Skip to content

Social Media on the Blockchain

The goal of mass adoption in the crypto and blockchain industry has been a long-standing goal. Nearly every company in the space strives to achieve mass adoption in some way. There is still a lot of work to be done. With just over 300 million users of crypto and 70 million users of blockchain wallets, we have a long way yet. Lack of recognition by the government, insufficient understanding of the technology and other high-risk factors are all reasons that deter mass adoption. The main deterrent in this long list is still the absence of a strong enough use case.
Blockchain technology is a source of unprecedented innovation. These innovations are primarily focused on short-term growth, and don’t provide strong reasons for people to move from centralized systems into decentralized ones.

For information on the crypto social network visit My Power Token.

The internet was in a similar position in the 2000s. There was a lot of potential, but very little value. The whole dynamic changed with the advent of social media, especially Facebook, in 2004. Internet saw a surge in users across the globe, who saw it as one of humanity’s greatest innovations.

Even after 20 years, social media is still the most powerful tool to propel blockchain-space toward mass adoption.
Facebook to Meta – The beginning of the big picture

As of 2021, Facebook has more than 2.89 billion users. After dominating communication in Web 2, Facebook recently began to transition towards Web 3. Now called Meta, the company is working to create the largest social media metaverse in the world. This will be combined with Facebook’s cryptocurrency Diem and could lead to nearly 3 billion people being introduced to blockchain and cryptocurrencies worldwide.

The metaverse is dependent on blockchain. NFTs and digital assets such as cryptocurrencies will be used to determine ownership in the metaverse. The blockchain industry is indirectly blessed by Facebook’s move to the Meta.

Twitter has also announced that it will integrate cryptocurrency into its platform, including Bitcoin tipping for creators. Bitcoin tipping is a popular option due to Twitter’s large user base, which has 192 million active users daily. Reddit is also said to be planning to launch an NFT marketplace soon. Rumours also circulate about the possibility of the platform converting Karma points into crypto tokens. A significant proportion of the world’s social networks are making efforts to integrate blockchain technology into their core.
SocialFi: A new name for mass adoption

Although social media is now synonymous with Facebook, Instagram and Twitter, it’s likely that this will change in the near future. The blockchain technology is enabling a new generation of social networks. These networks could be even bigger and better. These networks can take existing social networks and give them superpowers. Data frauds, algorithm changes that are not informed and content censorship may be the end of the line. These new social networks are managed and owned by the community.

They also offer the possibility for social finance (SocialFi). Users can gain direct financial benefits by being influential on these networks through social influence.

These new social networks, with their integration of SocialFi, are probably the most important uses of blockchain technology. They could be the driving force behind mass adoption.
To propel mass adoption, innovation meets capital

Venture capital funding has seen a surge recently, as major social networks that incorporate blockchain technology and SocialFi projects are in the spotlight. SocialFi was mentioned in Binance Smart Chain’s recent $500 million investment program. Solana Ventures announced a $100 million funding of web3 social startups, in partnership with Alexis Ohanian, co-founder of Reddit.

Paradigm, a venture capital firm, announced that it has raised $2.5 billion for crypto startups and web3. It appears that the venture capital market recognizes the potential blockchain technology and is investing in promising SociaFi projects.

The crypto and blockchain industry is also working hard to develop the next generation social media. This could appeal to the masses and bring them onto-chain with an influx in new VC funds.
The universal appeal

Mass adoption is not something that is easy to do. It can be difficult to convince large numbers of people to adopt a new technology. Social media can be a crucial tool in this process. Social media networks are universally appealing and could unlock mass adoption with features like SocialFi or decentralization.