Block-chain-based alternatives are posing a serious threat to established social media companies like Facebook (META) and Twitter (TWTR).
The goal of new web3 competitors is to offer users control over their content, stop de-platforming, improve data privacy, and even reward usage with cryptocurrency payments for each post or comment.
Five new social media sites that aim to compete with centralized systems are examined by Yahoo Finance UK.
1. Niche
As a recently released, ad-free, decentralized Web3 social media app development platform, Niche describes itself. Users can own and sell their own material, including NFTs, in the user-owned communities that make up this system.
Zaven Nahapetyan, a former sr engineering manager at Facebook, co-founded the blockchain. Christopher Gulczynski, a co-founder of the dating app Bumble, is Niche’s additional co-founder (BMBL).
The fact that users join up for a “club membership” in the form of a non-fungible token, as opposed to traditional web2 social networking platforms like Facebook or Instagram, is one of Niche’s distinguishing features (NFT).
“Niche reorganizes social networks into interest-based clubs that are owned by its members,” co-founder Nahapetyan said in an interview with Yahoo Finance UK. In contrast to practically all other social media networks, Niche doesn’t rely on data collection or advertising sales to make money.
Niche does not own any of the material because it is a product of the NEAR blockchain platform.
In contrast, user content is owned and monetized by Facebook, Instagram, and other web2 social platforms, which generates billions of dollars in advertising income.
Nahapetyan stated that “creators work hard to produce original content, develop a following, and drive engagement.”
“However, Facebook and Instagram sell more advertisements the more engagement they receive.
“They are converting the worth of creators into money.
But with Niche, users will be able to stop paying large tech corporations for their products and services and instead start putting the money they make into their own pockets.
Some recent social media challengers reward usage by charging users in cryptocurrencies for each post or comment.
2. Authoritas
Artur Sychov, the founder of Somnium Space (CUBE-USD), founded the new web3 social media platform known as Authencity.
The project is dubbed “a censorship-free on-chain social media platform” by Sychov.
The recently released web3 platform has been operational for more than a week. Almost 3,000 messages have been posted so far.
On the blockchain, these communications have been created once and for all. This implies that they are uncontrollable and unalterable by any one entity.
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For posting messages, users of the new social media network Authencity can earn AUTH cryptocurrency tokens. People “mine” the AUTH token when they publish messages, and they get paid for each letter they include in a message.
Users mine Authencity’s utility token, AUTH, which is created directly on the Ethereum blockchain, by publishing messages, according to Sychov. Readers can support their favorite profiles with AUTH using a special “backing mechanism” and receive AUTH themselves if the supported profiles are active and consistently provide quality content.
“It’s time to get rid of the gatekeepers, allow individuals the freedom of expression, and have the ability to fairly and openly monetize your own internet activities,”
The ownership and monetization of user material by Facebook, Instagram, and other web2 social platforms generate billions of dollars in advertising income.
3. Peepeth
Bevan Barton, a full-stack developer, founded Peepeth in November 2017 as a free blockchain-based social networking platform that uses the Ethereum blockchain (ETH-USD).
Peepeth is a decentralized alternative to Twitter, meaning that no firm or government has authority over user data, in contrast to Twitter, which is centrally managed and is quickly developing a reputation for controversially screening and censoring accounts.
By producing helpful material, users can make money using bitcoin (BTC-USD). Similar to Reddit, this is achieved by other users upvoting content.
4. Steemit
Similar to how Peepeth operates, Steemit does as well. Additionally, it is a free social media and blogging platform built on blockchain.
Ned Scott and Daniel Larimer started it in March 2016. The TRON (TRX-USD) foundation’s multimillionaire founder from China, Justin Sun, acquired the site in 2020.
Over a million people have registered on the website.
It is a decentralized app that offers the possibility of monetizing usage. This implies that users can earn bitcoin, known as “curation incentives,” for creating and curating content. Similar to Reddit, this app also offers the ability to upvote material.
Block-chain-based alternatives are about to pose a threat to established social media giants like Facebook and Twitter.
