Memeland's Ray Chan Offers a Fresh Perspective on Decentralized Social Media Terminology

The landscape of social media is rapidly evolving, with decentralization being a key driver of change. In a thought-provoking discussion, Ray Chan, CEO of Memeland, suggests that 'SocialFi' may not be the most accurate term for describing decentralized social media platforms. Chan argues that the term lacks clarity and suggests that finding a better descriptor could aid in mainstream adoption. He emphasizes that, unlike trading apps, social apps have a relatively lower barrier to entry, making them more accessible for users to engage with. This ease of onboarding could be a significant factor in the widespread acceptance and growth of decentralized social media applications.

A More Apt Terminology for Decentralized Networks

In the quest for a term that better captures the essence of decentralized social media, Chan underlines the need for a term that resonates with both the traditional and new-age audiences. He points out that the term 'SocialFi' might be too technical or finance-centric, potentially alienating users who are not familiar with the blending of social networking and finance. A more inclusive term could foster a stronger community around these technologies, encouraging increased participation and adoption.

Decentralized Social Media versus Trading Applications

Chan highlights the stark differences in user onboarding between social apps and trading apps like Spotify Technology SA SPOT. While trading platforms typically require users to possess a certain level of market knowledge and financial acuity, social media platforms are designed for ease of use, aiming to attract a broad user base with varying degrees of technical expertise. This ease of use, according to Chan, positions social apps favorably for bringing new users into the decentralized ecosystem.

CEO, Decentralization, Adoption