Why Marketers Should Be Excited About Decentralized Social Media Platforms
By now, you’ve probably already heard about decentralized social media platforms and how they may just be the future of the digital social landscape. Former Twitter CEO Jack Dorsey’s new decentralized social media platform, BlueSky, released its invite-only beta app in the Apple Store in the last week of February. Even Meta, in a statement, confirmed that they’re working on a decentralized social media platform codenamed P92.
So, what is this new wave of social media platforms? Let me try and explain as simply as I can.
Decentralised social media platforms are a new trend that has recently emerged as an alternative to traditional social media platforms. Unlike the ones that currently exist in mainstream media, decentralized social media platforms allow users to own and control their data, as well as to communicate and share information directly with other users, without the need for a centralized authority that manages and monitors a platform. These are built on blockchain technology, which is a distributed ledger that enables secure, transparent, and decentralized transactions.
One of the main advantages of decentralized social media platforms is the ability to preserve user privacy. Users can share content without worrying about their personal information being infringed upon and sold to third parties like advertisers. Additionally, decentralized social media, reportedly, provide a more secure and transparent environment for communication and data exchange.
Here are some of the most popular decentralized social media platforms:
- Mastodon: Mastodon is an open-source, decentralized social media platform that is designed to be an alternative to Twitter. It allows users to create their own instances, which are connected to a larger network of instances, giving users the ability to communicate with a global audience. It resembles a fusion of Twitter and Reddit, in my opinion, and I mean that in a good way!
- Minds: Minds, which is app-only, is a decentralized social media platform that aims to provide a more open and free environment for content creators. It allows users to monetize their content through a cryptocurrency system, and it provides a range of privacy features, including encrypted messaging and end-to-end encryption.
- Steemit: Steemit rewards users for creating and curating content. It uses a cryptocurrency system called Steem, which can be earned by creating popular content or by curating and upvoting content that is already on the platform.
- LBRY: LBRY is a decentralized content-sharing platform that is designed to provide an alternative to YouTube. It allows users to upload and share videos, music, and other content without worrying about censorship or demonetization.
In my opinion, for marketers, decentralized social media platforms could offer a number of benefits.
First, they provide a more direct way to communicate with your potential customers. Rather than relying on advertising algorithms to reach a target audience, marketers can use decentralized social media platforms to connect directly with users who are interested in their products or services in an ad-free environment.
Second, decentralized social media platforms provide a chance for brands to be open and transparent with their audience. Since there’s no need for you to pay-to-play (yet?), this gives you a chance to form a bond with your audience that is more on their terms.
Finally, decentralized social media platforms provide a more innovative and diverse environment for content creation. Marketers can experiment with new types of content and communication strategies, without worrying about the limitations and restrictions imposed by traditional social media platforms. By this, I mean being a slave to algorithms and jumping from one bandwagon to another for more eyeballs on your content.
I strongly believe that decentralized social media platforms are a new and exciting opportunity for marketers to leverage. They offer a range of benefits for users and marketers alike, which means this is a challenge you can excel at if you engage with users on their own terms (because, you know, no central authority to dictate to anyone 🙂). By providing a more direct, secure, and innovative environment for communication and data exchange, decentralized social media platforms could shape the future of social media and content creation and thus, the creator economy.