– Executives in the decentralized social media space argue that onboarding and retention are still major challenges for these platforms.
– The process of getting users to sign up and stay on decentralized social media apps can be clunky and expensive, leading to a high dropout rate.
– Simplifying the onboarding process and reducing friction is crucial for attracting and retaining mainstream users.
– Users often shy away from decentralized social media platforms because they need to familiarize themselves with blockchain, smart contracts, and wallets.
– Catching up to the network effects of traditional social media platforms like Facebook and Twitter is a difficult task for decentralized apps.
– Building strong communities and attracting top-tier creators and influencers could be a tipping point for decentralized social media adoption.
– Ethereum and other smart contract platforms are not purpose-built for social media applications at scale, which hinders mass adoption.
– The ideal solution would be to develop a “storage-heavy” or “infinite-state” blockchain that can store massive amounts of data at a low cost.
– Friend.tech, a decentralized social platform, has seen strong uptake recently, but some industry pundits believe it may be a short-lived trend.
– Sales revenue from decentralized social media networks is projected to grow significantly in the coming years.
– Other decentralized social media networks include Bluesky, Mastodon, and Lens Protocol.