Welcoming Social Platforms into the Blockchain World
Social media continues to transform the world of communications and marketing. Platforms within the space currently enjoy some of the greatest popularity they have ever seen.
October 2021 research from Global WebIndex reveals about 57.6% of the globe’s population uses social media, spending about 2 hours and 27 minutes on platforms each day.
Usage spans across generational lines and demographics and unsurprisingly only spiked as COVID-19 lockdowns began to dominate the world. Additional research reveals the typical social media user participates on an average of 6.6 platforms. Some use even more.
Current market leader Facebook, with about 2.89 billion monthly active users, was the first platform to cross one billion registered accounts. YouTube, WhatsApp, Instagram, and Facebook Messenger round out the top five most popular social networks as of October 2021 by the number of active users.
While traditional social media platforms remain popular, a growing number are becoming dissatisfied due to concerns about usability, security, and privacy. Centralized servers mean social media companies maintain complete control over data, often selling information to outside entities for marketing and advertising purposes. Centralization also opens up the prospects of hacks exposing critical data and concerns about losing information entirely if there is a system failure.
Unsurprisingly, these critical issues have left many wondering how blockchain technology could revolutionize the social media industry, especially as relationships between creators and audiences shift towards ones that are less reliant on advertising and more about accountability.
As social media becomes more hyper-focused and fragmented, many speculate niche platforms focusing on specific components could prove to be popular for users interested in more tailored content.
Social Media Looks Ripe For Innovation Within The Blockchain Space
Decentralized social networks like BitClout, essentially similar to Twitter, allow users to connect with others across the world and buy ‘Creator Coins’ for creators and influencers. BitClout users can use coins to bet on the future perceived value of the creator who in return can share special, Creator Coin holder exclusive content.
Many using traditional social media have lamented losing posts and content as centralization means a project team member can edit or delete information on their own accord.
Blockchain-based social media platforms like LoveChain solve this issue by providing users an immutable platform to celebrate and share their love for friends, family, hobbies, and pets.
Founded in Sydney Australia, the LoveChain blockchain-based ecosystem includes the social networking platform, integrated third-party apps, content creators, and an online store. LoveChain social networking users interact on a virtual version of lovelocks found across the world.
LoveChain stands alone in the social media world for being the first platform that allows users to create NFTs from the content they create. Users can then keep, share, or sell their NFTs within the LoveChain marketplace.
Each user profile is assigned a cryptographically generated code number that symbolizes the unique relationship between them and the platform. Love-focused subgroups allow participants to create themes and interact with others in these spaces.
LoveChain Provides A Unique And Lucrative Social Media Experience
The entire ecosystem is powered by the $LOV token, subject to a quarterly swap for merchant goods and services. LoveChain also features the LOVR rewards token that users can collect through platform interaction like content creation, building a follower base, obtaining likes, and sharing posts and data.
LoveChain is the first social media platform rewarding content creators with tokens built into an integrated wallet. LOVR tokens can be used to collect discounts and other benefits with platform merchant partners.
Social media fans turning to LoveChain will find a feature-rich platform with an attractive user experience. Users can change the sequence of their posts on feeds to achieve the best engagement, all while uploading a wide range of media and content.
Any media can be permanently saved to the blockchain to create a keepsake, but users also maintain full control over how their data is shared and used. Customization and personalization tools allow for unique profile styling as part of the overall user experience.
Blockchain-based social media platforms like LoveChain maintain a range of advantages and benefits over their traditional counterparts.
Decentralization helps mitigate unethical data usage, promotes freedom of expression, and the inclusion of cryptocurrency (especially within platform wallets) enhances the rewards and payment process. Overall, the marriage of social media and blockchain technology only looks set to continue as technological development continues to advance.