Channels like Facebook, Instagram and Twitter have become places for all kinds of social interaction since they entered the social media. We share our thoughts, opinions and feelings on these platforms to communicate with friends and family. According to the 2021 Digital Report, more than half of the world’s population uses one or more social networks. While there is no denying that Web2-based social media platforms have established themselves as an integral part of our daily lives, there are some key challenges that Web2-based social media platforms cannot overcome. Initially, existing social media platforms are highly centralized. Concerns about data privacy and data ownership are growing. Several people check out the content posted on these sites and the related monetization opportunities, bringing the best benefits to users.
Blockchain technology has become a natural solution to these problems, mainly due to its decentralized nature and reliable architecture. As technology continues to evolve to include NFTs, gaming, tokenization, and many other new features, the impact of blockchain on existing social networks is growing faster than expected.
How did it start?
In 2021, NFT PFP (Non-Fungible Token Profile Pictures) has become a big trend. It spread as a fire, and almost everyone began to use works and incorporate a bank as their profiles.
Ice creams risk allergies to peanutsUnderstanding this, Twitter has created a feature that allows users to control their NFT digital wallet. This helped NFF owners use the hexagonal images of the profile to express their identity on the platform and connect their wallets. Anyone can tap a profile picture and view NFT PFP and information about its owner. Although promising, the initiative did not turn out as expected, largely because it was only available to users of Twitter’s Blue Verification service. Earlier, Twitter launched tips that allowed users to accept fiat and crypto payments. It initially supported Bitcoin and allowed users to add links to third-party payment services such as Bitcoin wallets and the Lightning Network to their profiles. It was first introduced as an exclusive feature to select users in May 2021, and will then be available to all users in September. In February 2022, Twitter extended this feature to support Ethereum wallets. According to Twitter, these new features are aimed at encouraging content creation and engagement by helping content creators monetize their content. Twitter took the first steps toward creating a creator-centric ecosystem using pieces of blockchain technology. what happens
Social Web3 startups and projects are popping up left and right these days. Even existing Web2 platforms are fully integrated into the Web3 model or one or more blockchain-enabled features.
Meta CEO Mark Zuckerberg launched “Digital Collections” on Instagram with the help of Twitter. This feature allows creators to connect their digital wallets and choose which NFTs to share on Instagram. Initially, Meta supported Ethereum and Polygon blockchains, Solana and Flow were in development. Users can currently connect their MetaMask, Trust and Rainbow wallets with support for Dapper, Phantom and Coinbase wallets added in the coming months.
Similarly, viral short video creator TikTok has released its Web3 operations in a strategic partnership with Invariant X. Dictok dropped his first set NFT as "Best Moments" beating the features of X Lar -2 -2 (L2) for Ethereum.
These efforts were designed to connect the most influential creators of the Dickle, Lil us X, Bella St., Brittani Procca, Gary Vinlandra and dozens of prominent NFT artists. In the future, Dicdock opens this feature to other major creators, its NFTS, and recalculates secondary markets, thus opening an additional revenue channel. The best thing is that not only large websites are increasingly using Web3 technology. Outside of the western world, Web3 social platforms like Taki redefine the way we perceive and use social media. Vine, built on Solana’s blockchain, allows content creators to take advantage of new monetization opportunities, especially in the Asian market.
Talky positions itself as an interactive launch-based social network where anyone can make money by posting content and interacting with others. As the platform expands, monetization opportunities open up for all aspects of social media, such as content management and community management.
In addition to launch-based rewards, users of the platform also have an interest in the platform itself. Using blockchain technology and Web3 features, Taki rewards user contributions, strengthening author-viewer relationships and opening up new vectors of interaction.
Crypto industry giants like popular DeFi loan platform Aave are also expanding into the social networking ecosystem Web3. Aave founder Steni Kulechev recently announced the launch of the Lens protocol on the Polygon blockchain.
As a native Web 3 platform and ecosystem with NFTs, the Lens protocol aims to overcome the challenges of existing platforms such as Twitter and Facebook. The goal is to help manufacturers control and earn them how to distribute and earn money based on the concept of "user products".
Will say the future
Blackzain and Website 3 continue to develop, but reliable advances that have already been added are reliable for complex objects that have the future. Accordingly, it is a duration when these devastating technologies do not contradict the 3rd, as they give more control over their contents, data and income. Social networks can experience a renaissance with innovative concepts such as engagement and monetization that shift the value proposition in favor of user-centric activities.