It’s been forecasted that by 2021, there can be over three billion worldwide registered social media accounts and with blockchain-based companies aiming to disrupt many industries, one has to ask if established and rising social media apps on the blockchain can supplant the incumbent centralized social platforms?
For blockchain to completely grow to be mainstream, it’s important for it for example an elevated real-world use. There needs to be actual companies with actual communities, usable and reside merchandise, and a robust, energetic enterprise growth geared toward progress, user-base, AND revenues. Whatever the technological and monetary advantages, on the coronary heart of reaching mass adoption of blockchain is the person expertise and a group excited to make use of the platform.
One space that has the potential to go mainstream is Social Media with Steemit and Mithril paving the way in which for others. Whereas these platforms have been comparatively profitable in attracting customers from the cryptocurrency group, they’ve arguably been unable to supply a big problem to the present centralized platforms.
Distinctive Social Expertise
With growing disquiet and mistrust over the use, sale and lack of private information, the intrusion of undesirable promoting, diminishing rewards for content material creators and a altering panorama, the time is now proper for blockchain-based social apps to problem centralized social platforms similar to Fb, Instagram, and Twitch.
Content material creators usually don’t share within the income from promoting gross sales, besides on YouTube and Twitch, the place creators can have a restricted share within the income, however solely above sure thresholds. Even then, YouTube and Twitch take 25-45% of promoting revenues whereas YouTube just lately modified its guidelines on revenue sharing. Creators should comply or search for someplace else to share their content material.
This has led to over 100,000 content material creators registering with Patreon in a bid to attach extra with their followers and profit from their patronage and suggestions. Nevertheless, many patrons are sad with the monetary burden being positioned upon them.
With newcomer Howdoo about to launch, we could be about to see an thrilling problem to conventional social apps and in addition to Patreon.
I’ve been following the event of Howdoo over the previous couple of months. It has not courted enormous publicity, nevertheless it has been quietly executing its aim of delivering a novel social expertise that mixes the perfect of social media and blockchain with out compromising on the person expertise. For Howdoo or every other blockchain social platform to benefit from the present local weather, it must scale quick and supply a novel person expertise whereas interesting to the ever-changing calls for of social media customers.
Earlier than it could actually problem the incumbent centralised platforms’ comparability, Howdoo first must be benchmarked towards its major blockchain opponents Mithril and Steemit:
|All time excessive||N/A||$350Mn||$1.8Bn|
|Launched||December 2018||July 2018||March 2016|
Like Mithril and Steemit, creators and anybody that engages with content material on Howdoo will be capable to earn udoos (the Howdoo token) for liking and sharing content material whereas there can be a novel gamification layer that rewards customers for normal utilization and provides extra worth to the platform
Moreover, different distinctive options lacking from each Steemit and Mithril are reside streaming, tipping, and paywalls. A person can tip or donate with a click on of a button, with the content material creator receiving 100% towards 90% on Patreon. With Howdoo there aren’t any service or processing charges.
Udoo is listed on a number of exchanges in addition to Blockfolio, with essentially the most quantity being on Coinbene. With a present market cap of $6m and an improved platform and person expertise, it could actually simply match and surpass Mithril. Since Howdoo affords one thing much more distinctive, it’s not unrealistic to count on Howdoo to nook a big stake in a market at present being dominated by centralized social platforms.
Promoting is a key element of any social media platform with Fb producing $6.18 to $26.76 per person every quarter. With $50 billion yearly spent on digital, in-game items, it’s important to have thriving, participating and supportive communities that may appeal to advertisers.
Whereas some have argued that “social apps on the blockchain can’t compete for contented subscribers and advertisers on incumbent centralized platforms”, I’ve seen that revered Musicians, Players and different excessive profile content material creators throughout magnificence, health, and life-style are signing up as supporters of Howdoo.
Final month, Howdoo introduced that it was accepting username reservations. Over 25,000 customers have already signed up for his or her usernames with extra being added day by day.
Content material creators who act early ought to be capable to register the usernames they want earlier than the platform’s public launch this December. Rapidly following its December launch, Howdoo can be launching its paywall, the place content material creators can begin to promote premium content material or month-to-month subscriptions.
Exponents of the blockchain imagine that it will likely be “extra necessary than the Web and it’s going to be massively disruptive for each sector.” Can Howdoo grow to be the poster youngster of the Social Media business and compete with each different platform? Time will inform. If it could actually launch swiftly and easily, proceed to draw the perfect influencers and micro-influencers and ship on its promise to supply an improved person expertise, it has an excellent probability of being an actual contender.
Disclaimer by the writer: This isn't a sponsored submit. These are my very own observations on the course social media is transferring in. I additionally don't personal any token from any of the businesses listed above. Concerning the Writer: Karnika E. Yashwant (KEY) is a multi-awarded CEO of a dozen manufacturers. He has been advising blockchain initiatives since 2013.