- In 2021, the number of active social media users went over 4.26 billion
- Sapien, a decentralized social network, has more than 24000 news content, posted 42000 comments and created over 148000 SPN tokens.
- In 2022 a Live Nation subsidiary, Ticketmaster, launched NFT tickets for event organizers to mint on a blockchain network established by Dappe Labs.
Blockchain technology so far has transformed various industries. The financial sector was the first to receive its revolutionary application, thus leading to one of Africa’s prominent economic industries; the Fintech Industry. Its success ushered in many new inventions, some of which individuals thought were possible. Who would have guessed blockchain could be applied to agriculture, bringing about such massive transformations? This thus begs the question, what is the place for blockchain in Social media? Can we create a decentralized social network and merge the media industry with web3?
Fortunately, blockchain already had its claws in the media industry. Today various companies and organizations are in a race to ensure that their blockchain-based social media platform is at the top of the food chain.
The revolutionary concept of Blockchain in Social Media
Blockchain technology is among the top technological insights that have ushered in the 4th industrial revolution. Blockchain technology is responsible for placing Africa at the forefront of tech headlines.
Its decentralized nature eerily fitted Africa’s ecosystem and was specifically designed for Africa. Its applications and flexibility have allowed Web3 to expand beyond its initial capabilities. In the beginning, Bitcoin, blockchain’s first successful implementations, merely brought in an alternative financial product. At the time, many thought of it as a mere hoax. However, a few bold innovators tinkered with its fundamental attributes and discovered that its applicability stretched beyond its initial field.
Blockchain technology became a mechanism for establishing digital content ownership, a feat its predecessor Web2 could not achieve.This led to the developers applying blockchain technology in aspects such as Education, healthcare, insurance, artwork and within the creation of the metaverse. Its recent application, blockchain in the media industry, astonished many indiviudals—the result of a decentralized social network that would run seamlessly on a blockchain network.
The bitter truth is that Web2 social media platforms might claim that a user has control over their data, but this statement stretches the truth. Any social media platform on Web2 can duplicate your data and sell it off. Its inability to secure information is the main reason cyber security is among the top rising needs in today’s tech world. Fortunately, with the merger of web3 and the media industry, this problem has been alleviated.
Blockchain redefines the media industry.
The media and Entertainment industry encompasses various aspects beyond social media. Applying a decentralized social network is among the multiple benefits of blockchain.
Blockchain provides various benefits such as;
- Improved licensing and rights management
- digital advertising
- smart contract management
- Online gaming and payments
In a previous article, we discussed the concept of blockchain in the music sector, a core component f the Media industry. Its revolutionary concept simplified the entire music supply chain management, and a similar idea occurs within the whole Media industry.
Its integrity and immutable nature allow media companies to commoditize their content and spread intellectual property privacy. This develops a level of trust and reassures any content creators that their property is theirs. Web3 music applications have allowed musicians to earn directly from their fans by closing the gap between them.
Increasing the scale of such a concept to the media Industry virtually simplifies things for the hosting organization and their representatives. In addition, the development of NFT allows digital ownership, which applies to the distribution o tickets to shows and concerts during the likelihood of theft or illegal entries. In 2022 a Live Nation subsidiary, Ticketmaster, launched NFT tickets for event organizers to mint on a blockchain network established by Dappe Labs.
Ticketmaster created over 5 million NFTs to accommodate events held within the year. When focusing on blockchain in social media, Meta recently announced that Instagram would support NFT in more than 100 nations.
The trend of Blockchain in Social Media
The primary goal of Web3 is to replace Web2 eventually. Unfortunately, this is a massive undertaking for any organization since it requires you to return to the global digital world. Developing a decentralized social network is among the first steps any organization should accomplish to achieve such a feat.
In 2021 the number of users of social media went over 4.26 billion active users. According to Statista, that number will hit 6 billion by the time 2027 rolls in. This means that the media industry is about to receive a vast number of users ultimately.
Many must understand that social media is a breeding ground for additional projects. If an organization successfully establishes blockchain in social media, it can efficiently market any other product. Today if Instagram or Tiktok decides to release its products, they already have the available customers to purchase them.
When focusing on Africa’s digital economy in under two years of the pandemic, Jumia attained unicorn status. It mainly accomplished this feat b using social media platforms to advertise its services.
Organizations can also use social media platforms to introduce new technology. Web3 is fundamentally different from WEB2, and it contains additional functionalities and features. One of the few ways to steadily introduce Web2 users into decentralized technology is by establishing a web3 social network. By steadily easing users into a platform they are already familiar with, organizations can steadily roll out other web3 technology.
Use cases of blockchain in social media.
The development of a web3 social platform is no new concept. Organizations that pioneered the idea of web3 have established a decentralized social network that connects their users with peers. The technology exists, and the only thing left is to find a way to replace giants like Instagram, Snapchat and Tiktok.
Below are some of the existing Web3 social platforms.
Also, Read about Debunking Bitcoin’s volatility amidst the recent decline.
Ethereum-based social media platforms
Ethereum has been a dominant figurehead within the Web3 ecosystem. Unfortunately, many crypto traders think Ethereum is in the same race as Bitcoin, which is far from the truth. Bitcoin blockchain network only facilitates the transactions of bitcoin and bitcoin forks.Ethereum, on the other hand, aims to extend the functionalities of Web3, and Ethereum has encouraged various other blockchain projects within its network to do this.
The web3 social networks supported in Ethereum include;
- Minds.com – many refer to this decentralized social platform as the “anti-Facebook”. This is because its interface is similar to the social media titan. However, its creators designed it to allow web3 users to interact with it easily. Minds’ underlying code and algorithms are ipe sources and use the ERC-20 token. Its creators built a transparent content moderation and spam policy to ensure every user is secure and has control. Minds reward users for quality content creation, code contributions and other actions that contribute to its
- Peepeth – another use case of blockchain in social media is akin to Twitter. On the web3 social platforms, all accounts and “peeps” (posts) are stored on the blockchain network. Its underlying mechanisms allow content creators to receive tips in the form of crypto coins. Maintaining the upkeep of the platform takes a 10% fee. The creators of Peepeth advocate for high-quality content and thus allow only one like per day.
- Indorse.io – this use case of social media strongly resembles LinkedIn merged with Instagram. The web3 social network is maintained but its ERC-20 Indorse Token(IND). The platform aims to deliver more accurate credentialing and skill verification through its endorsement system.
Sapien is a stand-alone organization that implemented blockchain in social media to create its very own news platform. It applied the most basic forms of blockchain technology by granting users control of data and content. Its content creators receive SPN tokens they can use throughout other Web3 platforms and marketplaces within their ecosystem. Since it launched its decentralized social network, it has more than 24000 pieces of news content, posted 42000 comments and created over 148000 SPN tokens.
The Mirror is an online publishing platform that is hellbent on merging bite the media industry and web3. This web3 social platform is in collaboration with Ethereum. Suppose a content creator posts their article, video or photo on its blockchain ecosystem. They then use Arweave, a decentralized storage network, to store it. It allows users to mint collectables and collect crypto subscription payments. In addition, it also offers NFT features that enable one to turn a post into an NFT.
There are numerous use cases of social media from which Web3 organization can leverage. Web3 social media platform is among the first ways to gather users for products or marketing your site. Despite establishing a decentralized social media is a considerable feat, Web3 still has some way to go before even coming close to the sheer scale of Web2.