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About Crypto Social Media

Since the inception of blockchain and crypto, mass adoption has been a long-standing goal. Nearly every business in the space strives for mass acceptance in one way or another. It’s clear that there are still many steps to go. Deterrents to mass adoption include lack of government recognition, a lack of understanding, and high risk factors. Despite this long list, the main barrier to mass adoption remains the absence a sufficient use case.
The blockchain industry is today full of innovation. But, the majority of these innovations focus on short term growth and don’t offer a strong reason to people to shift from centralized to decentralized systems.

In 2000, the internet was also in a similar place. Potential but not much value. But, all that changed when social media was launched, particularly Facebook in 2004. The internet was embraced by many people around the globe as one of the greatest innovations of our time.

Even though it has been over 20 years, the social media can still propel blockchain-space towards mass adoption.
Facebook to Meta

Facebook’s user base is expected to exceed 2.89 billion by 2021. Facebook has been making strides in the transition to Web 3 since it was ruled by Web 2 communication. The company is now called Meta and works to create the biggest social media metaverse. This could bring cryptocurrencies and blockchain to almost 3 billion people in the world, as it happens with Facebook’s cryptocurrency Dasm.

The metaverse operates on the basis of blockchain. NFTs and cryptocurrencies are the key to the future digital economy. For the blockchain industry, Facebook’s transition into the Meta is indirect blessing.

Twitter even plans to integrate Crypto social network in the platform with things such as Bitcoin tipping by creators. Bitcoin tipping sounds like mass adoption given Twitter’s huge userbase of 192million daily active users. Reddit also claims to have plans for a NFT marketplace. Additionally, rumors abound about the platform’s conversion of Karma points into crypto coins. The world’s largest social networks have made strides to incorporate blockchain technology within their cores, and a significant part of the world’s population may jump on the crypto train.
SocialFi is the new name for mass adoption

Facebook, Instagram (and Twitter), and YouTube are all synonymous with social media. But this trend is likely to change quickly. Blockchain technology is opening up new social networks that are bigger and better than before. These networks are able to take existing social models and give them superpowers. Data scams, uninformed algorithm modifications and unnecessary contentcensorship could all be extinct. These social networks are run and owned by the communities.

Additionally, these networks offer social finance (SocialFi) as an option. The tokenization of social influence on these networks allows users to receive direct monetary rewards for being influential.

This new social network and its integration with SocialFi is one of the most promising uses of blockchain technology. It could be at the forefront of mass adoption.
Mass adoption can be accelerated when innovation meets capital

Venture capital funding has experienced a significant increase in recent times, due to the rise of social networks using blockchain technology as well as SocialFi projects. SocialFi was mentioned as one the most important areas of interest in Binance Smart Chain’s recently launched $500 million investment programme. Solana Ventures has also announced a $100million funding for web3-based social startups in collaboration with Alexis Ohanian (reddit’s cofounder).

Paradigm, a venture capital company, announced a $2.5B funding for web3 projects and crypto startups. It seems that the venture capital industry recognizes the potential for blockchain technology and is now investing in promising SociaFi initiatives.

The blockchain and crypto industries are full-throttle working on the development and implementation of next-generation social media.
Making universal appeal

Mass adoption can be a difficult task. It is not easy to convince a substantial portion of the population about a new technology. Social media could play a key role in this. Social media networks have universal appeal, and things like SocialFi (and decentralization) could make them the key to mass adoption.