The media sector is always innovating — harnessing the latest and greatest technology to create and distribute content in the battle for eyes and ears. Currently, blockchain-based social media platforms offer new functionalities and ways to engage with technology and one another. Enhanced privacy, censorship resistance, and built-in monetization features are key factors in driving crypto social media network adoption. The borderless and permissionless features of blockchain protocols may help lead to a more interconnected, engaged, open, and collaborative global social media ecosystem.
The future of social media is content creator-owned. Today it exists solely for the benefit of the platform itself. Where content creators receive only a fraction of the value and revenue they create, and where fans/followers have limited opportunities to personally connect with their stars. The internet has evolved into Web3, leveraging the blockchain to create a decentralized online ecosystem. Applications launched on Web3 will be owned by users rather than centralized corporate institutions. Users earn their stake in these platforms by helping develop and maintain the healthy growth of the ecosystem. Based on this background, multiple projects are competing to become the next global social media platform on Web3. One notable competitor is Petals.
Petals is a Web3.0 short video creation and social platform built entirely on blockchain technology, which facilitates value transfer and fair distribution for all users of the protocol. Its innate incentive mechanism is the biggest supporter of the coming Web3.0 era. Through the redistribution of value, content consumers, content producers, backend service providers, or advertisers – are all able to create value and generate their wealth.
Soon after its launch, Petals joined the Gate.IO Startup Free Offering, and was listed on Gate.io, marking the market’s high recognition of Petals in the field of Short Video Platform. Till now, the market price is rocketing, further proving the strong momentum of the project. In addition, to expand the community, Petals has been holding various events, such as AMAs and a series of Petals Community Flower Shower activities to attract more users and give out the price to reward the community.
According to their roadmap, in the near future, content providers can upload videos freely, and get token rewards by video views and shares while the token holders audit the videos and get rewards in a decentralized way. Content creators can mint video NFTs based on the popularity of their videos. Later, the ads auction system will be online, and advertisers get token rewards instead of fiat currency. Open-source the default algorithm, which can improve data transparency and user privacy. By then, anyone can provide an algorithm based on the Petals platform and algorithm providers get token rewards in proportion to their usage on Petals platform. After the aforementioned are all completed, Petals will build its own App chain, improve user experiences and fees greatly. All videos will be stored in a decentralized storage network. Validators are both network and storage keepers in exchange for token rewards. Petals platform runs fully decentralized, and organization works as DAO.
Blockchain-integrated social media is a quickly growing sector that brings decentralized and permissionless blockchain protocols to platforms built for facilitating connection and content-sharing between people. Content creators under big tech-controlled social media platforms are looking towards blockchain-based content creation platforms, which promise greater transparency and equitable rewards.
Using blockchain as the underlying logic engine, Petals aims to create a new economic ecology of Web3.0 short videos driven by value. Is decentralized social media the future? Petals is exploring the way forward.
Image: Petals Vectors by Vecteezy
By Juan Mende. In collaboration with Petals.
Juan Mende is a technology, Bitcoin, blockchain, and crypto enthusiast 🚀. It has worked as an IP lawyer and then as a digital marketing specialist developing and editing content for several digital projects. Currently, he is the editor at Cryptopress, as well as a marketing manager for other crypto projects.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
