Users’ growing worry over the centralized nature of conventional platforms and the possibility of censorship has significantly increased the popularity of decentralized social media platforms. Even Jack Dorsey, the former CEO of Twitter, has publicly advocated for a decentralized Twitter substitute.
Rick Porter, CEO of the decentralized social media business DSCVR, was questioned by Cointelegraph on how platforms can alter how people communicate and exchange information online. According to Porter, decentralized social media platforms give users “the chance to own their content, their data, and to decide how to monetize it.”
Decentralized social media systems, according to Porter, have the potential to be profitable for both the platforms and their users. He claims that by having “tokens and digital assets flowing through them organically,” they can monetize and earn income. He clarified:
“Fees on these transactions offer a huge chance to turn the conventional ad-driven social media monetization on its head while also delivering consumers an ad-free experience,” says the author.
The CEO noted that independent creators can enable adverts or monetize their content on decentralized social media platforms. The content providers on the network would have greater optionality, power, and income thanks to this, which would essentially mirror the advertising revenue model invented by traditional social media. And he said:
In decentralized social media, “the crypto component will enable more powerful and tailored adtech that can take into account financial assets and transactions, giving users control over exactly how this data is accessed.”
Porter claims that Web3 social media platforms will further democratize and advance product placement, influencer marketing, and social advertising. Non-fungible tokens, or NFTs, can be used by advertisers to reward their most devoted customers as well as to display their products in front of potential customers. The Web3 adtech will give these artists the opportunity to demonstrate that their communities are a fantastic fit for the advertisers, who will want to collaborate with relevant creators and communities.
Porter said this regarding regulation within the decentralized social media ecosystem: “It is conceivable that regulations will exist to safeguard user information and privacy or to stop the spread of false information. It is beneficial to have clear rules that society as a whole accepts. Although he acknowledged that “technology often progresses more quickly than legislation does, which is why it is essential to give people the tools and power to participate in platform and community regulation actively, “Decentralized autonomous organizations, according to Porter, can let a community self-regulate and make decisions rather than delegating authority to other groups or powerful individuals.
Blockchain technology has the potential to revolutionize the social media environment and give people newfound power.
