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SocialFi promises to revolutionize social media by giving users control over their data and a share in ad revenues. However, technical challenges and poor user adoption have hindered its growth. Can it overcome these barriers to compete with giants like Meta?
- SocialFi's potential lies in decentralizing social media and redistributing ad revenue, but adoption remains low.
- Friend.tech, a leading SocialFi platform, saw daily active users drop from 80,000 to under 10,000 in 2023.
- Key challenges include technical hurdles, fragmented ecosystems, and poor user experience compared to Web2 platforms.
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