This Year’s Progress in Crypto Social Media Apps
This year saw significant advancements in crypto social media apps, with some platforms opening up access to a wider audience. These apps fall into two categories: decentralized social and social finance.
Decentralized Social Apps Becoming More Accessible
Decentralized social media app Farcaster became fully permissionless, allowing anyone to use the platform. Lens also made progress by launching Momoka and introducing a second version of its protocol. However, Farcaster has gained more adoption due to its fully open doors, with 196,000 registered IDs compared to Lens’ 126,000 profiles.
Social Finance Platforms Experienced Initial Success
FriendTech, a social finance app, gained popularity by offering access to influencers’ closed group chats through the purchase of keys. It generated $267 million of ether spending among 843,000 users since its launch. However, activity has decreased recently.
Looking Ahead to the Future
Although integrating decentralization and crypto into social media has its challenges, there is potential for success. By leveraging features like ownership, composability, permissionless access, and censorship resistance, Web3 social networks can reward users globally without relying on user data or advertisements.
Hot Take: The Potential of Crypto Social Media
The integration of blockchain technology and cryptocurrencies in social media platforms presents an opportunity for users to be compensated for their content. While we may not have fully realized this concept yet, the gradual implementation of ownership, composability, permissionless access, and censorship resistance features will bring us closer to a truly user-centric social network.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.