Introduction
The Web3 industry is on a mission to disrupt the World Wide Web, and one of its primary targets is social media. In the latest episode of Cointelegraph's Hashing It Out podcast, host Elisha Owusu Akyaw interviews Ryan Li, co-founder of CyberConnect, about the concept of decentralized social media.
Why Decentralized Social Media?
Li explains that decentralized social media platforms running on blockchain offer content creators the confidence that they won't be abandoned as the platform grows or shifts its focus to ad revenue, unlike traditional platforms. This is made possible by a decentralized financial system, creating a compelling case for SocialFi.
Recent Developments
Li highlights recent updates in the decentralized social media space, such as CyberConnect's addition of account abstraction and new gamified ways to increase engagements on SocialFi platforms. These developments have generated excitement and interest in the sector.
The Rise of Friend.tech
Friend.tech, a decentralized social media platform, has been making waves in the industry. It has become the most used decentralized application on Coinbase's Base network, recording significant revenue and value locked in a short period of time. However, the platform has also faced criticism, with Li describing it as a potential security concern.
Impact of Major Platform Changes
Owusu Akyaw and Li discuss how recent changes at major platforms like Meta and X (formerly Twitter) may impact the adoption of Web3 social media. Li believes that X's new monetization strategy and Meta's unsuccessful experiment with Threads could drive users to explore decentralized alternatives. According to Li, users are drawn to a single feature they love and stay because of the infrastructure they find.
Conclusion
The rise of decentralized social media platforms is gaining momentum in the Web3 revolution. With the promise of greater control for content creators and innovative features, these platforms are reshaping the social media landscape. To learn more about this topic, listen to the latest episode of Hashing It Out with Ryan Li, co-founder of CyberConnect.
