According to executives in the decentralized social media space, retaining users on decentralized social networks remains a challenge. Many users struggle with the onboarding process and end up leaving due to difficulties or a lack of connections.
The process of getting started with decentralized social media platforms can be cumbersome and expensive, especially for first-time users. From acquiring cryptocurrencies on an exchange to transferring them to a wallet with a Chrome extension and paying high gas fees for transactions, the process is often seen as tedious and costly.
- 99% of mainstream users drop off during the onboarding process
- Efforts must be made to simplify the onboarding flow
- Users are hesitant to sign up due to the need to familiarize themselves with blockchain and wallets
- Building communities and attracting top creators and influencers is crucial for the success of decentralized social media
- Current decentralized platforms have significantly fewer users compared to centralized platforms like Facebook and Twitter
- Ethereum and other smart contract platforms are not optimized for social media applications at scale
- The ideal solution would be a storage-heavy blockchain capable of storing massive amounts of data
Will Friend.tech buck trend?
Friend.tech, a decentralized social platform, has gained traction recently. It offers tokenized attention, allowing creators to connect with their audience through shares or keys. However, some experts believe this model may only be a short-term trend.
Sales revenue from decentralized social media networks is projected to reach $12.1 billion in 2023 and surpass $101 billion by 2033.
Other decentralized social media networks include Bluesky, Mastodon, and Lens Protocol.
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