Users’ concerns over the centralized nature of conventional platforms and the possibility of censorship have contributed to the idea of decentralized social media platforms continuing to acquire significant support. Even the former CEO of Twitter, Jack Dorsey, has publicly advocated for a decentralized Twitter replacement.
Decentralized social media networks, according to Porter, give users “the opportunity to own their content, their data, and make decisions about its monetization.”
Porter additionally thinks that consumers and platforms alike might profit from decentralized social media systems. He claims that they are able to monetize and produce income because to “tokens and digital assets flowing through them natively.” He described:
“Fees on these transactions give a monstrous opportunity to flip the traditional ad-driven social media monetization on its head, while likewise giving clients an ad-free encounter.”
The CEO noted that decentralised social media platforms give content creators the option to enable adverts or monetize their work. This would effectively be a copy of the advertising revenue model developed by traditional social media while also offering platform content creators more optionality, authority, and income. He also said:
“The crypto part of decentralized social [media] will empower all the more remarkable and customized adtech that can consider financial assets and transactions, giving clients control of precisely the way in which this data is gotten to.”
Web3 social media platforms, in Porter’s opinion, will further democratize and advance product placement, influencer marketing, and social advertising. Nonfungible Tokens, or NFTs, are a tool that advertisers may utilize to both reward their most devoted customers and promote products in strategic locations. These advertisers will look to collaborate with relevant artists and communities, and Web3 adtech will give these creators the chance to show that their communities are a fantastic fit for the advertisers.
Decentralized social media firms have the following difficulties, according to Porter:
“Expanding on-chain is difficult. Web3 social media stages are expanding on new technology stacks with altogether more modest teams than the Web2 behemoths. According to that point of view, it tends to be a test to scale quickly enough to satisfy user needs and serve each Web2 user with a degree of features and refinement they want.”
Porter added, while talking about regulation inside the decentralized social media ecosystem, “It is conceivable that regulations will exist to shield user information and privacy or to stop the spread of bogus information. A general public that is to a great extent in concurrence with its rules and regulations is solid. As indicated by his assertion, “technology normally advances more quickly than legislation do, which is the reason it is important to give individuals tools and capacity to assist with controlling platforms and their communities themselves.” Instead of surrendering all that to outside powers or compelling people, Porter figures that decentralized autonomous groups can help a gathering self-manage and decide.
Blockchain technology can possibly revolutionize the social media environment and give consumers new degrees of control.