Decentralized social networks have entered the web ecosystem3 with force during 2023. While they still seem far from competing against more established centralized platforms, 2024 may mark a paradigm shift in social networking.
Two main aspects emerge: “Decentralized Social Networks” and “Social Finance” platforms.
Decentralized Social Networks
Decentralized social media applications have taken significant steps forward.
In particular, Farcaster and Lens have expanded their access, representing two interesting aspects of this category.
Farcaster fully opened its doors in October, democratizing its use for anyone interested.
On the other hand, although Lens has made progress with improvements such as the release of Momoka to improve its scalability and the introduction of a second version of its protocol, it still struggles to match the adoption of Farcaster.
Social Finance
On the other hand, the initial rise of social finance platforms, led by FriendTech, caused a sensation.
They allowed users to purchase keys to access influencers’ private chats, generating speculation and financial activity.
However, after explosive growth, these platforms faced difficulties in retaining their user base.
FriendTech, despite having attracted a great deal of attention and speculative activity, has experienced a decline in activity recently.
Other similar projects, such as Stars Arena and New Bitcoin City, failed to replicate its success.
Despite the challenges in Web3, the potential of these applications is undeniable
Decentralized social networks on web3 offer the ability to reward users globally without relying on user data or advertising.
The idea of compensating users for the content they publish is perceived as valuable and, although still in the process of maturation, promises an exciting future in the landscape of cryptocurrencies and decentralized technologies.
Ultimately, the crypto social media landscape is dynamic and full of possibilities.
As decentralized applications seek to expand their reach and functionality, social finance platforms face the challenge of maintaining their users.
However, the promise of rewarding users and creating decentralized social networks remains a guiding light in this exciting new technology space of web3.
