The Expansive Reach of Social Media

According to renowned author Will Storr, two-thirds of human communication pertains to social topics. Socializing is so ingrained in our nature that many psychologists propose that language initially emerged as a means for sharing stories about others. Clearly, humans are inherently drawn to gossip.

Given this backdrop, it's hardly surprising that social media has become an essential component in the lives of nearly everyone. But just how significant is social media?

Consider this staggering figure: 4.48 billion individuals. As of 2021, more than half of the global population was engaged with some form of social media, a remarkable statistic when we account for the 2.7 billion people who lack Internet access, as reported by the United Nations. As we near the close of 2022, that number likely exceeds 5 billion.

Profiting from Social Media's Growth

Some enterprising individuals have capitalized on this massive audience, amassing considerable wealth by leveraging platforms that have enabled them to thrive—whether as photographers, influencers, or digital content creators, even through live-streaming their gaming sessions.

Have you heard of platforms like Patreon, Ko-Fi, or Twitch? These services do a commendable job of supporting creators, particularly in the digital sphere, by helping them showcase their work while reviving the concept of patronage. Many have indeed found financial success through these avenues.

Yet, as these digital creators prospered, the platforms that host their content have evolved into multi-billion dollar enterprises, profiting from commissions and revenue cuts. By catering to society's appetite for gossip, these companies have amassed incredible power, even possessing the authority to censor or limit free expression.

Fortunately, there’s a promising alternative on the horizon—social tokens.

Introducing Social Tokens

Or, as I like to refer to them, "It's about time we restore ownership to those who put in the effort" tokens. Admittedly, that name won’t make my list of marketing triumphs.

Nonetheless, these tokens could potentially emerge as the primary medium of exchange within the communities and decentralized platforms that will shape the future of social media. Remember, we are discussing an opportunity that could reach nearly 5 billion individuals—this is a chance you won't want to overlook.

The Monetization of Life and Audience Engagement

The scenario I presented at the beginning is not merely fiction; it’s a true story. Alex Masmej, a cryptocurrency entrepreneur, initiated a "human initial public offering" to fund his journey to Silicon Valley. He successfully raised €20,000 worth of ETH by launching the ALEX token.

Here’s where it gets intriguing: those who purchased the token gained the power to dictate his dietary choices, clothing, and more—an astonishing level of control over his life. Additionally, they would receive a future share of his business profits and access to his newsletter. This extreme case exemplifies the potential influence of social tokens on the future landscape of social media and patronage.

The Renaissance of Patronage

During the Renaissance, patrons played a vital role in supporting emerging artists, inventors, and scientists, leading to one of the most significant cultural revivals in history. Thanks to their generosity, we have masterpieces like Michelangelo's David and Da Vinci's Mona Lisa.

However, while Renaissance patrons sought to leave a lasting legacy, the innate desire to support others is a fundamental aspect of human nature.

True Support Over Legacy

This isn't just about legacy; it's about genuine support. People find joy in helping others, often without expecting anything in return. For example, viewers can access Twitch channels for free, yet many choose to pay a $5 subscription to support their favorite streamers.

In some instances, individuals moved by the content provide generous donations, despite the content being freely available. I have personally been honored to receive support through Ko-fi for my Medium articles, which not only brings financial assistance but also immense satisfaction to creators, as nothing fulfills human nature quite like respect.

Up until now, supporting creators felt somewhat gratifying, but contributions often involved middlemen who took a share of the donations. This dynamic is about to change.

The Empowerment of Creators Through Social Tokens

Social tokens present creators with a direct means of monetizing their fan bases while offering unique benefits to community members. This concept may remind some of NFTs, but there's a distinction: social tokens are fungible, allowing them to serve as mediums of exchange—effectively creating economies within individual communities.

The Indispensable Role of Crypto

The potential of the "creator economy" is undeniable, and cryptocurrency will be instrumental in its development. The blockchain guarantees ownership and provenance of digital assets, enabling creators to exercise true control over their communities and monetize effectively.

Ultimately, blockchain and Web3 aim to return power to rightful owners, democratizing digital asset ownership and reducing society's growing reliance on a few dominant corporations with excessive influence over our lives.

A Cautious Look Ahead

Exciting yet precarious times lie ahead. I'm enthusiastic about these advancements, as they provide hope that our work will be entirely ours without the need for intermediaries, granting us complete control over our meticulously built communities.

However, we must remain vigilant and resist social media's encroachment on our lives and relationships. I can only envision one technology capable of restoring our autonomy.

A Final Note

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