Research Summary
The report discusses the state of Web3 Social Media, focusing on three platforms: CyberConnect, Lens, and Lenster. CyberConnect, a web3 social network, has seen over 1.2M sign-ups and $750k+ in revenue from premium handles. Lens Protocol, a decentralized social graph, has enabled creators to earn $358k to-date, with a total profile NFT trading volume of $6.2M. Lenster, a decentralized social media app built on Lens Protocol, has over 98k active profiles and accounts for 22.8% of unique Lens profiles across all Lens dApps.
Actionable Insights
- CyberConnect’s growth: The platform has over 1.2M users, with 400k conducting at least one on-chain transaction per month. This indicates a high level of user engagement and potential for further growth.
- Lens Protocol’s creator earnings: Creators have earned $358k to-date, primarily from collected posts. This shows the potential for creators to monetize their content on web3 platforms.
- Lenster’s user engagement: With over 98k active profiles, Lenster has a high penetration rate of 95.84%. This suggests that users are actively engaging with the platform, indicating its potential for further growth.
