Have you ever wondered about the time you spend consuming content across social media platforms like Instagram, Facebook, or YouTube?
Well, you aren’t alone!
A staggering 92% of internet users consume video content online weekly, with most content consumers choosing YouTube as their go-to option. Reports suggest that YouTube ads reach an estimated 2.56 billion users - roughly 32% of the global population and almost 51% of the total internet users.
With such massive numbers, it shouldn’t be surprising that YouTube generated $7.07 billion worth of ad income during the third quarter of 2022 alone. A portion of this was shared with the content creators on the platform, meaning eligible YouTubers generated income on their respective channels through YouTube’s Partner Program.
This is just one platform. Other prominent social media platforms like Instagram, Facebook, Pinterest, and dozens more are also making millions, if not billions, of dollars. The creators, too, are receiving a proportion of the platform’s earnings. In fact, as a creator, it’s comparatively easy to start an income stream on social media through ads, subscriptions, sponsorships, and channel memberships.
But what about the average content consumer?
Web3 - An Ecosystem Where Consumers Share the Spotlight
At present, social media users or content consumers are effectively the product, with their time and attention constantly being monetized for the benefit of major online content networks and publishers. This model means that users get nothing in return for their participation beyond entertainment and have little say in the creative process.
What if there was a way to change this dynamic? What if users could be rewarded for their time and attention and allowed to participate more in the creative process? This is where blockchain technology and Web3 platforms like Snapmuse.io come in.
Snapmuse.io is revolutionizing the way we think about content consumption and creation. Using blockchain and Web3 paradigms like non-fungible tokens (NFTs), Snapmuse.io is incorporating the consumer, rewarding them for their contributions towards helping platforms and creators thrive.
The platform is creating a more participatory environment for content consumers. Rather than being a source of income for online platforms and creators, consumers are rewarded for their time, loyalty, and attention and given the opportunity to shape the direction and content of the creators they follow.
It is equally important to note that the benefits of Web3 in the social media space go beyond just rewarding users for their contributions. The decentralized nature of blockchain technology also has the potential to create a more open and transparent environment where users have more control over their data and how it is used.
In contrast to the current state of affairs, where data is often collected and monetized without the user's knowledge or consent, Web3 allows for a more transparent and consensual approach to data collection and usage.
Overall, the incorporation of Web3 technologies in the social media space has the potential to create a more equitable and participatory environment for content consumers. By incentivizing and giving them a more significant say in the creative process, Web3 is gradually cementing a more sustainable and mutually beneficial ecosystem for all parties involved.
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2023-01-10 08:21:39
