Research Summary
The report discusses the concept of decentralized social media (DeSoc), its current state, and potential growth catalysts. It provides an in-depth analysis of two popular DeSoc platforms, Farcaster and Lens, highlighting their features, user base, and potential for future growth. The report also contrasts DeSoc with SocialFi, emphasizing the differences in their focus and approach.
Key Takeaways
Understanding Decentralized Social Media
- Concept of DeSoc: Decentralized social media (DeSoc) aims to provide a platform where users control their content and data, free from biased algorithms and changing terms of service. It offers equality and a sanctuary from discrimination, with users having the right to vote on significant smart contract changes.
- DeSoc Platforms – Farcaster and Lens: Farcaster and Lens are two popular DeSoc platforms. Farcaster, with over 21k users, allows users to claim a unique username and post messages under that name. Lens, on the other hand, uses a unique NFT to connect to multiple interfaces, offering a more diverse user experience.
- Challenges for DeSoc: DeSoc platforms face challenges in attracting a large user base due to the strong loyalty users have to established social media platforms. The report cites the author’s own experience, with significantly fewer followers on Lens compared to Twitter.
Contrasting DeSoc with SocialFi
- Difference in Focus: While SocialFi focuses on monetizing online social interactions, DeSoc is more about creating decentralized platforms for social interactions. The main difference lies in the emphasis: SocialFi prioritizes financial elements of interactions, while DeSoc centers on the decentralized nature of the platform.
Catalysts for DeSoc Growth
- Twitter’s Troubles: Issues such as bots, censorship, random account suspensions, and lack of monetization on Twitter could drive users towards DeSoc platforms.
- Explosion of SocialFi: The rapid adoption of Friend tech, a SocialFi platform, shows how quickly users can embrace technology when incentives are in place. This could hint at potential rapid growth for DeSoc once the right incentives are established.
- Emergence of a Killer App: The development of a game-changing app on DeSoc platforms could attract a massive user base. The infrastructure for such development is already largely in place.
- Introduction of Tokens: The launch of tokens on DeSoc platforms could incentivize and reward organic usage of apps, potentially driving user adoption.
Actionable Insights
- Exploring DeSoc Platforms: Given the potential of DeSoc platforms, it could be beneficial to explore and understand these platforms. This could provide early exposure to a potentially revolutionary shift in social media.
- Investigating the Potential of DeSoc Tokens: With the potential introduction of tokens on DeSoc platforms, there could be opportunities to participate in these platforms’ growth. However, it’s important to thoroughly research and understand the potential risks and rewards.
- Monitoring Developments in DeSoc: Given the nascent stage of DeSoc, it could be beneficial to closely monitor developments in this space. This could provide insights into emerging trends and potential growth catalysts.
