Vitalik Buterin, during a Twitter Space hosted by Wu, criticized the failure of many crypto social products for prioritizing financial aspects over social issues. He highlighted a common misconception where adding tokens, trading, and speculation are seen as primary solutions for social platforms, which inadvertently shifts the focus to traders rather than fostering content and relationships.
Buterin emphasized that decentralized social platforms should address inherent social challenges such as content quality, incentives, governance, and identity/relationship migration, rather than layering financial elements first. He questioned whether creator incentives are aimed at monetizing existing social capital or supporting high-quality but lesser-known creators. Comparing Substack with personal tokens or social coins, he noted that the latter often concentrate resources on already influential individuals or trading content, lacking mechanisms to discover and support genuinely high-quality authors.
Vitalik Criticizes Crypto Social Products for Financial Focus
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