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RE: Why Isn't Web3 Social Media Growing At a Faster Rate?

in LeoFinance10 months ago

One method that might be untapped is that Hive is actually a package deal when an account is created. Participants on Hive are given so many options that cross over with Web2/normal platforms(Social, Shops, Streaming,) that it's basically a linktree-esque service. Cryptocurrency probably shouldn't be the main reason to attract participants as they tend to only focus on the value of the coin as opposed to the utility of the space.

Ownership is quickly resurfacing as a main attraction point for many who are starting to become aware of how much control the platforms have over what the user creates. If Hive is true on how it defines "Ownership', That could possibly bring in more participants that care about the space and support the projects in it more than the value of the coin.

It's not just about bringing in more participants, but bringing in participants of quality that will grow the space instead of abusing it and leaving it in a worse position.

4 years is relatively young in this space and the fact it is still around shows that there are people who care about the Web3 space.

You are doing the right thing in sharing your thoughts about the population, it is an issue that needs to be taken more seriously by the community. Guides, onboarding processes, examples, both digital and physical meetups and much more need to be created and put into action by every participant to help solve this issue.

Thank you for creating this post! It's tough to navigate around the 'Cryptocurrency' aspect that many are focused on when there are many other beneficial reasons to participate on Hive and Web3.

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I wish I could upvote this twice. Great points!

I totally agree that account ownership a huge benefit that should be discussed more often. It is way more important than the value of the cryptocurrency. Of course, I've been as guilty as anyone about stressing the value of the crypto, since I publish a Web3 social media earnings report every month. But without account ownership, it wouldn't matter how much one earns. Account ownership is what allows users to claim that crypto and keep it safe.

Another good point you make is about the quality of participants. As long as crypto and its underlying value is what community members stress, the people attracted to Hive will be those bent of sucking the value out of it and leaving it dry. Spammers and scammers. Those are the people we want less of. We want people who will come with a mindset that says, "What can I contribute to make this a better community?" Ask not what your social media platform can do for you; rather, ask what you can do for your social media platform.

You're right that four years is still young. Dan Larimer's dream, however, is older than that. It's been eight years since Steemit launched. That means Hive has been around for as long as Steemit had when it forked. If it can survive for five years, it should have long-term staying power. I can hardly wait to see what it looks like ten years from now.

Thanks for the comment and words of encouragement. If we can somehow position Hive as a place for developers, we might begin to see more measurable value added than extracted.