A report from Tiger Research has found that SocialFi, a mix of decentralized finance and social media platforms, has been facing a decline due to a lack of user engagement and novel experiences. The report cites platforms such as Friend.tech and Lens Protocol as examples of how stagnation and lack of constant innovation have led to a decline in user interest.
The report suggests that platforms should focus on providing unique user experiences and delivering real value beyond speculative investments to recover and succeed in the long term. The report also recommends that platforms should prioritize creating a diverse and engaging ecosystem that encourages daily user interaction, rather than relying on airdrop speculation.
