Socialfi's Shining Star Friend.tech Dims: A Tale of Decline and Disinterest

[sirty143]

Socialfi's Shining Star Friend.tech Dims: A Tale of Decline and Disinterest

Just a few months back, social finance (socialfi) platforms were the talk of the town, with Friend.tech leading the charge amidst surging popularity. Yet, as the curtains closed on October 2023, this once-celebrated socialfi platform witnessed a sharp decline... See more for yourself here.

Your opinion is greatly appreciated.

[TomPluz]

I am one of the many who admire the concept of SocialFi as it can really be empowering to many people especially those involved with social media as users are given real value and part of the economic activities going on. But we have to face the harsh market reality that competing with established and big social media platforms already existing is a daunting task and initial success can mean that nothing more will follow. I have seen many attempts by many similar platforms and most of them are either dead or already hemorrhaging in engagement and revenues. Well, we also have to understand that even big socmed platforms are also feeling the pinch in different fronts...including yes Meta which recently introduced Threads and is finding it so hard to compete with X. Would it mean the decline and disinterest with SocialFi? Well maybe not yet but we are still waiting for one player that can really captivate the attention of millions and will continue growing over a period of time.