- Is social media on the blockchain a key to mass adoption?
- How can social media and blockchain work together?
Blockchain and crypto are well-established in today’s world and have no chance of dissolving anytime soon. So, the main goal of the crypto and blockchain industries is mass adoption. Currently, cryptocurrencies have 300 million users and the blockchain industry has 70 million users. This means they are still not adopted or used by a large part of the world’s population. The main causes for this are a lack of recognition, centralized authority, and high-risk factors in the technology.
Moreover, this industry is still continuously in development and innovation, which makes the user experience uncertain and full of halts. There was a problem with the internet in the early 2000s, when it failed to gain mass appeal. But after the launch of Facebook in 2004, it saw a huge rise in users from across the world, finally recognizing its worth. Now it is assumed that social media can affect the blockchain industry in the same way.
From Facebook to Meta
Facebook is recorded to have over 2.89 billion users as of 2021. And now, after dominating Web 2, it is targeting Web 3 with many new innovations. The company now calls itself Meta and aims to create the biggest virtual social media platform on the Web. Along with this, Facebook is set to release its cryptocurrency (Diem), which would introduce nearly 3 billion people to the world of cryptocurrency and blockchain.
Blockchain is supposed to have a crucial role in the metaverse, as digital assets such as NFTs would be the sign of ownership and cryptocurrency would be the digital economy of the metaverse.
What is SocialFi?
When one thinks of the term ‘social media, they picture apps such as Facebook, X (formerly Twitter), YouTube, and other platforms. But this term is about to be changed with the integration of blockchain technology. With the advanced networks of the blockchain industry, these social media platforms could get rid of problems such as data scams, censorship and much more.
In the midst of this comes Social Finance, or SocialFi, through which users can get direct monetary benefits for being an influential figure on these social media platforms. With the introduction of SocialFi and media platforms on blockchain technology, the industry can see a sudden rise in users.
The Growing Interest
Following the interest in blockchain social media platforms, many big industries and businesses, such as Binance and Solana, have started funding new startups that aim to launch social media on Web3. Pardigm recently announced funding of $2.5 Billion for many Web3 and crypto-related startups.
Because of this interest, the developers in the blockchain industry got a boost to quickly launch the new face of the internet and social media for the world to experience. This means that one could witness the full potential of the metaverse and Web3 in the near future.
