Top Web3 Social Media Companies Moving into 2023
Bringing social media to the Web3 technology stack aims to empower users and brands alike. Numerous projects and companies are building their “web3 social media” hubs, although there are different approaches. Moreover, the technology can shake up the concept of content consumption and offer big improvements.
Project Liberty (Polkadot)
The technology industry has become a playground for billionaires in recent years. However, Frank McCourt aims to do things differently by building the Project Liberty venture. McCourt acknowledges Web2 social media has many shortcomings, including data privacy and user manipulation concerns. McCourt’s next objective is building an open-source and publicly-owned infrastructure, and he taps Polkadot to do so. The network is deemed “adaptable for social networking”.
The current plan is to launch Project Liberty as a parachain, although it may evolve into something bigger eventually. There will also be a native token for the social ecosystem, primarily used for managing stable bandwidth resources for messaging and other platform functions. Project Liberty has received a $150 million commitment from McCourt, and a clear three-year roadmap.
However, it is crucial to note the billionaire is not the project CEO. Nor are there shareholders with profitability expectations and requirements. Instead, the project revolves around community effort, aided by experts from various fields.
Snapmuse.io
The Snapmuse.io team intends to rewrite the rules of engagement for content consumers and fans. Fans can become partners with their favourite content creator channels. Creators can “mint” part of their channels to build stronger community ties and forge new partnerships.
Fans can collect NFTs to become channel partners and NFT holders can gain discounted SMX tokens based on the channel’s monthly ad revenue. It strengthens ties between fans and creators while aligning monetary options that benefit everyone.
In addition, Snapmuse.io comes with a royalty-free music catalogue. That will significantly benefit YouTubers, as using royalty-free music is always a tricky endeavour. Having more resources at one’s disposal is a good thing.
Taki (Solana)
Taki positions itself as a Web3-powered social network to create better communities. Users are rewarded with a stake in the network for being active on the platform and helping it grow. Moreover, TAKI tokens serve daily rewards for doing things one would do on other social platforms, including liking posts, commenting, etc. It is an engage-to-earn social network where free speech and movement are encouraged.
The Taki network is open to anyone who looks for a place where community engagement is the priority rather than an exception. Whether one likes to share, create, or comment, the option to earn $TAKI tokens is always there. Users can convert those assets to User Coins to represent the value and influence of content creators. In addition, these rewards can be shared with other users to grow audiences and further decentralize project ownership.
Binance Feed
Binance is the leading global cryptocurrency exchange and bets on educating more people about all crypto matters. Its Binance Feed solution provides access to Web3 and crypto news and notes over 1 million daily users since its launch in October 2022. Moreover, the platform is home to hundreds of content creators. As a community-first platform, Binance Feed wants to help content creators, influencers, and thought leaders to share their expertise and insights.
Moreover, the feed has a “learning” mechanism to provide users with content that aligns with their interests. Every click on a topic is meaningful and will help the Feed recommend other content to the user. Some users even consider it a better experience than finding crypto news on Twitter, as it has more active users in this specific industry. Moreover, creating content is straightforward, and engaging with readers is crucial. A solid example of what Web3 is all about.
Disclaimer: The ‘Crypto Cable’ section features insights by crypto industry players and is not part of ZyCrypto’s editorial content. ZyCrypto does not endorse any company or project on this page. Readers should conduct their own independent research before taking any actions related to the company, product, or project mentioned in this piece.
