«От финансовых стимулов к настоящему общению: как децентрализованные соцсети могут изменить подход к взаимодействию» Translation: From Financial Incentives to Genuine Communication: How Decentralized Social Networks Could Change Interaction Approaches

Decentralized social networks (DeSoc) remain a niche offering, currently unable to compete with conventional platforms. Experts surveyed by The Block attributed this to the industry’s skew toward monetization, which has overshadowed the value of genuine interpersonal interaction.

Jakub Rusecki, researcher at 1kx and co-founder of Social Graph Ventures, pointed out that early Web3 projects engaged their users primarily through financial incentives. However, these platforms struggled to retain users due to a lack of high-quality content and authentic social connections.

Lex Sokolin, managing partner at Generative Ventures, described this approach as a «systemic error.» He stated that there is a prevalent misconception within the industry that introducing tokenomics automatically enhances a social product.

«Platforms like TikTok, Instagram, and X have forged such strong connections with their audiences that luring them away solely through speculative gaming mechanics is impossible,» he explained.

Alan Lu, Chief Commercial Officer at Animoca Brands, added that an emphasis on monetization diminishes content quality, deterring a broader audience that values genuine communication over financial gain.

Brandon Cai, an analyst at The Block, referred to any visible activity on DeSoc platforms as artificial, primarily sustained by airdrops and other incentive mechanisms rather than organic demand.

«Users do not transition to platforms for ideological reasons. For them, it’s crucial that the app is ‘interesting’ and that their friends are already there,» he emphasized.

However, it’s not just financially incentivized social networks that remain niche; open platforms like Bluesky and Mastodon have also failed to achieve widespread adoption.

David E., co-founder of Social Graph Ventures, attributed this to a cultural gap, noting that many developers in this field possess strong technical skills but lack social DNA.

Farcaster and Lens have not achieved viral growth or high user retention. Without active brand engagement, viable monetization models for creators, or effective short-form promotion mechanics, the critical «flywheel» never got going.

Creating a fully-fledged advertising and creator economy on the blockchain is theoretically feasible but «far more complex» than in the established Web2 ecosystem, according to experts.

Dmitry Kulechov, general partner at Symbolic Capital, identified three major technical barriers: The very basic infrastructure has long been limited by scaling issues.

Opinions on the future of decentralized social networks vary. Optimists believe that the next phase will focus on the product. Kulechov sees a solution in combining open infrastructure with a user-friendly interface.

In his view, DeSoc projects could achieve mass adoption in the coming years if they become intuitive and straightforward.

David E. links the potential breakthrough to a rethinking of monetization mechanisms. He asserts that decentralized social networks will not scale until they offer an alternative to the Web2 advertising economy.

He cited protocol auctions, where brands directly compete for user attention, ensuring fair revenue distribution between creators and the platform. If successful, social accounts may turn into assets that generate cash flows.

«We do not think the DeSoc/SocialFi narrative is dead, but the first phase has definitely ended. The next iteration will require a seamless UX, organically integrated monetization, and blockchain functionalities that are invisible to the average user,» Lu also noted.

As AI-generated content evolves, digital ownership and verifiable trust may become key values, he added.

Nevertheless, skeptics remain steadfast. Sokolin labeled current experiments in DeSoc as a «cul-de-sac»: financial features have not improved the user experience, and the network effects of Web2 giants remain insurmountable.

Even compelling concepts like portable identity and content ownership have not succeeded due to a lack of the right incentives. The expert believes that DeSoc will not make a comeback in the foreseeable future.

It’s worth noting that in January, Ethereum co-founder Vitalik Buterin announced a complete shift toward decentralized platforms, emphasizing the need for fundamentally new tools for mass communication.