Whether you run a social media marketing agency that offers services to businesses or a business that uses social media to grow its client base, it is important to understand the seismic shift that is coming to social media.
The Blockchain Social Media Revolution
Blockchain technology is going to be a major disruptor to many industries outside the financial world. One of the sectors, which will be impacted by the technology the most is the social media industry. Companies that have traditionally relied on major platforms such as Twitter and Facebook will find that they may need to rethink their strategies. As the blockchain makes its way into the social media industry, social media marketing is going to undergo major changes.
Here are the top trends that you should be watching when it comes to social media marketing and the blockchain.
Growing Interest in Verified Online Identities
A major problem on social media is the use of bots that push false narratives. As a result, business owners sometimes pay for artificially generated clicks and views on their ads. The result is that marketers are increasingly looking for platforms that allow them to maximize their ROI.
The ability to connect with customers who have their identities verified and secured using the blockchain and smart contracts is something that businesses will find attractive. It will ensure that they no longer pay for bot clicks and falsified impressions. Click fraud has cost ad networks billions of dollars. According to Cloudflare, advertisers lost $19 billion in 2018 from click fraud. Cloudflare also projects that 20% of websites that display ads are visited by phony click bots.
The Growth of Verified Marketplaces
Verified identities will play an important role in blockchain-powered social media platforms and so will verified marketplaces. There are already marketplaces that are emerging designed to address specific needs. They should continue to grow as the blockchain becomes mainstream and marketers realize the technology’s potential. The ability to market to verified people and firms that are interested in what you are selling can help cut down marketing costs and increase ROI.
Ability to Earn Crypto on Social Media Platforms
The merger of blockchain-powered social media platforms with cryptocurrencies is another emerging trend. These platforms will make it possible for social media users to earn small amounts of crypto for various actions such as clicking on ads. It will help these platforms grow since users will be motivated and rewarded for the time they spend on the platforms. In the current model, social media users get nothing for the time they spend on these platforms. An example here would be Steemit. The Steemit platform has launched one of the largest blockchain-based social media blogging networks. By creating and curating content, users on the platform can earn cryptocurrency.
The Rise of Crypto Collectibles
Crypto collectibles secured by the blockchain will also play an important role in the future of social media. Platforms such as CryptoKitties have already shown the potential that crypto-collectibles hold. Millions of dollars have been invested in the crypto-collectibles sectors and the trend is likely to continue. As the crypto-collectibles markets mature, it will lure in more social media users.
Smart Contract and the Blockchain will Galvanize Fake Content
A major problem on social media platforms is the spread of fake news by bots. In the future, using the blockchain and smart contracts will help to ensure that only verified information can be spread on these platforms. The ability to eliminate fake stories from social media platforms will be enticing for brand builders who would not want any association with fake news.
Blockchain technology continues to evolve in social media. Marketers that wish to remain relevant in the coming blockchain era need to explore the potential it holds. The industry is starting to realize that Blockchain technology can fundamentally fix a majority of the issues that users have with traditional social media avenues. By performing industry research, marketers can get ahead of the game to understand how blockchain based platforms are starting to take significant market share from legacy social media platforms.
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