The growth of social media has made it possible for everyone to become content creators. And as the creative economy grew, the incentives to be part of it continued to decline. Since the 100 billion dollar market is dominated For a handful of centralized platforms, creators almost never see fair compensation for their efforts.
YouTube, for example, only has recently Started paying a smaller share (45%) of short video ad dollars to creators. The streaming platform Spotify also cuts 30% of its advertising revenue. departure Creators will share between $0.003 and $0.005 with rights holders and publishers per stream.
Add to this the growing concerns over data ownership and the lack of sustainable financial models, and it is clear that the creator economy needs to reset by putting users and creators at its center. As the digital landscape evolves, it is crucial to use a decentralized approach to overcome the major challenges of the creator economy.
Web3 social networks where users and creators come first
pop-social, a Web3-enabled social media platform, combines SocialFi, Web3, and artificial intelligence (ai) to address key content creation pain points faced by both users and creators. The platform aims to eliminate exploitation of creators by providing them with fair compensation while introducing a new mechanism to reward users for their participation. To achieve this, Pop Social diversifies its revenue streams by including AdTech revenue, non-fungible token (nft) related earnings, Phygital stores, and Open-API subscription models, to ensure a sustainable financial foundation.
By using a unique on-chain profile ID and allowing users to bring their own IDs from other decentralized protocols, Pop Social is banking on true content ownership. With ai integration, users will be able to see personalized recommendations based on meritocracy instead of popularity. Pop Social uses ai to provide a more balanced experience to users while laying the foundation for a reliable flow of information to prevent fake news through its platform. It aims to create a vibrant and inclusive social ecosystem by focusing on social recovery, user-controlled data privacy, and transparent content moderation policies.
Pop Labs, an integral part of the Pop Social ecosystem, operates as a launch pad for innovation, powered by generative ai, creator incubation and project initiatives.
“We envision a future where the convergence of social media, Web3, and ai redefines how we interact, create, and thrive in the digital realm,” Michael Shen, CEO of Pop Social, told Cointelegraph. “At the heart of this vision is empowering people, content creators and communities through a seamlessly integrated ecosystem.”
“SocialFi should aim to create an engaging and inclusive ecosystem where users, creators and communities prosper financially while reaping the benefits of a decentralized, transparent and secure social experience.”
Cointelegraph Accelerator welcomes Pop Social as a participant in its growing list of promising projects. Given the disruptive potential that Web3-native decentralized social applications (DApps) have in the face of the $100 billion creator economy. With good traction in terms of active users and app downloads, Pop Social has a founding team of experts who have substantial experience in the blockchain industry.
