Author: bayemon.eth, ChainCatcher
According to a report from DataReportal, there are currently 4.8 billion active social media users worldwide, accounting for nearly 60% of the global population. Based on historical growth rate data, it is estimated that the number of global social media users will reach 5.85 billion by 2027. In terms of market share, the social media application market value is expected to reach $49.09 billion in 2022, with a projected compound annual growth rate of 26.2% from 2023 to 2030. Additionally, GWI data shows that the average time spent on social media per person globally is approximately 6 hours and 37 minutes, which amounts to about 11 years in a person’s lifetime if calculated based on an average age of 73 years.
Whether in the Web2 or Web3 world, social media has become an essential need for users. The enormous market share and insatiable demand have attracted more and more projects to tap into the “social” pie. Recently, after Friend.tech drew attention to the social field in the Web3 world, another social project called Tip Coin has started to gain popularity.
Tip Coin is a new type of social project based on X (formerly Twitter) and combined with cryptocurrency. It aims to allow users to earn points (which may later become project tokens) by participating in content creation through “tweet mining”.
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Users only need to bind their accounts on the Tip Coin website and when creating, retweeting, or commenting on content on X (formerly Twitter), they can earn points by adding @tipcoineth and the $tip tag, based on metrics such as views, likes, replies, retweets, and quoted retweets.
Due to being in the very early stages and having a low entry barrier, Tip Coin attracted approximately 100,000 users to participate in tweet publishing and commenting within just four days of its launch on September 1st.
However, for the current Web3 social platforms, whether it is Friend.tech that quickly “built tall buildings” but ultimately turned into a “gambling paradise”, or Lens Protocol that has been busy but still hasn’t made a splash, it seems that no one can truly grasp the trend of Web3 social platforms and become a “long-lasting” application.
Currently, besides the simple form of interaction of earning points, Tip Coin has not yet disclosed its true operating model. The future development and empowerment of Tip Coin are still unknown. The official team has indicated that they will soon release the contract, which has piqued the interest of users for the subsequent gameplay and development models.
How can users currently participate? Can Tip Coin, which “stands on the shoulders of Web2 giants”, survive in the fiercely competitive social media arena? This article will briefly analyze Tip Coin’s current marketing strategy and discuss the challenges it faces.
Tip Coin Rules and Strategies
In simple terms, the current gameplay of Tip Coin can be summarized as “Web2 giant traffic diversion + Web3 token airdrop”. It aims to attract early users by leveraging the existing network of X (formerly Twitter) as a traffic entry point, with the expectation of future token airdrops in the Web3 world.
Basic Rules
Step 1: Go to the official website, click on the top right corner to log in, and choose to connect with your Twitter account.
Step 2: Follow the instructions on the official website to activate your account. You need to send a verification tweet with $tip@Tip Coineth and retweet the official tweet from Tip Coin. Then click on “check status” to complete the account activation.
After successful activation, your account will receive 10,000 points.
In addition to the initial release of the tweet with @Tip Coineth $tip to earn 10,000 points, Tip Coin “daily tasks” can be rewarded in the following three ways:
– Original Tweet: Publish original tweets with @Tip Coineth $tip, with a point multiplier of 25. The initial points (once tweeted) are 10,000, and additional points will be awarded based on the tweet’s readings, likes, replies, quotes, and retweets. You can earn points by posting 5 original tweets per day.
– Tipped Reply: Reply to others’ tweets with @Tip Coineth $tip, with a point multiplier of 1. The maximum number of eligible replies to earn points per day is 50. Although Tipple Reply can also receive additional bonuses based on readings, likes, etc., there is a maximum limit of 25,000 points.
– Replied Kickbacks: You can also earn points by receiving replies from others, with a point multiplier of 1/10. There is no limit to the number of points you can earn per day.
The point bonuses for tweet readings, likes, replies, quotes, retweets, and references are as follows:
PS: The specific point calculations can be referred to the official website’s Expected Point Calculator.
Step 3: Repeat the “daily tasks” within each week (Tip Coin Epoch is measured in weeks) to become a Social Roll King and have the chance to appear on the Social Bull Honor List.
Step 4: Redemption: Starting from September 1st, each week is considered an “Epoch.” The points earned from all social activities in the previous period will be calculated and exchanged for project tokens $tip within the current period.
Scoring Strategies
1. Complete the daily tasks diligently and actively tweet: This strategy is more suitable for Twitter influencers or KOLs with their own traffic. It may also be one of the reasons why Tip Coin chooses to directly link with X accounts, to attract new traffic through the appeal of existing traffic and fully leverage the “fan economy.” The top two users on the leaderboard, @Smartecio and @ix_wilson, have both followed the route of monetizing their traffic.
2. Use “cashability”: Since there is still some time before Tip Coin Epoch 1 ends, and Tip Coin has not yet announced the token economic model, for the majority of people, the “profit” that Tip Coin can bring and the value of the tip token are unknown. Therefore, for Twitter users without a fan base, in addition to the fixed income from daily tasks, they need to show some “sincerity” in attracting traffic by exchanging real money for comments, likes, and retweets. This is the strategy adopted by the current third-ranking user, @CryptoYjj, who selects 5 lucky viewers in the comments section every 24 hours and sends them 50 USDT. It’s worth noting that the first two users have fan bases of 19,000 and 39,000 respectively, while the third-ranking user only has 1,353 followers. Despite the huge difference in fan base, they can maintain their points at almost the same level, demonstrating that “money really can do whatever you want.”
3. Technology and Tenacity: While the official only checks the “quantity standards” such as publishing, liking, and reading, for Twitter (X) where fake accounts are rampant, it is very suitable for users who only want to swipe traffic at zero cost. In addition, users can also consider adding tags like #Vitalik when tweeting, triggering the “passive technique” of automatic comments by bots to attract traffic. However, it seems that the official has already noticed this and stated that the impact of bot intervention may be gradually eliminated in subsequent version iterations and network upgrades.
Challenges Faced by Tip Coin
From the perspective of the Tip Coin project itself, since the project just went live on September 1st, the first Epoch will not end until the 8th and enter the stage of point clearing and currency exchange. Therefore, in terms of development cycle, current users are still unable to determine the project’s profit model. At the same time, Tip Coin has not yet disclosed its token economic model and has never conducted token airdrops. Therefore, as mentioned above, the value of the project’s token tips is still unknown. So for the majority of users who come for the airdrop, if the initial value does not meet expectations, Tip Coin may face severe backlash. In addition, as a social product, Tip Coin has not yet deployed contracts and currently relies on fixed projects such as tweeting, retweeting, and liking to mechanically obtain points. Even on top of a Web2 social media giant like Twitter, the gameplay still appears too monotonous and has limited long-term appeal to users.
By comparison, Mask Network, which also aims to become a bridge from Web2 to Web3 by targeting social media giants and reducing user barriers, once led the new paradigm of Web3 social by enabling functions such as sending encrypted cryptocurrency red envelopes, encrypted payments, and sending encrypted messages without converting the current social media. In addition to simple social functions, Mask Network also integrates various rich functions such as NFT transactions, ITO, public fundraising, digital identity, and even voting and DAO community governance.
However, even though Mask Network has considered the “layout of social ecology,” it still cannot prevent people from being drawn to the “three-minute popularity” of SocialFi projects. Therefore, for Tip Coin at the moment, if the goal is to become a sustainable social platform, then the functionality and practicality indeed need to be significantly enhanced in the next stage.
Finally, returning to social interaction itself, the definition given by sociology is “the social activity of individuals interacting with each other, conducting material and spiritual exchanges, accompanied by the transmission of information, and sharing opinions, emotions, and experiences.” The current form of Tip Coin, where “social networks are assets, and daily sharing is treated as a KPI,” seems to focus more on the results of social behavior while neglecting the emotional communication and value sharing that should be present in “normal” social processes. When participants lose interest after three minutes and the airdrop expectations cannot revive the enthusiasm for tweeting, the subsequent response from Tip Coin may be the true measure of its “sustainability.”
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