Pop Social: Pioneering a Decentralized Approach in the Creator Economy
Summary:
Pop Social, a Web3-friendly social media platform, is leveraging SocialFi, Web3, and AI to tackle issues faced by content creators. Set to disrupt the $100 billion creator economy, Pop Social aims to provide fair compensation to creators while rewarding users for their engagement. Revenue streams are diversified through AdTech earnings, NFT-related revenue, Phygital Stores, and Open-API subscription models, establishing a sustainable financial foundation. The platform takes a decentralized approach and places content ownership in users' hands. It also provides personalized content recommendations using AI and aims to foster a transparent, user-controlled social environment.
The emergence and expansion of social media have spurred a major shift, enabling every individual to generate content. Despite the burgeoning creator market, incentives to join have been on a declining trend. Centralized platforms control the substantial $100 billion market, leaving creators with barely an equitable reward for their work. Platforms like YouTube recently started issuing a slight portion (45%) of the ad income from short videos to creators. Music streaming service, Spotify, also takes 30% off the ad earnings, allocating a meagre $0.003 to $0.005 per stream for creators, rights holders and publishers. When you also consider mounting concerns regarding data ownership and sustainable financial models, it's clear that this creator market needs transformation to put users and creators at its core. In the ever-evolving digital era, a decentralized methodology is needed to address this creator economy's significant issues.
Introducing Pop Social, a Web3-equipped social media platform adopting the principles of SocialFi, Web3, and artificial intelligence (AI). It aims to overcome major hurdles encountered by content creators by providing them with rightful compensation while also rewarding users for their engagement. This is accomplished through diversified revenue streams including AdTech earnings, nonfungible token (NFT) linked revenue, Phygital Stores, and Open-API membership models. These initiatives aid in establishing a solid financial base.
Pop Social fosters genuine content ownership by allowing users to utilise their unique on-chain profile IDs or those from other decentralized protocols. With AI implementation, users receive personalised suggestions that are merit-based rather than merely popularity-led. By leveraging AI, Pop Social ensures a balanced user experience whilst combating misinformation on its platform. The aim is to cultivate an inclusive social space by prioritising social recovery, data privacy controlled by the user, and transparent content moderation practices.
Pop Labs, integral to the Pop Social ecosystem, serves as an innovation hub, fostering creator incubation and project initiatives, powered by generative AI.
According to Michael Shen, CEO of Pop Social, "We foresee a future where the convergence of Social, Web3, and AI reshapes our digital interactions, creation, and prosperity. Our vision revolves around empowering individuals, content creators, and communities within an integrated ecosystem."
"SocialFi should strive to build a thrilling and inclusive environment where users, creators, and communities flourish financially whilst enjoying a decentralized, transparent, and secure social experience."
The Cointelegraph Accelerator has recognized Pop Social as a promising project, given the potential of Web3-native social decentralized applications against the $100 billion creator market. With substantial traction in active users and application downloads, and a founder team with extensive blockchain industry experience, Pop Social holds much promise.
Published At
11/9/2023 7:42:00 PM
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