The Web3 industry is striving to turn our understanding of social media on its head, and its latest mission is nothing short of ambitious. In the 34th episode of Cointelegraph’s Hashing It Out, host Elisha Owusu Akyaw sat down with Ryan Li, co-founder of CyberConnect, to delve into the burgeoning world of decentralized social media.
Why Decentralization? The Creator’s Perspective
Li kicks off the conversation with a crucial point: traditional social media platforms often leave content creators feeling stranded when platforms shift gears towards chasing ad revenue. Enter decentralized social media—where creators can find a refuge. With a blockchain backbone, these platforms empower users by offering them control and stability, making them less susceptible to the whims of owners and advertisers.
Recent Trends Sparking Interest in SocialFi
As Li explains, initiatives in recent years—like account abstraction by CyberConnect—are making waves in decentralized social media applications. It’s like a tech makeover for social media, with gamified elements that boost user engagement on SocialFi platforms. It’s a bit like sprinkling a little pixie dust to get people more involved and excited about what’s going on in the space.
Friend.tech: The New Kid on the Blockchain
A significant player shaking things up in the decentralized arena is Friend.tech, which has become the most utilized decentralized application on Coinbase’s Base network. In just two months, it racked up outrageous revenue figures—10,663 Ether (ETH) and more than 30,000 ETH in total value locked.
Critics and Opinions: Is Friend.tech a Security?
Despite its explosive growth, Friend.tech hasn’t escaped criticism. Li thoughtfully weighs in, “However, when you say if it’s a security, I would kind of say it might be because the price of a key, even though it’s trading against a battling curve, it’s not trading with another person.” Serious food for thought in a space where crowdfunding meets financial regulation.
Impact of Traditional Platforms on Web3 Adoption
The conversation isn’t just about standalone platforms; Owusu Akyaw and Li also tackle how major players like Meta and X (formerly Twitter) are influencing the Web3 landscape. Li suggests that X’s fresh monetization strategy and Meta’s less-than-stellar experiment with Threads might inadvertently push users towards decentralized options. The underlying takeaway? Users are often lured by a killer feature but stick around for the infrastructure.
Tune In for More Insights
Ready to dive even deeper into the subject? Check out the latest episode of Hashing It Out featuring Ryan Li on popular platforms like Spotify, Apple Podcasts, Google Podcasts, or TuneIn. And remember, Cointelegraph offers a treasure trove of podcasts for those wanting to stay informed in this fast-evolving landscape.
This article serves only as a guide to understanding the shifting sands of social media in the Web3 space. It’s not intended to be taken as legal or investment advice, and the views expressed here belong solely to the author.
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