Past leisure, the social media panorama has change into a business playground for many individuals, however notably content material creators who can monetize their content material throughout a variety of platforms, akin to YouTube and TikTok.
Aside from monetization, some creators earn cash by way of third-party internet affiliate marketing, dropshipping, model promotion, and quite a lot of different strategies. The reality is that alternatives for content material creators within the social media sphere are virtually limitless.
Nevertheless, one draw back to the prevailing content material commercialization mannequin employed by most social media platforms is that it’s fully centralized and in some cases, creators’ funds are overburdened with extreme fee and processing charges, both from the principle platform, or from intermediaries akin to banks, and different fee networks.
One rising star that has had its nostril to the grindstone to resolve the problem of centralization within the social media house is the recently-launched Only1, a blockchain undertaking that has dubbed itself because the “first social NFT platform.”
Notably, Only1, which is taken into account to be part of the second technology of blockchain-based social media platforms, supplies a extra scalable decentralized various for creators and customers throughout the house. You may learn additional about this in our earlier publication.
In an unique interview, Leon Lee, founder and CEO of the Only1 NFT social platform, mentioned how the newly shaped firm is bridging the hole between social media stakeholders and decentralized finance (DeFi).
Based on Lee, one strategy to resolve the problem of centralization within the social media house is to create options that deal with the problems which can be inherent throughout the centralized system itself. For example, the monetization monitoring of consumer knowledge by massive social media companies, the unfair distribution of content material, and the unpredictable reward methods amongst a number of different considerations.
Lee additionally claims that the Net 3.0 web service, which is predicated on blockchain know-how and able to internet hosting decentralized functions like Only1, has the mandatory underlying know-how to deal with the vast majority of the aforementioned difficulties.
“I believe with conventional social media, it’s now not a secret that most individuals really feel that their consumer knowledge is being monetized and so they’re not comfy with it, they’re undecided what’s being tracked and the truth that Fb most likely is aware of extra about me than they really do about themselves, is kinda scary, proper? And that’s one thing that I believe is poised as a giant demand from the market. So the market is searching for an answer. And the explanation why I believe Net 3 is the answer to this drawback is that you recognize, your complete central focus of that problem I simply described is centralization and management of private knowledge,“
Whereas Lee admits that theirs isn’t the primary blockchain-based social media platform, he claims that they’re the primary of their variety, particularly as they leverage NFT to supply a really decentralized and scalable answer for social media creators and customers.
A part of step one to bridge the hole between social media and decentralized finance, in accordance with Lee, is to rectify the main drawback that plagued the primary technology of Net 3.0 social media platforms, which principally has to do with tokenomic hyperinflation. This, as Lee places it, refers to a state of affairs whereby
“You retain rewarding content material creators to some extent the place the token doesn’t have a lot use case.”
To offer an answer to this, Lee defined that Only1 will make provisions for customized creator tokens, which suggests that each content material creator has their very own pull of fungible tokens which customers can then commerce to get entry to them. Doing this, in accordance with Lee, “decouples the inflation drawback that’s related to the outdated system.”