Foreign media Cointelegraph recently announced the death of the social platform Friend.tech. It interviewed individuals in the Web3 industry and expressed their opinions on the matter.
Introducing blockchain technology to restructure social media
Friend.tech, a social platform that once represented SocialFi, mainly wants to reconstruct social media through blockchain technology, while solving problems such as platform monopoly and data abuse, and providing creators with fair income.
Coinbase: FriendTech was greedy, ineffective, and died
Friend.tech set off a wave of hype from August 2023 to 2024. Unfortunately, it plummeted immediately after releasing its own token FRIEND in May. It was also considered "greedy and ineffective" by Coinbase executives in August and "died". The amount locked was once as high as $52 million, but now only $3.57 million remains.
(Friend.tech token plummets more than 20%: co-founder hints at possible departure from Base)
Failure to cross the chasm and lack of long-term plans
Although Friend.tech performed well in the early days, it succumbed to hype in the later stages. Experts believe that it is not difficult to attract people who love innovation and are willing to try new things, but it is difficult for the general public to accept this product. The problem Friend.tech encountered was the same as many early Web2 social platforms. It had a certain audience at the beginning, but if it wanted to break through and let more people use it, it immediately encountered bottlenecks. Some experts believe that Friend.tech lacks the most fundamental practical value and long-term plan.
The industry is optimistic about SocialFi, but development challenges continue
Even after the onslaught of Friend.tech, the industry remains optimistic about SocialFi. Some experts say that the user experience of Web3 applications has improved significantly from just a few years ago, and predict that within two or three years, the differences between SocialFi and traditional Web2 will become smaller and smaller.
Challenges facing SocialFi include scalability, high transaction costs, and the development of new social models. Industry experts believe the future of SocialFi depends on the ability to create truly unique and valuable user experiences. Although SocialFi is still in its infancy, there is widespread belief within the industry that it will eventually make an impact.
In summary, it seems that Web3 has always been full of speculative traps. Whether you want to invest in SocialFi or make other types of products, you must have core values, focus on building "meaningful connections", and have long-term plans instead of short-sighted gains. .
This article looks at the future of SocialFi from the death of FriendTech: Greedy hype hinders innovation, but the industry is still optimistic. It first appeared on Chain News ABMedia.