Social media contributes to a large part of society today. It makes the world a small place, by enabling content to be shared and viewed from across the globe. We tend to spend our time switching between multiple platforms throughout the day in order to stay up to date on trends, news, and updates from friends. Unfortunately these platforms receive a large amount of profit without ever awarding the ones who contribute the value – the users.
Synereo, a company offering blockchain attention economy solutions, has recently launched WildSpark, a social network web app supporting Imgur, Medium and YouTube creators where they can be rewarded in cryptocurrency for the value and content they generate.
It’s difficult to create high quality content, and even more difficult to make it profitable. Currently, social media giants like Facebook and Instagram use advertiser-centric algorithms to make money off of user-generated content leaving the content-creators themselves without much reward for their insightful value and efforts. Think about the possibility of every video, photo, or even meme you create on the internet getting you the value it deserves – without anyone else taking a cut.
WildSpark is giving these content creators a chance to reap the benefits of what they offer to the online community by allowing writers, photographers, video and meme creators to fairly and freely monetize their content with “AMPs.” WildSpark allows users to show support for creators by allowing them to instantly send cryptocurrency rewards. WildSpark’s network enables value and information to flow freely, cutting third parties out of the equation, meaning the rewards will be given back to those who are actually contributing to the success of these platforms.
In a world where most of us spend ample amounts of time viewing, posting, and sharing content, applications like WildSpark could bring in satisfying profits. After all without users interacting on these platforms companies like Facebook wouldn’t turn out such high revenue. With blockchain technology being applied in so many areas, social media is one that can see a high success rate. Social media has become increasingly popular, not only for users but for advertisers as well.
Steemit, a platform that allows bloggers to earn cryptocurrency for the posts they contribute, is another company who understood the direction the industry is moving in. Both Synereo and Steemit understand where the success of the internet stems from, and the importance of allocating reward to the content creators rather than just the platform creators. It is exciting to see more applications integrating blockchain technology with content creation platforms and where the future will lead to. After all the internet belongs to it’s users and the information they share, so they should be the ones compensated.