Underlying this explosion of NFTs over the past year is web3 and the transition of many centralized Internet services toward decentralized alternatives. It should come as no surprise that the centralized Internet service in many people’s crosshairs is social media.
A decentralized social media service puts the power in the hands of creators and consumers.
Some of the entities working on decentralized social media (and there are A LOT) include: Minds, D.Tube, Aether, Bluesky, Mastodon, and Glimpse. Notably, Reddit co-founder Alexis Ohanian and Solana put together $100 million for funding the development of web3 social media projects.
On this week’s episode of the NFT QT Show, we had the pleasure of talking with Teddy Kozlowski, the CEO of Glimpse to understand what this new era of social media might be. One where monetizing social media is less about large numbers and ad placements and more about quality connections with fans who support creators by purchasing said social posts.
Glimpse is working to prove out an MVP (minimum viable product) for decentralized social media, starting by enabling creators to monetize their posts in other ways than advertising. Rather, by selling their social posts as 1/1 NFTs.
In the episode, we discuss topics including:
- Changing the business model of social media
- What it means to purchase a content creator’s post as an NFT
- The types of creators we see thriving under this model
- What will push the masses to adopt this new form of decentralized social media
We hope that you’ll find the time to tune into the podcast episode and start thinking about how social media may be reinvented.
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