The Web3 industry is on a mission to disrupt the World Wide Web, and one of its primary targets is social media. In the 34th episode of Cointelegraph’s “Hashing It Out”, host Elisha Owusu Akyaw interviews Ryan Li, co-founder of CyberConnect, to discuss the concept of decentralized social media.
Li begins by explaining the rationale behind creating social media platforms running on blockchain. He points out that Web3 social media platforms provide content creators with the confidence that they won’t be abandoned as the platform grows or shifts its focus to ad revenue, which is a common concern with traditional platforms. This sense of security is made possible by the decentralized financial system that underpins these platforms, and the speculative nature of the space further strengthens the case for SocialFi.
Li also highlights the recent updates and developments in the decentralized social media space. For example, CyberConnect has introduced account abstraction, which has brought attention to the sector. Additionally, new gamified ways to increase user engagement on SocialFi platforms have created a lot of buzz.
One decentralized social media platform that has made waves recently is Friend.tech. Within two months, the platform became the most used decentralized application on Coinbase’s Base network, generating a revenue of 10,663 Ether (ETH) and having a total value locked of over 30,000 ETH. However, despite its growth, the platform has faced criticism. Li offers an interesting perspective, describing it as a security due to the fact that the price of a key is not traded with another person.
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In addition to discussing decentralized social media, Owusu Akyaw and Li also explore how the latest changes at major platforms like Meta (formerly Facebook) and X (formerly Twitter) impact adoption. Li explains that X’s new monetization strategy and Meta’s unsuccessful experiment with Threads could potentially drive users to adopt Web3 social media platforms. He believes that users are likely to make the switch due to a single feature they love and stay because of the infrastructure they find.
For those interested in learning more about this topic, the latest episode of “Hashing It Out” featuring Ryan Li can be listened to on Spotify, Apple Podcasts, Google Podcasts, or TuneIn. Cointelegraph also has a full catalog of informative podcasts available on the Cointelegraph Podcasts page.
It is important to note that this article is for general information purposes only and should not be taken as legal or investment advice. The views expressed by the author are their own and do not necessarily reflect or represent the views and opinions of Cointelegraph.
