The Year of Decentralized Social Media
Elon Musk's takeover of "X" (not specified) led to many Twitter users looking for decentralized social media alternatives, contributing to the growth of platforms like Threads, Mastodon, Bluesky, and Blockstack among others. This has brought significant changes, especially with blockchain-backed platforms. For instance, Friend.tech, a blockchain-based chat room platform, earned $1 million in daily revenues in September. Another example is Farcaster, a crypto-based Twitter clone and social media phenomenon with over 10,000 users. As well, Lens, a social network platform by Aave founder Stani Kulechov, has become more user-centric and introduced significant monetization features. Additionally, an NFT of Racer, the co-founder of Friend.tech, will be auctioned, with owners receiving a Pro Pass ticket to Consensus 2024. The year marked significant growth in decentralized social media, indicating this space is just getting started.
