What happened to SocialFi projects?

[DegenLifestyle]

Hi, good day to you all. Who remembers the days of StepN and Sweat? These SocialFi projects took the crypto space by surprise. Personally, I got some airdrops from both, and they were good. However, it seems this narrative is fading.

I was reminded of this because of the recent success of GameFi projects like YULIVERSE, XTERIO, and others. Since the GameFi ecosystem is starting to recover, perhaps we should see some SocialFi projects leveraging the bullish sentiment in the crypto community right now. What do you think, guys?

[TomPluz]

I am not so sure if those type of projects will be gaining back the previous attention and excitement they exhibited. Now, there can be some breakouts from time to time but maybe the narrative has already shifted so much so that people are more interested with memecoins these days, aside from the already popular and solid crypto platforms already around. I am not saying SocialFi will not rise from the Phoenix...who knows there can be something that may push them again to the top but for now all we can do is hope and maybe shy away temporary from them.

[VickkyAde]

Merging gaming with the real world is a concept I don't think I thought about much but it sounds interesting nonetheless. I put in quite an effort into making some research on the project and I can sum it up in one word, Practical. Still, we have to wait and see if they can really pull it off.

I did only learn about the listing recently though so I checked it out to see some events on Twitter that were pretty nice, especially the one about a community bonus with a $5k YULI pool https://x.com/bitgetglobal/status/1882440719538786470 [nofollow], it's quite a sizable amount and that's just one of a lot. It's a promising token, indeed.

[DegenLifestyle]

I am not so sure if those type of projects will be gaining back the previous attention and excitement they exhibited. Now, there can be some breakouts from time to time but maybe the narrative has already shifted so much so that people are more interested with memecoins these days, aside from the already popular and solid crypto platforms already around. I am not saying SocialFi will not rise from the Phoenix...who knows there can be something that may push them again to the top but for now all we can do is hope and maybe shy away temporary from them.

Yeah, you made a very good point mate. Let's see how well they regroup and form, the projects I stated are actually doing decently rn.

[bhadz]

It only means one thing and that's they have been built through hype. So, whenever these types of projects comes in, it's unknown whether they will survive or not because no matter how good the project is. It also depends on the devs on how they are going to keep and sustain their community. Looks like the community of those projects were gone too quickly and I don't know if they will still be found once the bull run ends.

[jeraldskie11]

Hi, good day to you all. Who remembers the days of StepN and Sweat? These SocialFi projects took the crypto space by surprise. Personally, I got some airdrops from both, and they were good. However, it seems this narrative is fading.

I have an NFT shoes in Stepn, the one is on Solana Network and the other one is on BNB. It was very expensive that day especially in the BNB network, most of the NFT worth almost $500 each. But gradually, the NFT price keeps falling. I didn't blame the project because for the project is great. The only reason I see why it failed is because bull run is ended and then the bearish came in. I learned that no matter how good the project is as long as the bearish season starts, all will be affected.

[joniboini]

I checked the projects OP mentioned and it seems like they're doing okay. New events here and there, new sponsors, etc. By nature, the tokens for these projects are used for rewards, so it would be weird if people decide to hold them instead of selling them. I'd judge their growth based on their daily active users or partnerships with other business instead of their token prices. If people are interested in this narrative what they should do is participate and push for more rewards instead of trying to pump the token IMO. CMIIW.