The lure of decentralized social media: Extending the UTAUT model for understanding users' adoption of blockchain-based social media.

The study uses 31 semi-structured interviews to explore users' motivations for adopting and using blockchain-based social media (BSM) platforms. The objective of the study is twofold-to collect empirical data on early adopters of BSM and to test the applicability of the Unified Theory of Acceptance and Use of Technology (UTAUT) model for explaining why some users are choosing BSM over mainstream social media (MSM) platforms. Manual content analysis of the interviews reveals that users are initially drawn to BSM due to social influence and financial incentives, but they continue to use it mainly because of the sense of community they experience. We also find that the steep learning curve, the absence of content moderation, as well as security and privacy concerns hinder the widespread adoption of these platforms. From the theoretical side, although the UTAUT model is generally suitable for examining why individuals use BSM, we suggest integrating two additional factors into the model: financial incentives and content moderation.