Image of Andreessen Horowitz exec discussing promising paths for Web3 social platforms for the EthCC conference.
Andreessen Horowitz exec sees ‘promising paths’ for Web3 social platforms — EthCC

The Potential of Web3 in Social Media

An executive from venture capital firm Andreessen Horowitz (a16z) believes that Web3 has the solutions to the headaches and problems found on Web2-based social media platforms.

At the Ethereum Community Conference (EthCC), a16z partner Sriram Krishnan presented his ideas on how Web3 could revolutionize social media and consumer applications. He argued that “the world of social media is stuck in a different era, and things need to change.” His goal was to demonstrate that “now is the moment to build large-scale crypto consumer social media marketplace applications.”

Krishnan, who has experience in prominent social media companies like Meta and Twitter, highlighted some of the limitations of modern social media platforms, including the inability to take followers with you when you leave.

The potential of Web3 in social media is vast, and the technology could be the answer to many of the issues that have plagued Web2-based platforms. With the right tools and applications, Web3 could revolutionize the way we use social media.

The Executive’s View on Web3 Social Platforms

In recent times, social network platforms have seen a decrease in application programming interface support, low economic benefits for creators, and a lack of user and creator involvement in terms of platform governance. The executive believes that there are promising paths and opportunities for Web3 social platforms to be created, such as targeting underserved communities and high-status individuals without a voice on other platforms, as well as refraining from introducing financial incentives at the start.

Krishnan commented that introducing money at the outset puts the emphasis on the monetary element instead of simply posting for fun and to bring people together. He believes that this could lead to broader adoption of Web3 platforms.

Nevertheless, this doesn’t indicate that they should never implement financial tools. Krishnan accentuated that crypto projects have the capacity to eventually deploy creator economics and provide governance stakes to those who use their web3 or web 3.0 platform.

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