Social Media Platforms are Jumping into Web3

Social media Platforms are Jumping into Web3
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Reddit, Instagram, and Twitter are moving into Web3. How will you benefit?

Reddit and Meta (Facebook, Instagram) jump on the Web3 wagon. Reddit users have created three million crypto wallets on the Polygon network since July, surpassing OpenSea in terms of the number of active wallets.

Creators on Instagram will soon be able to create their own NFTs and sell them both on and off the platform. Finally, Twitter announces NFT Tweet Tiles that will display the artwork of an NFT in a dedicated panel within a tweet, and have a button to let users click through to a marketplace listing allowing them to buy, sell, and display NFTs directly.

Contents

This article aims to help you gain the most benefits from the ongoing market transition of Web2 to Web3 and social media.

Web2 embraces Web3

In an effort to increase the interoperability of its metaverse, Meta enabled users to cross-post NFTs on Facebook and Instagram in August. Numerous wallets that support the Ethereum, Polygon, and Flow blockchains are already supported by the company.

One of the most important traits of Web3 is digital ownership, and a key element for mass adoption lies in unlocking the creator economy.

Let´s go over the many functionalities you can gain by using our products and how you can benefit from the ongoing market transition. 

DappRadar´s Portfolio Tracker, Social Media & Web3

Imagine a scenario where whatever you do on Facebook, Instagram, or Reddit, will also be visible on DappRadar. This will soon become a reality because we support Polygon and Ethereum users.

Navigating the new Web3 social media with our portfolio tracker, you will see what tokens and NFTs you have in your wallet and a detailed valuation of your assets. Moreover, you can track NFTs, giving you total control over your collections.

Gain powerful real-time actionable insights into your NFTs, such as:

  • Previous floor price
  • Current floor price
  • Change in price 
  • Amount spent 
  • Current holdings 
  • Profit & loss

DappRadar´s NFT Collections Explorer, Social Media & Web3

Stay one step ahead of the game in the upcoming social media Web3 wave with this tool and benefit from the combination of social media and NFTs.

With the explosion of avatar blue-chip NFT collections like BAYC, CryptoPunks, and CloneX, we can only imagine the immense value social media could unlock for Web3. 

Facebook alone has 2.9 billion users, and Reddit has over 1 billion monthly users. Introducing Web3 to this massive demographic can have an enormous impact on the retail market and the creator economy.

Moreover, NFTs are not just pretty pictures; you can own commercial rights to use them. For now, the entry floor prices of such collections make them very pricy, but perhaps the presence of Web2 will breed a new kind of NFT, including ownership rights that are more accessible.

DappRadar´s NFT Collections Explorer estimates prices powered by a machine learning algorithm that looks at the metadata of past sales to determine the value of your most precious assets. 

Things you can do with the NFT Collections Explorer:

  • Search through thousands of collections, find NFTs, and take action.
  • Prepare for drops and analyze early market data to find the next NFT unicorn.
  • Explore NFT collections on Ethereum (more chains coming soon).
  • Find and prepare for upcoming NFT drops and special edition mints.
  • Analyze NFT market activity using industry-standard metrics. 
  • Dive into individual NFT collections using accurate market data and metadata filters.
  • Track activity and follow the smart money using the DappRadar Portfolio Tracker. 

DappRadar´s Soulbound Tokens, Contribute2Earn and Web3

DappRadar, as the World’s Dapp Store, is on its way to becoming a social powerhouse for the vibrant Web3 community. We are working on SoulBound Tokens (SBTs), which can be used as a social scoring system to verify identity, reputation, and credibility. 

With DappRadar´s portfolio and SBTs, one wallet equals one identity across different applications. These special tokens can help NFT creators and artists build a reputation among target communities and make it verifiable.

The more SBTs the artist’s Soul carries, the easier it would be for collectors to identify the Soul’s owner as that artist.

Moreover, SBTs serve as a Web3-based resume revealing a person´s academic qualifications and professional credentials.

SoulBound Tokens (SBTs) fit into DappRadar´s Contribute2Earn ecosystem, a model that rewards everybody who creates content, curates dapps, reviews, or even develops features.

Your creative contributions can become part of your Web3-based resume with Contribute2Earn, enriching our platform and perhaps helping you boost your career as the market shifts into Web3.

The Creator Economy and the rise of Web3

The explosion of social media platforms led to the emergence of the creator economy. Suddenly, creators could share their content on a massive scale with their followers and contribute to a multi-billion dollar industry. 

However, creators see only a fraction of their revenue with Web2 social media platforms like Facebook, Instagram, TikTok, and YouTube. The centralized nature of content “gatekeepers” platforms is to blame.

Web3 introduces decentralization and the opportunity for true digital ownership. Many creators see it as a path to becoming less reliant on traditional platforms and a more egalitarian business model. 

Closing thoughts

We are witnessing the evolution of the internet from centralized Web2 “gatekeeping” business models to more decentralized ones. All made possible by Web3, which intends to give participants autonomy and control.

Decentralization and digital ownership help level the playing field for all participants involved. Micro-influencers, in particular, who struggle in saturated social media platforms with unfair revenue models can benefit greatly from what Web3 offers. 

Social media platforms like Meta (Facebook, Instagram) and Reddit are choosing Polygon and Ethereum to enter this space. The move signals that Web3 has enormous value and will play a fundamental role in the future of the creator economy.

Traditional social media platforms have barely just started jumping on the innovation bandwagon. We at DappRadar are building a solid community based on the egalitarian, decentralized values of web3 with our RADAR token and Contribute2Earn model. 

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