According to recent statistics, the world’s existing social media networks currently have a staggering 5 billion active users, resulting in a colossal industry worth 231 billion dollars.
Users spend almost two and a half hours daily on these platforms, seeking connectivity and entertainment. However, the platform owners are the ones who benefit financially, keeping the profits for themselves.
Pop CEO and Founder Michael Shen with the team.
(L-R. Arina Ponomareva, Michael Shen, Evanberg Gasgonia, Muhammed Ashif)
“Social media platforms generate revenue from both advertisements and content, but creators often have limited opportunities to earn. Only a select few are able to monetize their social media fame, while regular users are not offered any earning opportunities. This is why we believe that web3 technology, which utilizes decentralization and smart contracts, has the potential to challenge the current status quo. To achieve this goal, we have created Pop, a platform that aims to disrupt the entire creator economy and level the playing field by providing earning opportunities to all users.” Michael Shen says at Consensus 2023 presenting the new Web3 social media gateway.
Incentives to Drive User Engagement and Fuel Growth on Web3
With the advent of Web3 technology, the gaming industry has seen a significant increase in earning potential, and engagement rates skyrocketed, with users now having the opportunity to play and earn a share of the value generated by these ecosystems. However, historically only a few streamers could monetize their cyber sports skills. This is where Pop comes in – it aims to disrupt the social media industry by incentivizing every user action with a reward and distributing some generated revenues among the end-users.
According to the founders of Pop App, the app’s rewards program is expected to entice creators and consumers to engage and co-create on the platform. With the incentives in place, the creators are confident that users will find the rewards program appealing enough to invest their creative resources into the app. According to Michael, the ultimate goal is to bring 1 billion users to Web3 and disrupt the current social media industry and beyond; in the same way, Apple challenged Nokia.
While creators deserve a more significant portion of the returns, Pop’s incentive model allows users to generate rewards, digital assets, and collectibles through interactions. This approach can breathe new life into plateauing social media growth and declining user engagement.
Decentralization: Holds the Key to Resolving Data Privacy Concerns
As concerns over centralization, censorship, and data handling continue to plague traditional social media platforms, decentralizing social media has gained significant momentum in recent years. Pop is among the platforms leading the charge, offering users the potential to earn by consuming content and utilizing the app.
Traditional social media platforms have been criticized for handling user data, exemplified by the Cambridge Analytica scandal. This resulted in legal action and a settlement payment of $725 million. In contrast, decentralized social media has the potential to empower users by giving them greater control over their data and privacy.
Traditional social media platforms maximize their returns by capitalizing on users’ attention, trading user data, and exploring their users to the maximum. According to Pop’s founder, Michael, the platform’s goal is not only to reimagine traditional models using blockchain technology but also to fast-track the adoption of Web3. By allowing users to own their data, decentralization offers a viable solution to the growing demand for privacy and data protection.
Furthermore, it can prevent power concentration in the hands of a few entities, promoting free speech and reducing censorship. Pop’s approach to decentralization may be the solution needed to address social media’s challenges today.
Smart Contracts: The Catalyst Empowering Creators to Take Ownership
YouTube and TikTok have long been known for their incentive programs that attract creators to their platforms. While YouTube claims to share over 50% of profits with its creators, this strategy has helped the video giant maintain its leadership. However, on most social media platforms, creators only make money through sponsored content, leaving newcomers or those with smaller audiences struggling to monetize their efforts, even if their content goes viral.
Pop aims to change this by offering creators rewards and fast-track earning potential from day one, regardless of their audience size and maturity. With Pop tokens, creators can make from the moment they post content and develop new types of engagement with followers, such as NFT launches.
More importantly, Pop is committed to offering support and rewards to the people who drive its success – the creators. The platform’s algorithms promote interesting content from small creators, ensuring that influencers with substantial follower counts don’t dominate. Creators maintain control over their content, while users can participate in the platform’s success.
In short, Pop App is creating a platform where creators of all sizes have the opportunity to earn and succeed. By offering rewards and incentives from day one, the platform hopes to attract a diverse range of creators and foster a community of support and collaboration.
Focusing on creators to accelerate growth
Pop App aims to revolutionize the social media industry, but its primary objective is to address the most significant pain points for content creators. On traditional platforms, creators may work full-time for at least six months without seeing any earnings due to the minimum payment thresholds.
Pop App aims to create an equitable monetization system, enabling emerging creators to monetize their content from day one. Moreover, Pop App optimizes the engagement algorithm, ensuring that trending content with high engagement is highlighted on the platform, leading to organic growth and discovery opportunities for smaller and newer creators.
In compliance with the Trust Project guidelines, this opinion article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content.