Many projects have tried to create a web 3.0 social network with varying product designs. To achieve a truly decentralised social media, we require a scalable blockchain such as Solana to enable micro-transactions. A social network can only take off with a huge amount of users, value of the network to each user grows as the number of users grow, and $50/transaction for gas fee will never achieve this level of adoption.
NFT as vehicle penetrated mainstream markets
When users say they are in it for the decentralisation, or to be part of a revolutionary paradigm shift, what they actually meant was they want to 2x their investments. As blockchain technology matures, more users are actually using DAPPs because it solves a real life problem and not because it is a good speculatory investment. An example would be applications such as Audius, going forward from 2022, we expect to see more consumer applications in web 3.0 and not just the protocol layer solutions.
NFTs are all about the art, culture, and digital ownership. Such a trend has helped crypto penetrate mainstream market now more than ever. The future of social is web3, and we are here to make the internet a better place.