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The recent interest of social media giants toward cryptocurrencies does not come as a surprise. Cryptocurrencies offer these gigantic platforms an alternative to the ads revenue model and allow content creators to furtherly monetize their work inside a platform. At CryptoRocket, we had a look at the current social media scene to visualize how the main players are moving to seize the large opportunities offered by cryptocurrencies and which might be the winners of tomorrow.
Although is still early to issue a verdict, the most forward-thinking player seems to be Twitter. The social media founded by Jack Dorsey in 2006, made the news recently for integrating into its platform a Bitcoin payment system that will allow users to transfer money to each other or to ‘tip’ the creator of an engaging tweet. Twitter’s founder, Jack Dorsey, is a longtime crypto believer and stated “if Bitcoin was around when we created Twitter, our business model would be very different.”
However, the integration of Twitter with cryptocurrencies has just begun. According to their plan, the next step would be to provide their 200+ million Monthly Active Users (MAUs) with a system for showcasing their NFTs, becoming a gigantic marketplace. Social media companies envision NFTs as a way to empower their creators and an alternative to the ads revenue system, currently their prevalent source of revenues.
The other giant experimenting with NFTs for their platform is TikTok. In just 5 years, the platform broke through the astounding record of 1B users and is currently one of the most popular social media platform, especially amongst Gen Z. TikTok is aiming to evolve its platform in a native space for issuing NFTs and giving creators more reasons to stay on their network. TikTok is also launching a collection of NFTs featuring prominent users of their platform, where each NFT will represent “culturally significant TikTok videos from some of our most beloved creators.”
As of today, Facebook and Instagram are waiting on the sidelines. However, Facebook is fully aware of cryptocurrencies’ potential and in 2019 announced the launch of its own stablecoin “Libra” (that was later re-named and now is known as Diem). While Libra has been halted and seems to be a distant memory of the past, with its 2.9 billion users in its network, Mark Zuckerberg’s company will certainly find a smart way to ride the cryptocurrencies revolution.
In conclusion, cryptocurrencies provide social media companies with imaginative tools to empower their creators and allow alternative models for increasing their revenues. To invest in cryptocurrencies and in social media platforms, you can choose Cryptorocket. With a minimum deposit of $10, you can trade the leading cryptocurrencies in the space and the largest social media stocks. An account can be opened here.