Coinbase CEO admits SocialFi functionality in the Base app "has not performed ideally".

CoinFeed reported on March 4th that, according to The Block, Coinbase CEO Brian Armstrong stated in a podcast interview that the SocialFi feature tested in the Base app last year "didn't perform well." Armstrong said it was an experimental attempt that failed to meet expectations, and the Base app has now shifted its focus to trading functionality, becoming a self-custodied version of the Coinbase app. The Base app had heavily promoted its Creator Token feature, tokenizing social media posts and creator accounts. However, Coinbase has since scaled back this feature, shifting towards a "finance-first experience." While some well-known Creator Tokens briefly gained attention, almost all of the tokens launched have failed to maintain their value.