It Seems Everyone Believes Social Media On Blockchain Is The Thing To Start
Year after year, we hear the same thing. Social media on blockchain is going to change the world. For this reason, many developers rush in to create the replacement for Facebook, Instagram, and WeChat. Like clockwork, we see these initiatives fizzle as time passes.
Remember Minds? That was suppose to be a game changer? How can we forget all the publicity around Voice? Dan Larimer and BlockOne were certainly going to change the world with that one. It seems like we spend the first 3 plus years on Steem reading about the next Steemit killer.
Now we have another entry in the race.
Mining Mouse is a blockchain start up in Korea that was formed by some of the larger gaming giants in that country. The focus is upon pictures since the smartphone is what really got social media exploding. Certainly, the world of social media is filled with pictures that people want to share of, well, anything.
The team has emphasized the importance of user-experience and user friendly interface. While the application has not been released yet, throughout multiple community events, the team showed its confidence and ambition to build and showcase a blockchain-based application focusing on user experience and mass adoption. Their team strongly emphasized that the obstacle and obstruction for projects implementing blockchain technology is allowing for a seamless transition from existing online services.
https://cryptodaily.co.uk/2020/08/when-photo-plat-bc
Maybe this company is onto something. I have no idea. The key here is that many believe it is as simple as tossing out an application.
From the article linked, it sounds like this application is similar to Appics and @Dapplr. Certainly those applications came online with great potential, which still exists. However, we need to realize that the world seems not quite ready for social media on blockchain.
I think what most miss is that conversion from one technology to another is a process. In other words, it takes time. This does not happen overnight. Sure, things explode when they hit the elbow of the S Curve. However, before that, it is a slow grind.
Entities fare better when they create something completely new. It is far easier to get someone to try something totally different than to get him or her to switch what is presently done. People, simply put, are accustomed to their social media activities.
We know the "get rewarded for your social media activity" is a tough sell. Many do not see the value in cryptocurrency in general, meaning they have difficulty recognizing the opportunity being presented to them. At the same time, all their contacts are on the other platforms. It is a hard move to start all over again.
While many thought that social media was the ticket to draw the masses in, it appears that the expansion of the industry is, oddly enough, from within.
This year saw the massive explosion of DeFi. Billions are now staked in different projects, most of them on Ethereum. What this did was to garner a lot of publicity for the entire industry. Nevertheless, the question is how much growth did it provide from the outside?
Naturally, we saw some growth as the number of Ethereum wallets expanded. That said, I feel safe in saying that most of the money staked was by people who were already involved in cryptocurrency. Who else would be looking for a return?
What all this leads me to believe is that we are offering more to the existing user base throughout the entire crypto industry. The growth rate is slow, although it does exist. We are seeing more people involved albeit not at a record setting pace. Like a country growing its population, over time the economy, at a minimum, will mirror that growth rate.
The crypto population is expanding. At the same time, we see more applications being offered out which presents opportunities to those who are involved. A project like Mining Mouse might well capture part of the Korean population. It most likely will garner some of the Korean crypto market. In this regard, the users will have another path for being rewarded.
I think Hive is telling us the story of where things are headed. While everyone believes that social media is the ticket, we appear to have different factors in place.
On Hive, it seems the exciting stuff is not related to social media. The world of NFTs is something new that is just starting to tap into its potential. In the early days we see art and gaming as mediums where there is a lot of experimentation.
Once again, it is easier to get someone to try something new as opposed to get them to switch. For the past 4 years, we offered an alternative to the likes of Medium and Wordpress, yet that is where most of the blogging still takes place. If we hardly scratched the surface there, what makes us thing that millions will switch from Twitter or Facebook?
My view is the results tell the story. It is simply a tough sell. People are creatures of habit.
Thus, the opportunity is to present users with something they do not get elsewhere. The idea of censorship resistance holds some potential since it is unique especially with all the traditional social media sites are doing. However, this only touches a small portion of the population. Frankly, most do not care.
Ownership of digital assets is what holds the enormous potential. We know there are billions of people who are involved in activities where they spend money and own nothing at the end of the day. It is nothing more than a fee paid to participate.
With some of the applications on Hive, coupled with NFTs, there is the ability to own digital assets. This is a new concept and one that could be sold to people. It also separates this blockchain from what others are trying to do.
So, while Voice and Mining Mouse try to take on Facebook, we see Hive moving in another direction. Certainly the social media aspect is available, something that should still be expanded. However, the idea of getting them in through other means and then showing them all that is offered seems like a better approach.
For those of us in the crypto world, it is like the boy who cried wolf. Another social media application that is going to make the Facebook trio obsolete.
At least they didn't say another "Steemit Killer", a title that seems taken.
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Posted Using LeoFinance
