If Karl Marx were here today, he would have to admit that social media is people’s opium. The current internet generation has benefited from TikTok, YouTube, Snap, Insta, and more. These platforms control your data, your identity, and your freedom to interact with your fellow humans.
As the saying goes, if you don’t pay for the product, you are the product. Few people spare the monetization rights of the social media giants, but there is a growing sense that this has come at the expense of user experience. Amid growing dissatisfaction with the social media giant, the web3 platform is reaching out to his web enthusiasts. But can new technology make social media great again?
time, money and social media
Watching our 100th TikTok in a row might not seem like it, but time is the greatest resource we have. and complains. Despite the complaints, web2 works and is being monetized this way. The user experience may be the worst, but as long as users suffer constant interruptions and invasions of privacy, social media platforms will continue to push them on them.
Giving web users control over their social media experience also requires playing elsewhere with the ball on platforms with radically different business models. In practice, this means stepping into web3. It is a blockchain-connected platform that allows users to choose between spending time and money.
Web3’s take on the attention economy
In the digital age, the competition for people’s attention is increasing, making it a valuable commodity.
As we know, the attention economy has fueled the rise of new business models such as targeted advertising and subscription-based services. These business models rely on capturing and retaining user attention to generate revenue. Nowhere is this monetization model embraced more enthusiastically than web3.
The core principles of web3 are user sovereignty, privacy, and freedom from opaque data storage and resale. But how can the web3 platform make money if it can’t sell user data?
snap muse We provide a case study of what a user-centric social media platform could look like. Designed to directly connect creators with their fans, it allows vloggers to generate revenue directly from their most loyal supporters who earn exclusive perks in return.
This business model is fundamentally different from the tried-and-true advertising model that web2 advocates, but it relies on several factors to make it work.
First, creators need to build and maintain an audience that is passionate about their content and willing to subsidize it. And viewers and creators alike need to break the chains of web2, avoid the familiar boundaries of YouTube, and head into the wonderful new world of web3.
Convincing web users to move to new social media platforms is a chicken and egg problem. Snapmuse solves this problem with carrots and sticks. The web3 platform has been successful at convincing influencers to make the move with a loyal following. The YouTuber only receives her 55% of the ad revenue the show generates, so there’s plenty of incentive for creators to move their business elsewhere.
give voice to the voiceless
Not everyone is willing to spend money to support their favorite creators. In fact, the vast majority of people, even the creators of their favorite shows, would rather suffer from an abundance of ads and trackers than burrow into their pockets. If you’re prepared to pay, the creators are good enough to create a robust economy for their time and viewers are fairly rewarded for their attention.
The liberation of social media users has been long overdue. For too long, viewers of popular video platforms and users of social media networks have been treated as products, not people. They can be promoted, targeted, tracked, monetized, disenfranchised, and removed from the platform if you express dissatisfaction.
Social media users deserve an upgrade. Web3 may not be for everyone, but if it can capture a slice of the attention economy, it will unlock millions of people and level the playing field for creators and viewers alike. can.
