The Incredible Irony
Observing the Cryptocurrency space objectively, one would think that the most incredible opportunity for mass adoption lies within the SocialFi sector. After all, everyone uses social media and is well-acquainted with posting daily events and thoughts on a digital timeline and feed. However, the opposite seems to be the case. User retention is one of the most significant stumbling blocks within the realm of SoFi.
A common shortfall of humanity is to focus on and even boast about what one gets right instead of acknowledging what one gets wrong. This can be an enormous stumbling block when the mark that is being missed is a significant and even critical aspect of success and the desired goal. After all, it’s not the healthy that require a doctor. If something works well, keep it greased and focus on what doesn’t.
It’s not rocket science, and yet very few practice this very foundational and common form of wisdom. A social media experience evolves around users, more so than any other business model, despite it being a common denominator across the board. Satisfying users is the primary objective. As a developer, one can focus on and take pride in certain advancements and achievements. However, the users don’t share the same sentiment.
There appears to be a significant disconnect within the SoFi realm, with developers and users holding distinct perspectives. Essentially, many devs expect users to celebrate what they celebrate. However, when it comes to traditional social media, developer achievements are privately celebrated, while the user experience is publicly celebrated. Yes, many of us involved in the Crypto space are very much tech-oriented. However, the masses couldn’t be bothered.
Make The Users The Focus
Publicly celebrating and appreciating your user base is key for SoFi. After all, a SoFi platform is like a digital home, and just as a physical home puts you and your family first, you need to experience a similar dynamic regarding a digital home. Unlike a physical home, it’s a lot easier to find an alternative solution. However, SoFi in general tends to suffer from the same stumbling blocks wherever you go.
Some are more attuned to their user base and are consistently endeavoring to satisfy and, as a result, grow their monthly active users. As I write this, I am reminded of the slogan of the Nomad Capitalist, who often uses a catchy phrase when addressing various jurisdictions as immigration opportunities:
Go where you are treated best!
That’s human nature in a nutshell! However, providing a powerful experience can cause this dynamic to take a backseat. Many of the masses remain with leading platforms simply for the reach and influence they offer. In other words, it’s the most profitable. However, here’s the catch: there are no SoFi platforms that come close to this level, which leaves the former as their only alternative.
This is the complex reality that many SoFi platforms cannot seem to process and accept. Subsocial’s Grill comes to mind, which held such promise, but ultimately failed due to resistance from the team regarding justifiable and warranted requests from the community. In terms of earnings, I was often in the Top 10, sometimes higher, and the rewards were quite substantial, considering the user base and other influencing factors.
However, visit Grill now, and the site has been taken down, gone, a distant memory. As a community, multiple attempts were made to address a few critical areas that had a significant impact on the user experience and earnings. However, like with everything, there comes a time. Once the key contributors (content creators & stakers) walked away, the platform imploded within a matter of months.
Final Thoughts
There are many levels of wisdom. However, one of the most straightforward and practical elements of wisdom is to learn from the mistakes of others, rather than your own. However, once again, history and recent events reveal an insistent stubbornness in this regard. However, with increased casualties, stubbornness is slowly dethroned. Essentially, this means that the SoFi sector is likely to experience more pain before it experiences the breakthrough it desires.
It’s essential to note that this is a new idea, and growing pains are a natural part of the process. However, grace periods are not intended to facilitate compromise, but rather to provide an opportunity to achieve excellence. Many SoFi platforms have become accustomed to the trust and grace given to them by their user base. However, grace is a temporary state. All grace eventually expires. Hopefully, we will see some strides in the right direction soon! See you next time!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in my receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.