Efe Bulduk had harsh words about the SocialFi craze that has been raging lately, and claimed that the projects in this field were ponzi.
Efe Bulduk, who was a speaker at the Cosmoverse 2023 event held in Istanbul, emphasized the dangers posed by the SocialFi craze.
“It harms the ecosystem!”
Bulduk said, “The SocialFi trend continues in the form of a ponzi system,” and continued: “Many companies could have made the SocialFi trend. To give an example, Facebook’s Favor, CyberConnect or Lens, which are among the most pioneering companies in this sector, could also do it. But they don’t. “When you sell this to people as SocialFi, it goes somewhere else and harms the ecosystem.”
“SocialFi is a ponzi based system”
Bulduk said, “We saw something similar like this in GameFi,” and was harsh on crypto game projects that adopted the play-win model: “Participating users were given the impression that you can survive by just playing games, without doing anything. During the time Yield Guild Games was in existence, I told Gabby Dizon, the founder of the company, ‘you will harm the ecosystem’. The result is obvious. In the Ankr protocol, an unsustainable yield (income) was offered to people and the result is obvious. Then the collapse of DeFi… Similar situations continue in SocialFi. SocialFi was actually establishing good roots, but we are harming the industry with a Ponzi-based system. “Due to very complex interfaces, poor user experience and the fact that what should be recommended is very different from what is recommended, the results go to a completely different place and cause serious harm.”
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