度较慢，也没有那么激动人心。
The issues with content tokenization are the friction introduced when the collector has to fork over money to collect the content and the general lack of utility once the item is collected (where do you display the blog you collected, and why do your friends care?).
内容标记化的问题在于，当收集者需要花钱收集内容时，就会产生摩擦，而且一旦收集到物品，就会普遍缺乏实用性（你在哪里展示你收集到的博客，你的朋友为什么会关心？）

Conversely, creator tokenization has sparked some excitement and certainly more revenue than collect-based models.
相反，创作者代币化引发了一些兴奋点，当然也比基于收集的模式带来了更多收入。
However, that said, content tokenization is still a prominent creator earning strategy that is being further enhanced with more popular crypto-native social frameworks like Farcaster.
不过，尽管如此，内容代币化仍然是一种突出的创作者盈利策略，并随着 Farcaster 等更受欢迎的加密原生社交框架而得到进一步加强。
So, with that said, let’s zoom into three leading platforms driving innovation and excitement in SocialFi today.
说到这里，让我们来了解一下当今推动 SocialFi 创新和发展的三个领先平台。

Farcaster

Farcaster is a sufficiently decentralized social graph protocol where each user’s profile ownership is recorded in an onchain contract while an offchain network of nodes called Hubs process all user interactions and relationships like posts, follows and more.
Farcaster 是一个充分去中心化的社交图谱协议，每个用户的个人资料所有权都记录在一个链上合约中，而一个名为 "枢纽"（Hubs）的离链节点网络则处理所有用户互动和关系，如发帖、关注等。

Apps can then build on top of the Farcaster Hub network reading in all the existing users and posts (called “casts”). By far, the most popular app on top of Farcaster is a Twitter-like social app built by the Farcaster team themselves called Warpcast.
然后，应用程序可以在 Farcaster Hub 网络的基础上，读取所有现有用户和帖子（称为 "casts"）。到目前为止，Farcaster 上最受欢迎的应用程序是 Farcaster 团队自己开发的类似 Twitter 的社交应用程序 Warpcast。

While all of these features are rather basic social primitives that can be reused across apps, the real innovation comes from the ability to extend Farcaster’s functionality with Frames and Actions.
虽然所有这些功能都是可以在不同应用程序中重复使用的基本社交基元，但真正的创新来自于利用 "框架 "和 "动作 "扩展 Farcaster 功能的能力。
Frames are a way for 3rd-party apps to render mini-apps within a Farcaster cast and Actions are custom button extensions shown on a cast that allow users to perform some extended feature such as tipping.
框架是第三方应用程序在 Farcaster 演员阵容中呈现迷你应用程序的一种方式，而操作则是演员阵容上显示的自定义按钮扩展，允许用户执行一些扩展功能，如小费。

In terms of creator monetization, Frames and Actions give creators expressivity in how their content can be utilized, interacted with, and monetized. For example, Frames can include a link to an NFT mint or require the viewer to hold a certain token.
在创作者货币化方面，"框架 "和 "动作 "为创作者提供了如何利用其内容、与之互动和货币化的表现力。例如，"框架 "可以包含一个 NFT 铸币厂的链接，或者要求观众持有某种代币。
Creators can then experiment with content scarcity and unique loyalty programs that are generally impossible on traditional social platforms, opening up new avenues for creator monetization.
这样，创作者就可以尝试在传统社交平台上通常无法实现的内容稀缺性和独特的忠诚度计划，为创作者的货币化开辟新的途径。

Friend.Tech

Friend.Tech recently launched its V2 and is the leading creator tokenization platform which gives creators tooling to financialize their online presence.
Friend.Tech 最近推出了 V2 版，它是领先的创作者代币化平台，为创作者提供工具，使他们的在线存在金融化。
The platform initially launched in late summer 2023 with the simple feature of attaching a token (called a “Key”) to each creator on the app that could be bought and sold by other users to obtain access to the creator’s gated group chat.
该平台最初于 2023 年夏末推出，其简单的功能是为应用程序上的每个创作者附加一个令牌（称为 "密钥"），其他用户可以通过买卖该令牌进入创作者的封闭群聊。

Key values quickly grew to encompass the speculative value that a particular profile would grow in prominence in addition to whatever value people actually received from getting access to the closed chat with the creator.
关键值迅速增长，除了人们从与创建者的封闭聊天中获得的实际价值外，还包括了特定个人资料会变得越来越显眼的投机价值。
Keys are bought and sold against a bonding curve in ETH and each trade incurs a 10% total fee with 5% going to the creator and the other 5% to the platform. Therefore, the more creators were able to drive value and speculative activity, the more fee income they would make.
密钥的买卖以 ETH 为基准，每笔交易产生 10%的总费用，其中 5%归创造者所有，另外 5%归平台所有。因此，创造者越能推动价值和投机活动，他们就能获得越多的手续费收入。

During the initial wave of excitement from August to November 2023, the platform accrued $50 million in fees, half going to creators. While naive, annualizing this period’s creator earning figures would amount to $100 million in annual earnings for both creators and Friend.Tech the platform.
在 2023 年 8 月至 11 月的最初一波热潮中，该平台积累了 5000 万美元的费用，其中一半归创作者所有。虽然天真，但将这一时期的创作者收入数字按年计算，创作者和平台 Friend.Tech 的年收入将达到 1 亿美元。
This level of creator earnings would already amount to roughly a third of Patreon creator earnings, a leading traditional creator monetization platform, highlighting the earning potential of adding speculative value to traditional creator monetization methods. From a business perspective, the annualized $100 million earnings for Friend.Tech would be on par with Patreon’s estimated $75-180 million 2022 revenue.
这一水平的创作者收入已经达到了传统创作者货币化平台 Patreon 创作者收入的三分之一左右，凸显了在传统创作者货币化方式上增加投机价值的盈利潜力。从商业角度看，Friend.Tech 每年 1 亿美元的收益将与 Patreon 2022 年预计 7,500-1.8 亿美元的收入相当。

Now, Friend.Tech has released their V2 which introduces a new DEX, FRIEND token, and gamified group chat rooms deemed Clubs.
现在，Friend.Tech 发布了他们的 V2 版本，引入了新的 DEX、FRIEND 代币和被视为俱乐部的游戏化群组聊天室。

Clubs each have their own Key similar to individual creators, except that they are priced on a customizable bonding curve paired against the FRIEND token instead of ETH. This drives structural demand for FRIEND as the number of clubs grows in count and value.
每个俱乐部都有自己的 "密钥"（Key），与单个创作者类似，不同的是，它们的价格是根据与 FRIEND 代币（而不是 ETH）配对的可定制绑定曲线确定的。随着俱乐部数量和价值的增长，这将推动对 FRIEND 的结构性需求。
Furthermore, there is a 1.5% fee charged on club key transactions shared FRIEND LPs and recently Friend.Tech announced they would route two-thirds of Club fee swaps to users. So far, nearly 150,000 clubs have been created with over 100,000 users interacting with clubs generating about $1.5 million in fees for LPs and the platform in the first 5 days of being live.
此外，共享 FRIEND LP 的俱乐部密钥交易收取 1.5% 的费用，Friend.Tech 最近宣布，他们将把三分之二的俱乐部费用调换给用户。到目前为止，已经创建了近 15 万个俱乐部，超过 10 万名用户与俱乐部进行了互动，在上线的头 5 天内，为 LP 和平台产生了约 150 万美元的费用。

Additional revenue for LPs comes from all FRIEND swaps as there is a 3% fee on all swaps split with LPs and Friend.Tech. Much of the features and fee model introduced in V2 is geared at driving value for LPs and has so far resulted in LPs earning in the ballpark of 600% APR or ~$1 million in fee revenue per day (which is surely inflated in the first few days of launch, so apply appropriate discounting).
LP 的额外收入来自所有 FRIEND 交换，因为所有交换的 3% 费用由 LP 和 Friend.Tech 瓜分。V2 中引入的许多功能和收费模式都是为了给 LP 带来价值，到目前为止，LP 已经赚取了大约 600% 的年利率，即每天约 100 万美元的费用收入（这在推出的头几天肯定是夸大了，因此要适当打折）。

In addition to Clubs, Friend.Tech recently hinted at additional features such as Keydrops, Memeclubs, and Pinned Rooms which have little details released but seem to offer additional monetization capabilities for users and LPs on the platform.
除俱乐部外，Friend.Tech 最近还暗示将推出其他功能，如 Keydrops、Memeclubs 和 Pinned Rooms，这些功能的细节尚未公布，但似乎为平台上的用户和 LP 提供了额外的货币化功能。

FantasyTop

FantasyTop is a new creator tokenization app on Blast which takes an angle similar to fantasy apps for professional sports. Different Twitter personalities are tokenized as trading cards, which users purchase and assemble into teams to compete with other user pools.
FantasyTop 是 Blast 上的一款新的创建者代币化应用程序，其角度类似于职业体育的幻想应用程序。不同的 Twitter 名人被代币化为交易卡，用户购买后组成团队与其他用户竞争。
Users who assemble teams who score the highest win prizes in tournaments. Each card scores higher when the linked creator’s Twitter profile is more active and accumulates impressions. For more information, Apix put together a helpful guide.
组建团队得分最高的用户可在比赛中赢得奖品。当链接创建者的 Twitter 简介更活跃并积累了更多印象分时，每张卡片的得分就会更高。如需了解更多信息，Apix 提供了一份有用的指南。

Creators earn 1.5% of all the trading fees of their cards and 10% from the minting of their cards. In the first week, creators earned over 400 ETH ($1.2 million) across both fee sources with the top creators capturing over 6 ETH each (~$18,000).
创作者可从其卡牌的所有交易费中赚取 1.5%，从其卡牌的铸造费中赚取 10%。在第一周，创作者通过这两种费用来源赚取了超过 400 个以太坊（约合 120 万美元），其中顶级创作者每人赚取了超过 6 个以太坊（约合 1.8 万美元）。

Contrasting with Friend.Tech, the core differentiator for FantasyTop is it passively connects to creators’ existing Twitter account and activity without requiring them to post or create content on another platform.
与Friend.Tech不同，FantasyTop的核心差异在于它能被动地连接到创作者现有的Twitter账户和活动，而不需要他们在其他平台上发布或创建内容。
This is especially appealing for creators as it is less work on their end while extending their earning potential by providing a passive speculative component. For example, Ansem, a popular Twitter account with nearly 390,000 followers, earned in total $4,500 from Twitter’s revenue share program for all of March while in just the first week of FantasyTop earned 4 times more with nearly $20,000 in earnings (for comparison's sake, in the last 10 days of trading on Friend.Tech, he has earned over $68,000).
这对创作者来说尤其具有吸引力，因为这既减少了他们的工作量，又通过提供被动的投机成分扩大了他们的盈利潜力。例如，拥有近 39 万粉丝的热门 Twitter 帐户 Ansem 在整个 3 月份从 Twitter 的收入分成计划中总共赚取了 4500 美元，而 FantasyTop 仅在第一周就赚取了 4 倍的收入，接近 2 万美元（作为对比，在 Friend.Tech 过去 10 天的交易中，他赚取了超过 6.8 万美元）。

Business Model Efficiency & Valuations 商业模式效率与估值

At a high level, the platforms for creator tokenization have a simple business model which takes a cut of the transaction amount when users buy or sell a creator’s token. Typically the fee ranges from 3-10% of the transaction amount.
从高层次来看，创作者代币化平台的商业模式很简单，即在用户购买或出售创作者代币时，从交易额中抽成。一般来说，费用为交易额的 3-10%。

This isn’t too different from traditional creator monetization platforms like Patreon and Substack, which take 8-12% of creators’ subscription earnings.
这与 Patreon 和 Substack 等传统的创作者货币化平台并无太大区别，后者从创作者的订阅收入中抽取 8-12% 的资金。

However, there are some subtle benefits to capturing transaction fees at the creator speculation layer rather than the revenue layer:
不过，在创作者投机层而不是收入层获取交易费也有一些微妙的好处：

• Monetize pre-revenue creators: Patreon can only monetize once a creator has reached a large enough audience to monetize and convince subscribers to pay. Apps like Friend.Tech allows early-stage creators to be tokenized, so the monetizable creator pool is much, much larger.
  让未获得收入的创作者实现货币化：Patreon 只能在创作者拥有足够多的受众后才能实现货币化，并说服用户付费。Friend.Tech等应用程序允许早期创作者代币化，因此可货币化的创作者群体要大得多。
  Effectively, Friend.Tech can start earning revenue on creators before the creators have had the time to attract paying customers, a significant advantage given the distribution of creators who actually can earn from their subscribers (very top concentrated as mentioned earlier).
  实际上，Friend.Tech 可以在创作者吸引付费用户之前就开始从创作者身上赚取收入，考虑到真正能从订阅者身上赚取收入的创作者的分布（如前所述，非常集中），这是一个很大的优势。
• Valuation are at Multiples of Revenue: Patreon style apps can only monetize realized revenue, however, Friend.Tech monetizes at the creator valuation which can be at multiples of actual revenue. For example, a typical crypto protocol can trade at 50x revenues which is a huge advantage for apps like Friend.Tech because they are taking a percentage fee on this much, larger value being transacted.
  估值是收入的倍数：Patreon 风格的应用程序只能对已实现的收入进行货币化，而 Friend.Tech 则对创建者进行货币化，其估值可能是实际收入的数倍。例如，一个典型的加密协议的交易价格是收入的 50 倍，这对 Friend.Tech 这样的应用程序来说是一个巨大的优势，因为他们可以从这个更大的交易价值中获取一定比例的费用。
• Buy and Sell Fees: Apps like Friend.Tech take a fee on both buys and sells whereas Patreon subscriptions are 1) a direct cost for users and b) not resellable.
  买卖费用：Friend.Tech等应用在购买和出售时都会收取费用，而Patreon订阅则是：1）用户直接付费，2）不可转售。
  Therefore, the surface area of monetization for creator tokenization products is much higher as they can capture value on both the buy and sell side versus just the purchase side.
  因此，创造者代币化产品的货币化表面积要大得多，因为它们可以在买方和卖方都获取价值，而不仅仅是在买方获取价值。
• Incentive Flywheel: Since holders of a creator token benefit when the price goes up and with the creator getting more attention, they are financially incentivized to share it with their network more so than when they buy a subscription to a podcast or something similar.
  激励飞轮：由于创作者代币的持有者会在价格上涨时获益，而且创作者会得到更多关注，因此他们会受到经济激励，与他们的网络分享创作者代币，这比他们购买播客或类似产品的订阅更有意义。
  This kicks off a flywheel where a creator’s attention can increase rapidly as followers spread awareness and drive volume and thus fee income from the trading of the creator token.
  这就启动了一个飞轮，随着追随者传播知名度和推动交易量，创造者的关注度会迅速提高，从而从创造者代币的交易中获得费用收入。

In summary, compared to traditional creator monetization platforms, transaction amounts are greater and captured on both sides of a transaction for tokenization platforms. This results in a much higher revenue opportunity per customer and, thus, better business model economics.
总之，与传统的创作者货币化平台相比，代币化平台的交易金额更大，而且交易双方都能获取。因此，每个客户的收入机会要高得多，商业模式的经济效益也更好。

For example, Patreon was valued at $4 billion in 2021 and reportedly down to $1.5 billion more recently. This is built on top of their roughly 250,000 creators who earn revenue amounting to ~$25 million in monthly creator revenue. On an annual basis, this earns the Patreon platform an estimated $75-180 million in revenue.
例如，Patreon 在 2021 年的估值为 40 亿美元，据说最近降到了 15 亿美元。这是建立在大约 25 万名创作者的基础上的，这些创作者的月收入达到约 2500 万美元。按年计算，Patreon 平台的收入约为 7,500-1.8 亿美元。
However, they reportedly have 400 employees at an average of $140,000 salary, amounting to about $60 million in cost, meaning net revenues are in the $15-120 million ballpark. In contrast, (naively) annualizing the revenue of a platform like Friend.Tech is roughly $100 million for both the platform (equity) and the LPs of FRIEND token.
不过，据报道他们有 400 名员工，平均工资为 14 万美元，成本约为 6000 万美元，这意味着净收入在 1500-1.2 亿美元左右。相比之下，Friend.Tech 这样一个平台的年收入（天真地认为）大约为 1 亿美元，平台（股权）和 FRIEND 代币的 LP 都是如此。
Additionally, the $100 million of revenue for FRIEND LPs is realized earnings directly to holders rather than Patreon’s revenue which is accrued by the business and not necessarily distributed to equity holders via dividends or buybacks.
此外，FRIEND LPs 的 1 亿美元收入是直接分配给持有人的变现收益，而不是 Patreon 的收入，后者的收入由企业累计，不一定通过分红或回购分配给权益持有人。
So, with a token like FRIEND that is trading sub $200 million fully diluted, holders get access to comparable revenue flows as a leading creator monetization platform at nearly a tenth of the valuation due to the more efficient creator business model.
因此，对于像 FRIEND 这样完全稀释后交易价格低于 2 亿美元的代币来说，由于采用了更高效的创作者商业模式，持有者可以获得与领先的创作者货币化平台相当的收入流，而估值仅为后者的近十分之一。

Looking Ahead 展望未来

Creator tokenization is business model innovation that opens up both a new speculation revenue line and introduces a way for creator to capture this value.
创作者代币化是一种商业模式创新，既开辟了一条新的投机收入线，又为创作者提供了一种获取这种价值的途径。
Just using Ansem’s $90,000 in SocialFi earnings over the last 10 days compared to his $4,500 earnings on Twitter signals the size of the financial incentives.
仅以 Ansem 过去 10 天在 SocialFi 上的 90,000 美元收入与他在 Twitter 上的 4,500 美元收入相比，就可以看出经济激励的规模。
Importantly, the earnings cross the threshold from being nice-to-have income to being significant enough to support a desired lifestyle.
重要的是，收入跨越了门槛，从 "可有可无 "的收入变成了足以支持理想生活方式的重要收入。
Incentives of this magnitude tend to attract attention and the social virality component means there is a reasonable chance SocialFi sees continual inflows driving more revenue and fundamentals for the underlying platforms such as Friend.Tech and FantasyTop.
这种规模的激励措施往往会吸引人们的关注，而社交病毒式传播意味着 SocialFi 有合理的机会看到持续的资金流入，从而为 Friend.Tech 和 FantasyTop 等基础平台带来更多的收入和基本面。

-----

Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.
请填写这份简短的表格，告诉我们您喜欢这份报告的哪些地方、哪些地方可能有遗漏，或与我们分享任何其他反馈意见。所有回复均受我们的隐私政策和服务条款约束。

Looking to dive deeper? Subscribe to Messari Pro. Messari Pro memberships provide access to daily crypto news and insights, exclusive long-form daily research, advanced screener, charting & watchlist features, and access to curated sets of charts and metrics. Learn more at messari.io/pro.
想要深入了解？订阅Messari专业版。Messari Pro会员可以访问每日加密货币新闻和见解、独家长篇每日研究、高级筛选器、图表和观察列表功能，以及访问精心策划的图表和指标集。了解更多信息，请访问 messari.io/pro。