Nowadays, i am experimenting different social media platforms working on chain. To be honest I can write that we are at the very beginning when compared to web 2 social media platforms. Traditional social media platforms have deep engagement into peoples private and business lives. They are widely used and quiet user friendly. It is easy to connect to a such app within the day over mobile applications. In part they are starting to use blockchain technology for incentivizing users. It is possible to earn substantial amounts of funds from social media followers over the platforms. Decentralized social media apps are at the first days. The adoption of people may require longer than expected. It is not easy to compete with traditional platforms. There should be more incentives and the technology should be at the same times more user frendly.
Anyway, I believe that SoFi will achieve success and we can expect some partnerships with traditionals and a mixture of web2 and web3 applications. Web 3 can become the underlying technology for current social media platforms. It is not easy to leave habitudes and people will resist to use web3 social media at the beginning.
In long term blockchain based technological novelties can integrate with successful projetcs.