Social Media Companies of the Future will be Tokenized- Here is Why
Hive and 3Speak are way ahead of the curve in the social media industry of rewarding engaging and valuable content with tokens. The reason social media companies will embrace token-rewards for their content producers is that most content creators are not regularly rewarded on these existing platforms, and they need to enlist the remaining 4-billion people worldwide without a social-media account.
Currently, the large social media company YouTube reward content creators with notoriety and cash payments. Facebook, Twitter and Instagram do not pay exceptional content producers, but offer avenues for "influencers" to earn money from promotional opportunities. Becoming an influencer who can gain sponsorship opportunities from big brands is an opportunity for a small minority of content producers. According to research conducted in 2019, 3.7 billion people around the world have a social media account, and the average user has approximately 7- social media- accounts. This is a goldmine for
Social media companies including Pintrest offer sellers to find buyers, and are similar to Amazon and Ebay, in that they are essentially marketplaces for niche consumers.
Facebook flirted with creating it's own cryptocurrency, Libracoin, and faced negative attention from Congress. The concern set the cryptocurrency market back, as the complicated issues in the case were hard to explain in a soundbite. It is amazing to think that social media companies who make billions off of their user base are persecuted for embracing token rewards.
Today, decentralized social-media sites including Hive.io and 3Speak offer content producers tokens for their work. The sites have models that could be easily replicated by the likes of Facebook and Twitter. In the future, these large companies will embrace giving their users tokens, as it would serve to attract and reward the remaining 4 billion people who do not have social-media accounts. Social media giants need to broadly reward their base to remain competitive in the market and gain the use and trust of the remaining 4-billion people.
Originally published in my Publish0x account I own at:
Also published in my Hive.io account at anarchy999 and my Steemit account at anarchy999.
Picture from Pixabay.
Sources:
Picture from Pixabay.
https://www.digitalinformationworld.com/2019/12/revenue-per-social-media-user.html?m=1
