Markets

Web3 to revolutionize social media with creator ownership

According to recent statistics, the social media networks in the world currently have 5 billion active users, resulting in a huge industry worth $231 billion.

Users spend nearly two and a half hours a day on these platforms in search of communication and entertainment. However, it is the owners of the platform who benefit financially, keeping the profits for themselves.

Pop CEO and founder Michael Sheen is with the team.

(L-R. Arina Ponomareva, Michael Shen, Evanberg Gasgonia, Muhammed Ashif)

Social media platforms make money from both ads and content, but creators often have limited earning opportunities. Only a select few are able to monetize their social media fame, while regular users are not given any money making opportunities. This is why we believe that Web 3 technology, which uses decentralization and smart contracts, has the potential to challenge the status quo.To achieve this goal, we have created popa platform that aims to completely disrupt the creator economy and level the playing field by providing earning opportunities to all users.” Michael Sheen says.

Incentives to drive user engagement and promote growth on the web 3

With the advent of Web3 technology, the gaming industry has seen a huge increase in earning potential, and participation rates have skyrocketed, as users now have the opportunity to play and earn a share of the value generated by these ecosystems. However, historically, only a few streamers have been able to monetize their esports skills. This is where Pop comes in – it aims to disrupt the social media industry by incentivizing every user action with a reward and distributing some of the revenue generated among the end users.

According to the founders of Pop App, the app’s rewards program is expected to attract creators and consumers to participate and co-create on the platform. With incentives in place, creators are confident that users will find the rewards program attractive enough to invest their creative resources in the app. According to Michael, the ultimate goal is to bring 1 billion users to Web3 and disrupt the existing social media industry and beyond; In the same way, Apple challenged Nokia.

While creators are entitled to a larger portion of the proceeds, Pop’s incentive model allows users to generate rewards, digital assets, and collectibles through interactions. This approach can breathe new life into the social media growth plateau and reduce user engagement.

Decentralization: holds the key to resolving data privacy concerns

As concerns about centralization, censorship, and data manipulation continue to weaken traditional social media platforms, social media decentralization has gained significant momentum in recent years. Pop is among the fee-leading platforms, offering users the ability to earn through content consumption and application usage.

Traditional social media platforms have been criticized for their handling of user data, such as the Cambridge Analytica scandal. This led to legal action and the payment of a $725 million settlement. In contrast, decentralized social media has the potential to empower users by giving them greater control over their data and privacy.

Traditional social media platforms maximize their revenue by leveraging users’ attention, trading user data, and maximizing the exploration of their users. According to Pop founder Michael, the platform’s goal is not only to reimagine traditional models using blockchain technology but also to accelerate Web3 adoption. By allowing users to own their data, decentralization offers a viable solution to the growing demand for privacy and data protection.

Moreover, it can prevent the concentration of power in the hands of a few entities, promote freedom of expression and limit censorship. Pope’s approach to decentralization may be the answer needed to meet today’s social media challenges.

Smart contracts: the catalyst that enables creators to take ownership

YouTube and TikTok have long been known for their incentive programs that attract creators to their platforms. While YouTube claims to share more than 50% of the profits with its creators, this strategy has helped the video giant maintain its lead. However, on most social media platforms, content creators only earn money through sponsored content, leaving newcomers or those with a smaller audience struggling to monetize their efforts, even if their content goes viral.

Pop aims to change this by offering creators rewards and quick wins from day one, regardless of the size and maturity of their audience. With Pop tokens, creators can generate content from the moment they post content and develop new types of interaction with followers, such as launching NFTs.

Most importantly, Pop is committed to supporting and rewarding the people who drive its success – the creators. The platform’s algorithms foster interesting content from young creators, ensuring that influencers with large numbers of followers don’t get overwhelmed. Creators retain control of their content, while users can participate in the success of the platform.

In short, Pop creates a platform that gives content creators of all sizes the opportunity to earn and succeed. By offering rewards and incentives from day one, the platform hopes to attract a diverse group of creators and foster a community of support and collaboration.

Focus on innovators to accelerate growth

Pop App aims to revolutionize the social media industry, but its primary goal is to address the most important pain points of content creators. On traditional platforms, content creators may work full-time for at least six months without seeing any earnings due to the minimum pay limit.

Pop App aims to create a fair monetization system, allowing budding creators to monetize their content from day one. Furthermore, the Pop App improves the engagement algorithm, ensuring that trending content with high engagement is featured on the platform, which leads to organic growth and discovery opportunities for younger and newer content creators.

Disclaimer

In accordance with Trust Project guidelines, this opinion article presents the author’s view and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to independently verify information and consult with a professional before making decisions based on this content.

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