Decentralized Social Media: The Rising Trend of the Year

• Impact of Elon Musk on Decentralized Social Media
• Most Influential in 2023
• Decentralized Social Media Alternatives
• Decentralized Social Media in Focus
• Friend.Tech
• Farcaster
• Lens

Impact of Elon Musk on Decentralized Social Media

The ramifications of Elon Musk's divisive influence on Twitter cannot be denied, despite one's personal stance on the billionaire. Following Musk's controversial acquisition of a major platform, often referred to as X, a significant migration of users from the popular bird app ensued. In their desperation, many were even prepared to experiment with Threads, the latest addition to Mark Zuckerberg's portfolio of data-collecting tools.

Most Influential in 2023

A part of the Most Influential cohort of 2023, this profile highlights the significant instances of that year. To view or bid on the Racer NFT crafted by EFDOT, take note that the auction begins at 12 p.m. ET on Monday, 12/4, lasting 24 hours from the time of the initial bid. Those in possession of a Most Influential NFT will earn a Pro Pass to Consensus 2024 in Austin, TX. Additional information about Consensus can be found at the relevant link.

Decentralized Social Media Alternatives

The realm of crypto and broader open-source, distributed technology offers its own array of social media alternatives. Some of the names include Bluesky, Blockstack, DeSo, Farcaster, Friend.Tech, Gab, Hive$0.364 0.56%, Lens, Lenster, Mastodon, Minds, Mirror, NOSTR, Steemit and many others. Both new launches and upgrades of existing applications were witnessed throughout the year. Some platforms, like Mastodon, have undergone a surge in user count, drastically changing their appearance since the previous year. However, blockchain-based platforms are uncertain of their ability to accommodate the massive user counts similar to current social media giants like Twitter, Facebook, and Instagram.

Decentralized Social Media in Focus

The year was pivotal for decentralized social media, and here are some of the most noteworthy moments.

Friend.Tech

In September, blockchain-based chat room protocol Friend.tech saw daily revenues spike to $1 million, technically surpassing Uniswap, the largest decentralized exchange. The protocol gained immediate traction following its August launch by a pseudonymous developer named Racer and the team behind Stealcam, a gamified NFT art endeavor and social experiment. The application, developed on Coinbase's Base network, is recognized for its seamless entry process, albeit in an invite-only model. The app also garnered attention for its weekly rewards airdrops to users and the possibility to purchase and sell profile keys. The platform also became a hub for various OnlyFans content creators.

Farcaster

Farcaster, a Twitter clone with its own unique footprint, has amassed over 10,000 users, including Vitalik Buterin. The app has been largely developed by two former Coinbase employees, Dan Romero and Varun Srinivasan, and is undoubtedly one of the most remarkable social media phenomena in the crypto world.

Lens

Stani Kulechov, founder of Aave, made his mark on the social networking scene with Lens. In November, the app, which functions in tandem with one of the largest decentralized lenders, announced its V2 launch, introducing the most substantial user monetization features yet seen in Web3 social media.

In conclusion, the landscape of decentralized social media has seen significant changes over the year, with much more development anticipated in the future.

Edited by Jonathan Stoker