Andreessen Horowitz exec sees ‘promising paths’ for Web3 social platforms — EthCC 6

During a keynote code astatine the Ethereum Community Conference 6 (EthCC), a16z spouse Sriram Krishnan shared a presentation, explaining however Web3 tin hole societal media and user applications.

Krishnan stressed that “the satellite of societal media is stuck successful a antithetic era, and things request to change.” The enforcement said that his extremity successful the presumption was to person the assemblage that “now is the infinitesimal to physique large-scale crypto user societal media marketplace applications.”

An enforcement from task superior steadfast Andreessen Horowitz (a16z) believes that Web3 has the solutions to the headaches and problems recovered connected Web2-based societal media platforms. 

Sriram Krishnan astatine the EthCC lawsuit successful Paris. Source: EthCC Livestream

Krishnan, who besides worked connected salient societal media companies similar Meta and Twitter, highlighted immoderate communal points that modern societal media platforms are presently operating. This includes locking-in followers to 1 circumstantial platform. “You can’t instrumentality them with you erstwhile you leave,” helium said. 

In addition, societal web platforms started to person constricted to nary exertion programming interface (API) support, debased economical benefits for creators and they bash not let users and creators to person a dependable successful presumption of level governance.

The enforcement believes determination are promising paths and opportunities for Web3 societal platforms based connected these issues. They see targeting underserved communities and high-status individuals that bash not person a dependable connected different platforms and not focusing connected fiscal incentives immediately.

Related: Dev shares however ENS plays a relation successful decentralized societal media

Contrary to fashionable approaches wherever Web3 is being marketed arsenic a mode for creators to get paid more, the enforcement believes that different promising way that could pb to broader adoption is to refrain from introducing fiscal incentives astatine the commencement of creating a societal platform. He explained:

“Social media dynamics are weird and complicated. These are analyzable quality dynamics and erstwhile you present money, I deliberation it gets challenging to benignant of representation those dynamics.”

Krishnan besides explained that introducing wealth instantly puts the absorption connected the monetary constituent alternatively of conscionable posting to person amusive and bring communities together.

However, this doesn’t mean they should ne'er present fiscal mechanisms. Krishnan highlighted that crypto projects person the powerfulness to yet present creator economics and springiness governance stakes to those who usage their platform.

Magazine: Decentralized societal media: The adjacent large happening successful crypto?