As a researcher with a background in media and technology, I have witnessed firsthand the evolving landscape of social media platforms and their impact on creators, users, and advertisers. Traditional web2-based platforms have long acted as gatekeepers of revenue flows, limiting opportunities for creators to engage directly with their audiences and monetize their content fairly.
In every sector of the gaming industry, the era of directly selling products or services to consumers has arrived with full force. Even the thriving $250 billion creator economy can’t escape this transformative shift.
Long-standing social media platforms have served as intermediaries for financial transactions between creators, their audiences, and advertisers, restricting the methods through which they interact.
Based on my observation of numerous failed attempts at achieving a balance between the three key aspects in web2-based social media platforms, it appears that the future lies with web3 technology to promote equal access and ownership in social media.
Empowering creators, users, and advertisers
Based on Mordor Intelligence’s findings, the value of blockchain technology in the media, advertising, and entertainment industry is projected to reach an astounding $27.29 billion by 2029, expanding at a remarkable annual rate of 78.49%. This evolution, currently unfolding before our eyes, can be attributed to the advent of Defi integrations that eliminate intermediaries and pave the way for a revolutionary period filled with innovation, interaction, and faith.
Blockchain technology has evolved from addressing outdated issues like digital piracy, unequal royalty distributions, and monopolistic control of user data, to significantly reshaping the way humans engage with one another. It begins by putting creators in the driver’s seat, transforming these platforms into more than just social meeting places.
Through expanding the scope of brand interactions, SocialFi platforms are shaping a new framework in which devoted, financially committed audiences foster sustainable livelihoods for creators. Previously, primary attention was given to the creator; however, it is essential to acknowledge and engage both users and advertisers as integral parts of this system.
In the next stage of SocialFi, a tokenized ecosystem takes center stage. This setup empowers creators to receive payments directly from audience interaction while recognizing every participant for their digital presence. By combining creator incentives with user engagement, this method fosters beneficial cycles for all parties involved. Not only does it promote equitable compensation for creators, but it also increases user involvement by aligning creator and audience goals.
Advertisers within this system enjoy enhanced control over their advertising expenditures, enabling them to connect more effectively with a broader range of users, ultimately leading to improved returns on investment.
NFTs for digital ownership
NFTs, or non-fungible tokens, gained significant buzz a few years ago, but their practical uses in the real world for digital asset tokenization became overshadowed by hype. Nevertheless, the sector has remained financially robust, as investors have wagered on its potential applications in various industries such as art, real estate, photography, music, and social media content – essentially linking back to Real-World Assets (RWA).
As the use of decentralized content becomes more prevalent, it’s clear that simply making it decentralized isn’t sufficient. Creators require a method to assert intellectual property rights and generate ongoing income. NFTs (Non-Fungible Tokens) offer creators this level of control, allowing them to retain ownership while also exploring merchandising opportunities and securing recurring revenue streams.
An intriguing perspective to ponder is that short-form visual content has gained significant traction as the preferred type of content online currently. However, this popularity comes with challenges such as copyright infringements and absent creator acknowledgment, which overlooks the hard work put in by digital contributors. SocialFi platforms could address these issues by enabling the swift transformation of visual content into NFTs, thus introducing transparency and monetization opportunities for creators that were previously unexplored.
Although blockchain holds significant promise for the media industry, implementing it isn’t without hurdles. Familiar concerns such as scalability and interoperability persist. Fortunately, the emergence of low-code solutions is helping developers construct scalable L2s more efficiently and affordably.
As a seasoned blockchain developer with years of experience working on various projects, I can confidently say that having access to a robust on-chain development environment is essential for building complex applications, especially those in the media industry where high transaction speeds are crucial for an optimal user experience. Networks like Sui truly shine in this regard, providing developers with the necessary tools and infrastructure to create dynamic and responsive applications that can handle large volumes of transactions without compromising performance or scalability.
By establishing infrastructure on the blockchain, we can create a unified environment where decentralized and mainstream financial technologies can be easily integrated. Additionally, managing platforms on-chain safeguards intellectual property and fortifies defenses against cyber threats. These advantages are particularly valuable for facilitating real-time payouts, even for small transactions that are economically impractical using conventional fiat transfer methods.
The intricacy of web3 user interfaces currently poses a significant challenge, yet as new platforms merge the simplicity of web2 with the innovation of decentralized finance (DeFi), the prospect of connecting these distinct spheres has become increasingly attainable.
Anoir Houmou, the visionary founder and CEO of RECRD, has made waves in the video engagement industry with his innovative platform backed by the Sui Foundation. Leveraging blockchain technology, RECRD is revolutionizing content creation and monetization. With a solid foundation in marketing and advertising for over 14 years, Anoir expertly merges technology and creativity. This approach has attracted an impressive pre-launch user base of over 500,000.
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2024-07-21 17:52