<ul data-eligibleForWebStory="false"><li>The collapse of a Web3 social platform was due to a business model that incentivized churn over community, turning social capital into a gambling tool.</li><li>After the platform's decline, daily new users drastically decreased, protocol fees plummeted, and attempts like an airdrop failed to revive the system, leading to the founders abandoning ship.</li><li>Other Web3 social platforms like Farcaster and Lens Protocol face similar challenges with low user numbers, high valuation, and usability issues that deter mainstream adoption.</li><li>To improve Web3 social platforms, the focus needs to shift from speculative economics to providing clear value, better privacy, ownership of content, and seamless user experience to foster trust and utility in the space.</li></ul>

Why ‘Web3 Social’ Still Sucks (and What Needs to Happen for That to Change)

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