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The conversation of CZ and Mint Club at the Binance Incubation Program Weekly Fireside Chat
Today, we had a great fireside chat session with CZ, the founder of Binance, along with all other great incubation team founders. As we all know, CZ is one of the busiest men in the world, but he spent invaluable time with us to share his knowledge and successful experiences with the incubation teams.
In order to reply the whole session, please check out this (Mint Club part - 11:45) - https://www.binance.com/en/live/video?roomId=2100380
During the session, YoungHwi, a co-founder and designer of Mint Club gave a quick introduction about Mint Club and 1s.market and how we’re trying to build the SocialFi platform on the Binance Smart Chain. And then, he asked his opinion about the SocialFi sector, key roles in BSC for that, and tips for us to crack into this new industry.
First, he said he thinks that it will be a very difficult journey because the current centralised social platforms have a large number of cohesive users and it may be pretty hard to migrate users from them to decentralised platforms. But he thinks it’s an area with lots of potential.
He also mentioned that he's never seen any crypto-based social platform crack the centralised platforms yet. In this way, he thinks that SocialFi is still a very new area. And in other positive news, he said the GamiFi industry was only cracked last year and he said we should “Go for it” with our platform.
In summary, it will be a tough job for us to get the right product-market-fit in the beginning. We should plan for the longer-term and be prepared to overcome many pivoting challenges.
Even if it's a very new and tough journey, he believes that many concepts the SocialFi projects are trying to provide will do really well in the future. And it’s also a very large market (meaning that it has huge potential).
Lastly, he mentioned that BSC can be the leading network for SocialFi. He said BSC is the perfect choice for our SocialFi platform not only because it has a lower transaction cost and faster speed but also because it has the most users and is more active than any other blockchain network. Other blockchains may have larger “whales,” BSC has bigger daily active users.
We strongly agree with CZ and we truly believe that choosing BSC for the journey of open social token platform that the Mint Club aims to create was a fantastic decision.
After the session, we had a chance to deliver our thank you message to CZ, and this was our message to him.
Thanks so much for today’s amazing fireside chat and also for all your advice. I had no chance to reply to your question during the session, but I think the key success for SocialFi is to create a new social media, NOT to replace the traditional social media platforms. I don't think we need to make a decentralised Facebook or Twitter. The current social media model is only suitable for the centralised ecosystem. I think that there are certain areas that the blockchain/smart contract-based social platforms can do better than Facebook/Twitter, and that's what Mint Club is focusing on. Huge thanks again for sharing your time with us and hope we can have a chance to meet you another time. P.s.: It would be a massive honour if you have a chance to look around 1s.market and check out your time token too 😉.
(Binance Labs Incubation Program Season 3 teams photo)