The story of decentralized social media platforms continues to garner a lot of attention, and users are becoming increasingly concerned about the centralized nature and potential censorship of traditional platforms. Even Twitter’s former CEO, Jack Dorsey, is publicly pushing for a decentralized alternative to Twitter.
Cointelegraph interviewed Rick Porter, CEO of decentralized social media startup DSVR, about how these platforms could change the way users interact and share information online. Porter said his decentralized social media platform offers “the possibility for users to own their content and data and make decisions about its monetization.”
Porter also believes that decentralized social media platforms can benefit both platforms and users. According to him, decentralized social media platforms can be monetized to generate revenue through “natively flowing tokens and digital assets.” he explained:
“These transaction fees offer a huge opportunity to upend traditional ad-driven social media monetization while providing users with an ad-free experience.”
The CEO said decentralized social media platforms offer the possibility for individual creators to enable ads and monetize their content. “It basically replicates the ad revenue model pioneered by traditional social media while giving content on the platform more options, power and revenue to his creators.” also said.
“Crypto Components of Decentralized Social [media] Enabling more powerful and personalized ad tech that can take into account financial assets and transactions, giving users control over exactly how they access this data. ”
According to Porter, the Web3 social media platform will take product placement, influencer marketing and social advertising to the next level and further democratize them. An advertiser can use NFTs as a form of product placement and as a way to reward his most loyal customers. These advertisers want to partner with relevant creators and communities, and Web3 Adtech allows these creators to prove that their community is the best fit for them.
Regarding the challenges facing decentralized social media startups, Porter said:
“Building on-chain is not easy. The Web3 social media platform is a much smaller team than the Web2 behemoth and is built on a new technology stack. , scaling fast enough to provide the required level of functionality and sophistication to all Web2 users can be a challenge.”
Regarding regulation within the decentralized social media ecosystem, Porter said: It is healthy to have clear regulations that society generally agrees on. However, “technology usually advances faster than regulation, so it is important to give users the tools and powers to help regulate the platform and its community itself.” We see autonomous organizations (DAOs) as a way to self-regulate and make decisions as a group, rather than leaving everything to external parties or powerful individuals.
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