SocialFi usage down 50% since November: new research by BDC Consulting

Most SocialFi dApps die within a year, 35% still run on Ethereum, and FitFi is among the categories with the best user traffic to volume ratio — these are just some of the interesting findings from our latest study that covers 400 projects from 23 categories.

What is SocialFi?

SocialFi is a relatively new blockchain industry niche that allows users to monetize their content, following, and influence. From simple ‘social networks on the blockchain’, SocialFi crypto projects have evolved into complex platforms that combine complex DeFi-like structures, NFTs, DAOs, and more. Some of the best-known SocialFi platforms include Livepeer, Audius, STEPN, Wherein, VIMM, Pinmapple, Steemit, and PeakD.

With over 400 projects falling under the general definition of SocialFi, this market has been overdue for a structured study — an initiative recently taken up by BDC Consulting. We have looked into the SocialFi market size, segmentation, user behavior, transaction volume, and lifetime — often with unexpected results.

SocialFi market cap: why does it range from $2 billion to $20 billion?

There are no clear, well-established criteria to define a SocialFi project. The Social/Social Network/Art category on Cryptorank.io and the Social…