The narrative of SocialFi has completely collapsed, with most platform tokens generally plummeting over 90%

According to statistics from Our Crypto Talk, by early 2026, most SocialFi platforms will either be abandoned, acquired, or lose functionality, with tokens dropping by 90-99%, and communities evaporating instantly after incentives dry up. Among them, Friend.tech is the most typical example, generating a lot of fees and attention at its peak, but seeing activity plummet by over 95% within a few months, leading to a token crash.

The core flaw lies in SocialFi's conflation of social interaction and speculation. The platform monetizes people rather than platform currency, causing users to focus not on content quality, but on whether it will skyrocket. Money has altered the incentive mechanisms, incentives have changed behaviors, and behaviors have destroyed culture. As Vitalik Buterin criticized, SocialFi is built by those obsessed with the market, yet attempts to solve problems that only social thinkers can understand.