Social-Fi Activity Nears All-time Lows

Since the emergence of Friendtech last year, Social-Fi has been a popular narrative among crypto enthusiasts who hope a Web3-native social media app will emerge as a challenger to incumbents like Twitter.

However, activity on the category leaders has dropped off drastically over the last month, and many are writing off Social-Fi as a failure, referencing BitClout.

BitClout is a Social-Fi platform built on the DeSo Network that launched in 2021. The team raised $200 million from prominent investors such as Winklevoss Capital and Reddit founder Alexis Ohanian. Despite its resources and large initial user base, BitClout has all but faded into irrelevance.

As of May 30, Friend Tech’s daily active users (DAU) have returned to all-time lows with just 218 DAU, numbers that have not been seen since February’s low of 212.

Fantasy Top, a trading card game (TCG) on Blast, is also bleeding users, with only 1200 DAU on May 30, compared to 15,000 on its opening day, May 1.

Despite the unfavorable metrics, many Social-Fi supporters have maintained their stance.

Avid Fantasy Top user Serpin Taxt chimed in on the debate, posting, “The take that it's down 99% in pack sales from a flash in the pan type early launch enthusiasm, potentially slightly artificially inflated by ulterior incentives (Blast gold), and thus is on the same path as Bitclout is unfair though.”