What will Blockchain-Powered Social Media look like?
Nowadays, social media is a huge part of our lives. They’ve changed the way we communicate, play, consume media and entertainment and even how we work. Despite its many issues so far, it’s been pretty great. But what could the future hold when Blockchain comes into the equation?
It’s true that some social media are attempting to incorporate crypto and NFTs into their platform, with Instagram being one of the latest to join in, but what we’re talking about is something else.
Today we want to explore the possibilities for a social media world built around Blockchain as its main operating system, one that could bring us into a new era of online interaction and growth.
While Web2, the web of platforms and social media, has brought a lot of innovation, it hasn’t all come without its problems and hurdles. More and more we’re seeing mainstream sites like YouTube, Instagram, Facebook and Twitch taking stronger control over their userbase and larger cuts of their profit.
That’s because today, anything submitted to these platforms immediately belongs to them, not the User or Creator who made it. This allows for issues of demonetization, unfair banning, loss of income, piracy and theft to be rampant.
According to Yung Beef, manager at Subsocial, a decentralized social finance network “It seems pretty obvious that centralized social networks are susceptible to lots of shady stuff, with the mystery algorithms controlling what people see, people getting shadowbanned or banned outright for whatever reason, etc. And it just gets worse when you factor in that a lot of people earn their livelihood on these platforms and their food bill is totally at the whim of the central authority.”
Decentralized websites, on the other hand, live on public blockchains where almost anyone can operate a node, access the back end, create an app and curate a feed. A social network built like this would immediately change the game for many of these base issues, giving more control to users than ever before.
All of this isn’t just about what the Blockchain solves, it’s also about what it creates. Although adoption for standardized Blockchain-based social media could take years, the end result would be unlike anything we’ve seen.
For starters these platforms would be partially owned and controlled by their users, that means more options for personalization and formatting, as well as greater privacy and less issues with censorship. But most importantly, it would bring total ownership of users over their creations, posts, pages, communities and domains.
Some might argue that this could create issues with content moderation, but Stani Kulechov, CEO of Aave has a different way of looking at it. He believes that decentralizing the social graph could provide opportunities for a more human kind of moderation. The level of ownership and interconnectivity the Blockchain allows gives users and developers the chance to create their own moderation algorithms. Entire applications and communities could develop their own new ways of self-regulating content.
Then there’s the monetization issue. We think equitable monetization should be at the forefront of any new web development, and Blockchain technology truly seems like that game-changer we need. Nowadays NFTs and crypto have already shown us amazing new ways of earning an income through tipping, sharing, selling and investing within a community.
But a decentralized social media platform could go even further: giving back all of its earnings to its users and creators. The communities in social media are what give it value and allow it to grow, so it only makes sense that they should be rewarded by the platforms’ income through ad revenue, market shares, and other forms of monetization.
A blockchain-based platform is ideal for creating an environment that truly compensates its users for their time building, creating and engaging with its content.
All of these ideas might still be a bit far away, but we have to start somewhere, luckily projects like Subsocial, Aave, DeSo and of course MUSURE world are already making this dream a reality, bringing in Web3 and Blockchain into our day-to-day lives, so we can find together new ways of communicating, creating and growing. We’re all very excited to see what else the future holds.
Until next time!