Come for an Action, Stay for the Community | Union Square Ventures

However, a new breed of networks is gaining ground with the content-first model. They provide users with tools to create a corpus of content, and then enable conversations around that content. Behance, Pinterest, Instagram, Dribble, Scoop.It have all gained traction by building a corpus of content before building a social network.

The key difference in Web3 era is, though the product still plays a vital role in its success, it doesn't have to come first though. A clear purpose and a stronger community play a major role in its success. A strong community with skin in the game works toward bringing more like-minded users to the community. 

Success here will come down to implementation details. The incentive structure, funding sources, size, goals, moderation approach, and community management philosophy of these networks will determine their long term viability as both businesses and communities.