Web3 Social: Decentralized Social Networks Breaking Through
Web3 social protocols like Farcaster and Lens Protocol will see a surge in users in 2024, offering alternatives that resist censorship and provide data autonomy. Unlike traditional platforms, Web3 social allows users to hold social identities through NFTs and incentivizes content creation through tokens. Although the product experience still needs optimization, the increasing centralization of X (Twitter) is driving user migration. Investors can focus on social graph protocols, decentralized content platforms, and innovative projects that combine with AI, as this sector may give rise to the next 'crypto-native killer app'.
