It has been more than a decade since blockchain technology was introduced, and it has been a journey towards mass adoption.
Today’s blockchain industry is brimming with unrivaled innovation. However, these improvements mainly focus on short-term gains and do not give a compelling cause for individuals to switch from centralized to decentralized systems.
The internet was in a similar scenario in the early 2000s during the Web 2.0 evolution. There was a lot of promise there, but it did not have much adoption because there were few use cases. However, the introduction of social media, primarily Facebook, in 2004, altered the entire dynamic. The internet attracted a flood of new users from all around the world who saw it as one of humanity’s greatest innovations.
Even after twenty years, it is still social media that has the potential to catapult blockchain adoption into the mainstream.
In this article, we shall throw some light on the prospective future of blockchain integrating with social media and the endless possibilities it could hold for creators and consumers worldwide.
As of 2021, Facebook is expected to have over 2.89 billion users. And, after dominating Web 2 communication, Facebook has recently made significant progress in its shift to Web 3. The company is currently known as Meta, and it is working to create the world’s largest social media metaverse. Nearly 3 billion people around the world might be introduced to cryptocurrencies and blockchain if this happens in tandem with Facebook’s cryptocurrency Diem.
The blockchain is fundamental for the metaverse’s operation. Digital assets like NFTs will establish autonomy in the metaverse, and cryptocurrencies will enable the new digital economy. As a consequence, Facebook’s shift to the Meta marks a game-changer in the blockchain business.
Furthermore, apart from having a NFT set as the profile picture, Twitter is considering incorporating cryptocurrencies into the site, including features such as Bitcoin tipping for authors. Bitcoin tipping feels like mass acceptance, considering Twitter’s massive user base of 192 million daily active users. Reddit is also rumored to be planning to launch an NFT marketplace in the near future. The platform turns users’ Karma points into crypto tokens. With the world’s main social networks advancing to integrate blockchain technology at their heart, a sizable section of the global public may decide to join the crypto bandwagon.
While the term “social media” has become associated with Facebook, Instagram, Twitter, and YouTube, this is expected to change in the coming years. Blockchain is giving way to a new era of social networks that can become much bigger and better. These new networks endow established social models with superpowers. Data fraud, erroneous algorithm updates, and redundant content restriction may become obsolete. This is because the new social networks are community-owned and operated.
They also hold with them the prospect of social finance (SocialFi). Because social influence is tokenized, users can receive direct monetary benefits for being influential on these sites.
The development of these new social networks and their integration with SocialFi is likely one of the major applications of blockchain technology, and it could be at the forefront of mass adoption.
Building a global reach
When it comes to mass adoption, it’s harder than it sounds. It can be difficult to persuade a large section of the market to adopt new technology. Here’s where social media may be useful. Social media networks have a broad appeal, and with innovations like SocialFi and decentralisation on the horizon, they may be the main factors in widespread adoption, hence blockchain’s future in social media looks promising.