TechFlow reports that crypto analyst NingNing shared a tweet analyzing the development of the Web3 social space. He believes that although Web3 social products have evolved narratively from Steemit to Bibox and then to CyberConnect, the sector has actually regressed in terms of product architecture and token economics.
NingNing pointed out the main reasons as follows:
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User social graphs are highly coupled with Web2 platforms, making migration difficult;
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The perceived value of content is more closely tied to the publishing platform and its audience reach than to content quality itself;
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For developers, the extractable value from Web3 social users is significantly lower than that from DeFi users.
However, Web3 social has not been entirely disproven. Lens Protocol, a Web3 social protocol built by the Aave team, may be able to turn the situation around.
