The Rise of Elon Musk and Decentralized Social Media

Decentralized Social Media Revolutionizing the Year Ahead

The Year of Decentralized Social Media

You know, it’s quite a spectacle to watch when Elon Musk gets involved in anything. Although his presence on Twitter (RIP) may be debatable in terms of whether it was “good” or not, one thing is for sure: he’s been a blessing for decentralized social media. After the billionaire forcefully acquired “X,” there was a seismic exodus of users from the “bird app.” People were so desperate, I mean literally desperate, that they were actually willing to give Zuckerberg’s latest data trap, Threads, a shot. Can you imagine?

Well, fear not, my fellow digital asset investors, for the realm of crypto and the wider world of open-source distributed tech has some fantastic alternatives. Feast your eyes on Bluesky, Blockstack, DeSo, Farcaster, Friend.Tech, Gab, Hive, Lens, Lenster, Mastodon, Minds, Mirror, NOSTR, Steemit, and the list goes on. This year has seen the launch, upgrade, revamp, and overhaul of numerous apps. Some, like Mastodon, have experienced such a massive influx of new users that the platform is practically unrecognizable from what it was just a year ago. Others, especially those on the blockchain, are still unsure if they can handle the hundreds of millions, or dare I say billions, of users that flock to Twitter, Facebook, and Instagram each day.

But hey, let’s focus on the positives, shall we? Let’s dive into the wild world of decentralized social media and relish in some of the unforgettable moments that made 2023 one for the books.

Friend.Tech, the Hottest Chat Room Protocol in Town

In September, Friend.Tech, the blockchain-backed chat room protocol that everyone was buzzing about, skyrocketed to a daily revenue of $1 million, beating out even the mighty Uniswap, the largest decentralized exchange. Talk about making an entrance! Launched in August by a mysterious figure known as Racer and the team behind the noteworthy gamified NFT art project and social experiment, Stealcam, Friend.Tech snatched attention right from the start.

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Built on Coinbase’s Base network, this app boasts a relatively painless onboarding experience, although it was initially invite-only. But that didn’t stop it from gaining fame for its exciting weekly rewards airdrops (totalling a whopping 100 million “points” during its planned six-month beta period) and its unique feature allowing the buying and selling of “keys” (originally called “shares”) in user profiles. It even managed to attract a plethora of OnlyFans content creators. Who would have thought that a financialized social media app could go viral? But hey, that’s just the way the financialized and social media apps roll.

Farcaster, Where Twitter Clones Thrive

Ah, Farcaster, one of the few Twitter clones that truly dances to its own beat. While it may only have a modest user base of about 10,000, including the legendary Vitalik Buterin, this app is undoubtedly one of the most standout social media phenomena in the crypto world. Whenever someone asks if there are any “decent decentralized social media” protocols out there yet, the resounding answer is always “Farcaster” (and usually repeated for emphasis).

In a series of notable updates this year, Farcaster first migrated to the OP Mainnet, an Ethereum layer 2 solution that uses scalable optimistic rollups. And more recently, it became fully permissionless, throwing its doors wide open to anyone with an internet connection and some ether. Talk about accessibility! It’s like opening the gates to a social media paradise.

Lens, The Swinging Social Network

Stani Kulechov, the founder of Aave, took a swing at social networking with his creation called Lens, and boy, did he hit it out of the park! Lens, the sister app to one of the largest decentralized lenders, introduced its version two (V2) earlier this year. And let me tell you, it’s packed with the most exciting and profitable user monetization features yet in the world of Web3 social media.

Lens V2 is described as being “more modular,” giving users greater autonomy and flexibility when it comes to their social media experiences. Pay-to-read? Check. Tipping? Check. Subscribing and donating? Check and check. And there’s even the promise of more revenue avenues to come. Talk about opening up a world of possibilities!

Oh, and did I mention that Lens now allows for profile management by multiple individuals? It’s like having a whole team dedicated to your social media persona. Imagine the possibilities!

My friends, this is just the beginning of the decentralized social media revolution. One thing’s for certain: the times they are a-changin’, and change can be a beautiful thing. So, strap in and join the journey, because the world of digital asset investing just got a whole lot more interesting!

This article is part of CoinDesk’s Most Influential 2023. To see the full list, click here.

To view and bid on the Racer NFT created by EFDOT, click here. The auction will begin on Monday, 12/4 at 12 p.m. ET and ends 24 hours after the first bid is placed. Holders of a Most Influential NFT will receive a Pro Pass ticket to Consensus 2024 in Austin, TX. To learn more about Consensus, click here.

And don’t forget to meet EFDOT, the brilliant artist who created the image of Racer, the co-founder of Friend.Tech!

But hey, what are your thoughts on decentralized social media? Have you explored any of these exciting alternatives? Let me know in the comments below!

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