December 2, 2023

During his keynote address at the recent Ethereum Community Conference (EthCC), Andreessen Horowitz (a16z) partner Sriram Krishnan expressed confidence that network 3 Has the potential to solve the problems that plague current Web2-based social media platforms.

Krishnan criticized the current state of modern social media, saying it was “stuck in a different era” and urged that it was time for a change. He proposed building a “massive encrypted consumer social media marketplace application” as the way forward.

a16z partners highlight current critical flaws social media Platform: Restrictive follower system, limited API support, meager economics for creators, lack of user and creator input in platform governance.

By contrast, Krishnan paints an optimistic picture: Web3 social platform can, emphasizing the opportunities they provide to underserved communities and high-status individuals whose voices have been silenced on other platforms.

Social Platform for Web3

Krishnan also proposes an unconventional approach to developing these platforms: avoiding financial incentives in the first place. Krishnan recommends focusing the early stages of a platform’s life on fostering community and engagement, rather than initially focusing on monetary rewards for creators.

“Social media dynamics are weird and complex. These are complex human dynamics, and when you introduce money, I think it becomes challenging to map those dynamics,” Krishnan claimed.

The executive said prioritizing the money aspect can distract from the goal of community building and enjoyment.

deal with conflicts

This does not mean that the introduction of financial mechanisms should be completely abandoned. Once the platform has established a user base and community, creator economics and governance shares can be introduced, Krishnan said.He believes that this gradual approach can promote a more balanced and sustainable social media landscape.

First, Krishnan’s ideas hold great promise not only for reinventing social media platforms but also for realizing the inherent capabilities of Web3 more broadly. Web3 technologyBuilt on top of a decentralized blockchain system, it provides a level of transparency and user control that was not feasible within the constraints of previous Web2 environments. These characteristics work well to create a social media ecosystem that is more responsive to user needs and desires.

In this sense, the potential economic benefits offered by Web3 platforms could foster a more equitable digital environment. This is especially important for creators, who currently receive a small share of the revenue generated by content on traditional platforms. Web3 has the potential to correct this imbalance, providing creators with a larger economic pie. Krishnan’s warnings about delaying the introduction of financial incentives could help ensure that those financial benefits don’t overshadow important elements of community and participation.

Despite this potential, Krishnan’s vision the future of social media While it does provide a convincing blueprint of what might happen, it’s by no means certain. By harnessing the power of Web3, next generation social media platform Not only can it solve the problems inherent in existing platforms, but it can also open up new avenues for user engagement and creator compensation.

Disclaimer: This article is for informational purposes only. It does not provide or be intended to be used as legal, tax, investment, financial or other advice.