Why Should Social Media Be Decentralized?
Nowadays, social media has become an increasingly important part of our daily lives. Social media is a computer-based platform to facilitate sharing our thoughts, ideas, and information to communicate with other people. People need to interact with one another and social media facilitates it . Social media has changed the world. The rapid adoption of these technologies is changing how we access information from the news, how we find partners, and how we organize to demand political change.
From the chart above, we know that Facebook is the most popular social media platform today with 2.3 billion users. YouTube, Instagram, and WeChat follow, with more than a billion users. Tumblr and TikTok come next, with over half a billion users. Moreover, young people are more likely to use social media than older people. But some platforms are much more popular among younger people .
Furthermore, the increase in social media use over the last decade has come together with a large increase in the amount of time that people spend online. There is evidence that in other rich countries, people also spend many hours per day online. As we can see, the average for the OECD is more than 4 hours per day, and in some countries, the average is above 6 hours per day .
Why is Centralization Bad for Social Media?
Social media companies survive by implementing efficient advertising as their primary business model. This kind of business model forces them to collect and exploit as much user data as possible, in order to learn and personalize ads that serve best to us. It may sound like a good idea, but in reality, our privacy is greatly at risk!
The incidents of data breaches have alarmed many users and forced them to rethink their relationships with social media and personal information security. Based on data conducted by the Pew Trust, 80 percent of social media users report being concerned about businesses and advertisers accessing and using their social media posts .
Cited from BBC website, a hacker called himself Tom Liner compiled a database of 700 million LinkedIn users from all over the world, which he is selling for around $5,000. The incident, and other similar cases of social media scraping, have sparked a fierce debate about whether or not the basic personal information we share publicly on our profiles should be better protected .
As one of the implications of the advertising business model, creators are highly incentivized to create ‘click-bait’ content that best serves the third party’s interest, that puts ads on the respected social media platform. Ironically, creators are not really incentivized to create ‘original and authentic content that best serves their audiences. This creates an ads-centric platform, rather than a community-centric platform. We need an innovation for social media that puts the community as its center, not ads.
Rising trends of NFT for Social Media!
If you use social media, you would have definitely noted the rising interest in NFTs as a means for trading digital artworks. With NFTs, which powered by blockchain, the actual ownership of each piece is trackable for the first time, which changes the game for use, and brings digital art more in line with classic art trading. With social media such as Instagram, Facebook, Twitter, and TikTok, you can expect to see a lot more on the NFT front spilling into your social media streams . More than anything, NFT enables direct relations and monetization between creators and their audiences.
Furthermore, social media giants embracing NFTs could be the start of a new reputation system used in an increasingly digital world. Twitter is experimenting with NFTs to allow users to display their collections as their profile pictures. In an announcement on Sept. 28, 2021, Tiktok revealed it was launching an NFT collection inspired by its top creators including Lil Nas X, Bella Poarch, Curtis Roach, and others. The NFTs will be launched on the Ethereum network and powered by Immutable X, a new scaling solution for layer-two NFT protocol Immutable .
Moreover, Instagram, a social media platform owned by Meta (formerly Facebook), is exploring the integration of non-fungible tokens (NFTs). Many believe that NFT Instagram will soon offer a paid service for creators as it moves forward with NFTs. You could offer a similar service on Patreon or OnlyFans, both of which provide tools for content creators to manage subscription services and generate revenue .
However, the current social media platform is built on a centralized mindset. Do we also want our NFTs to be managed by centralized entities like that?
Meet Enevti: Truly Decentralized Social Media NFT Platform!
To tackle the problems of NFTs not being centralized by social media platforms, Enevti creates self-sustaining governance. It is a fair ownership economy structure using creator-centric decentralized autonomous organization within Enevti Ecosystem, where token holders can vote on treasury proposals based on their stake-power. In this case, qualified creators can become delegates to secure networks and empower the community by curating the best NFT .
Self-Sustaining Governance is designed with three main building blocks, i.e. Creator-Centric DPoS, Decentralized Promotion, and Decentralized Treasury, that can be explained as follows :
- Creator-Centric DPoS; We design blockchain consensus where the origin of delegates is creators. Thus, the relationship between delegates and token holders is a more democratic, meaningful, and authentic relationship. This extends the creator-fans relationship to the next level. Participation is expected to increase.
- Decentralized Promotion; We introduce a promotion system for NFT based on the democratic voting process. The community is the one who decides what NFT to be promoted, not privacy-breaching algorithms.
- Decentralized Treasury; We also introduced a Decentralized Treasury system, where the community can decide and fund the development direction of the protocol.
Interested to learn more about our solutions above? Check our Whitepaper: http://enevti.com/whitepaper/
Social media has given birth to a Creator Economy. Furthermore, they need to become central intermediaries by exploiting user data to implement efficient advertising models, leading to non-sustainable, and misaligned incentives in the creator economy spaces.
As the rising popularity of NFTs which entering the social media platform and it’s risky that it will be centralized, Enevti creates a solution for it, i.e. Self-Sustaining Governance that consists of Creator-Centric DPoS, Decentralized Promotion, and Decentralized Treasury. We believe that it will give back the power to the user instead of becoming centralized. We know that it will benefit users such as their data not being exploited by the social media platforms.