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SocialFi is Fcked

SocialFi is nearly a goner.
Ever since 2021, the buzz around SocialFi has been loud but it hasn鈥檛 really taken off. The initial concept was pretty alluring鈥攂lending the dynamics of social media with financial strategies to create platforms that not only engage but also financially reward users. Several companies gave it a shot, and Chainslab even penned a thought-provoking article on the topic. If you鈥檝e got a moment, give it a read.
In a nutshell, SocialFi is suffering from an identity crisis. What exactly is SocialFi? Is it a social media platform that uses blockchain instead of centralized servers? Traditional social media was designed to connect people, but will the average user really care about the blockchain aspect? Who are we really connecting?
Then there鈥檚 the monetization angle. Is SocialFi meant to let influencers cash in on their followers, similar to platforms like Bitclout or Friend.tech? And if so, where does the money come from? Picture this: an influencer with just 50 to 100 followers spikes their token price to $5,000-$6,000 instantly. Sure, someone will buy it鈥攁fter all, people pay $500,000 to hang out with Jay-Z. But personally, check out this clip for a laugh:
But here鈥檚 my gripe: it's basically a Ponzi scheme. And not even a good one. It's a flimsy Ponzi that lacks the revenue to justify its existence and is destined to spiral down just like every notorious Ponzi in history.
In my opinion, a robust SocialFi platform needs to do two things: connect the right people and generate a solid revenue stream. This revenue should fuel the platform, keeping the economic wheel turning and possibly sustaining the model.
So, who really needs a SocialFi platform for connections, and where will the money come from? We at deFarm believe we've cracked that code.

deFarm LFG.
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