With just over 300 million crypto users and 70 million blockchain wallet users, there is clearly a long way to go. This topic is about Social media on blockchain (SocialFi) might be the next big thing.
Facebook is estimated to have more than 2.89 billion users by 2021. And after dominating communication in Web 2, Facebook has recently made strides in its transition to Web 3. The company now calls itself Meta and is working to build the world’s largest social network of metaverse media. When this comes along with Facebook’s Diem cryptocurrency, nearly 3 billion people worldwide could be introduced to crypto and blockchain.
Blockchain is the foundation to operate in the metaverse. Digital assets like NFT will define ownership on the metaverse and cryptocurrencies will power the new digital economy. So Facebook’s switch to indirect Meta is a blessing in disguise for the blockchain industry.
Furthermore, even Twitter is currently planning to integrate crypto into the platform with things like Bitcoin tips for creators. With Twitter’s massive user base of 192 million daily active users, Bitcoin mining seems like mass adoption. Reddit is also reportedly planning to create an NFT marketplace in the near future, and there are rumors of the platform converting people’s Karma points into crypto tokens. With the world’s major social networks making strides to incorporate blockchain technology at their core, a significant portion of the world’s population could jump into the crypto race.
The proliferation of these new social networks and their Social media on blockchain integration is perhaps one of the best uses of blockchain technology and could lead to mass adoption.
With major social networks incorporating blockchain technology and SocialFi projects in the spotlight, there has been a recent surge in venture capital funding.
Furthermore, in the largest crypto fund ever, venture capital firm Paradigm announced $2.5 billion in funding for web3 and crypto startups.
With a flurry of new VC funds, the crypto and blockchain industry is also driving the development of the next generation of social media that can attract masses of people and get them on the chain.
Convincing a significant portion of the population to adopt an emerging technology is quite a challenge. This is where social media can be very important. Social media networks have global appeal, and with the likes of SocialFi and decentralization coming into the picture, they could be the key to unlocking mass adoption.
Lots of potential but little value in the years of the 2000s. The internet saw a huge influx of new users from all over the world, who consider it to be one of humanity’s greatest innovations. Many scholars and investors agree that Social media on the blockchain (SocialFi) might be the next big thing that changes our world once and for all.
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