The social media platforms report explores the combination of social media and cryptocurrency. The report would cover technological advancements and innovations that are strengthening the combination of cryptocurrency and social media. Also, the identification of transformative players that offer cryptocurrency while using social media has been discussed from a global perspective. Additionally, the competitive perspective along with market analysis has been summarised. Some light is shed on the future direction of social media and cryptocurrency.
How Social Media Platforms Can Help You Earn Cryptocurrency
Earlier social media was not offering any opportunities to earn or invest money. However, presently they are coming up with innovations to promote the transition from centralized systems to decentralized ones.
Woonkly gives social media a unique NFT twist and potential metaverse links. Woonkly is an extremely interesting decentralized Social Network based on NFT platform. It converts anything you post on the social platform into a non-fungible token (NFT) that can be sold to earn crypto. NFT could include a photo, video, audio file or a piece of art, posted on the social platform.
This has made the whole process of creating and selling NFTs so easy and quick. While setting up your account on Woonkly, you need to link it with a cryptocurrency wallet called Metamask. Once this is set up, you will be using Ethereum (ETH), Binance Coin (BNB), Avalance (AVX) cryptocurrency, or even the social network’s own WOOP, or Woonkly Power tokens.
How to Maintain Safety While Using Social Media Platforms
The widespread use of social media provides plentiful opportunities for criminals to connect with consumers and commit fraud, using a range of tactics. Scammers are constantly devising new and innovative ways to trick people out of money or harvest personal data, which can be used for financial gain. Social media scams have the potential to cause significant harm to consumers in terms of financial loss, emotional wellbeing, and degradation of trust.
SocialFi allows the new name for mass adoption. The Data scams, uninformed algorithm changes, and unnecessary content censorship could become a thing of the past. Social influence on these networks is tokenized and users can get direct monetary benefits.
Blockchain technology is giving birth to a new wave of social networks that could be bigger and even better. Along with this, they also bring the possibility of social finance (SocialFi). Social influence on these networks is tokenized and users can get direct monetary benefits from being influential figures on these platforms. The rise of these new social networks and their SocialFi integration is probably one of the best uses of blockchain technology and could be at the helm of mass adoption.
Redemption of Points
There is rapid growth in the number of internets and active social media users even though a huge number of people are seen not gaining the trust in digital money because of the absence of a reliable banking system, the lack of reliable online payment solutions, and the low adoption of fintech solutions in most of the countries, due to a basic cultural problem.
YeraTube, social media platforms allow redemption of points. It allows users to gain points by watching videos that can then be redeemed for internet data packages, call units and cashed out using available mobile money solutions.
The platform offers its users a risk-free wallet that introduces them to P2P, item purchases, Cashing-in/Cashing out points without making them feel like they are putting their own money on the line. The startup provides 3rd party companies with a unique digital advertisement proposition for businesses and an online payment solution linked to the YeraTube wallet, allowing people ready to buy items on their websites reliably and comfortably.
This initiative will greatly impact the whole tech ecosystem by giving startups the option to fully digitize their websites and efficiently advertise to their target audience.
Social Media Toxicity Analysis
Negative experiences during social interactions encourage users to leave a social media platform or reduce the usage of the platform. Data from social media comprises sharing of content, messages, or broadcast communications in a variety of languages and forms. As such interactions become more ubiquitous, the quality of those interactions also becomes more important.
A class model that is representative of a type and a level of toxicity associated with the content. The embodiment analyzes, using a processor and a memory, a first social media message to compute a first toxicity score associated with the first social media message and assign the first social media message to a first class of the class model.
Similarly, assign the second social media message to a second class of the class model. The embodiment forecasts, based on the first toxicity score, the first class, the second toxicity score, and the second class, a toxicity trend. The embodiment applies, in response to the toxicity trend being forecasted to increase, a remedial measure to reduce the toxicity trend.
For each social media message, the embodiment produces a sentiment score corresponding to the entire piece of content and emotion scores for various emotions corresponding to the entire piece of content, analyzing the message velocity of an interaction.
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Key Payers in Social Media & Entertainment
Approximately 4.5 billion global social media population is active worldwide in 2021. Facebook (META), Instagram, Twitter, LinkedIn, Snapchat, YouTube, Pinterest, FourSquare, MySpace, Snapchat, Tumblr, Sina Weibo, Reddit, TikTok, ASK.FM, Flickr, Xing, MeetUp, Vkontakte, Internations are some of the major players in the social media platforms market.
Transformative Companies (Start-ups)
Torum is the world’s largest SocialFi ecosystem (Social + NFT + DeFi + Metaverse). It is specially designed to connect cryptocurrency users. It was founded in the year 2018 (Malaysia). The Web3.0 ecosystem is built on a social media platform. It brings DeFi players, crypto artists, and Metaverse enthusiasts to one platform. Torum provides services including Social Media, Cryptocurrency, Blockchain, DeFi, NFT, Metaverse, SocialFi, and Web3.
Baron App Inc founded in 2017 (Chicago, Illinois (United States) is an American video-sharing website. The site allows celebrities to send personalized video messages to fans. As of May 2020, more than 30,000 celebrities have joined the platform.
Global Social Media Market
The global social networking platforms market is evaluated at US$192.950 billion for the year 2019 and is projected to grow at a CAGR of 25.38% to reach a market size of US$939.679 billion by the year 2026. By Application, the market is segmented into Introduction, Entertainment, Commercial. By End-users, the market is segmentized into personal, SMEs, and large enterprises. By Application, the market is segmented into Entertainment and Commercials. By Geography, the market is segmented into North America, APAC, Europe, Latin America, and Middle East Asia.