A few days ago, BTC has started another rally which was quickly followed by some of the altcoins. Of course, ETh was one of them. Some other coins that I've been following for a few weeks now are $ATOM & $AKT which are both doing well alongside BTC. This is the kind of event that brings excitement for those that are involved in projects that are doing good (price-wise). At the same, it makes others wonder why the price of their coins is not appreciating in the same manner as BTC's behavior in recent weeks.
So, as I look into the price movement of the social platforms, it is obvious that none of them are showing any major price pump. I read some posts & learned other user's opinions saying that the social tokens and many of the altcoins are less likely to join this year's bull run. The prices of the social tokens might stay to where they are right now but does it really matters? For me, yes but not really.
Yes, it matters. And the main reason why I said so is because of the much needed mass adoption. A good token price is an indication that the users believe that the project has substantial value. It is also a good encouragement for users to invest and stay invested in a project. Also, it removes uncertainty towards the project.
Well, the price of the token does not really matter. A savvy user doesn't really look at the price of the token as a way to value the project. Some would value the project based on its the use-case of it.
If it is a product that can be used on a daily basis then I would say that there is a good fighting chance for mass adoption. We just have to find a way to present the product to prospective users.
A crypto-based social media platform is a really good use-case if you are to ask me. The majority of the population especially the younger ones are avid when it comes to social media. There's no denying that social media has reinvented the way we socialized & the way we communicate.
Personally, I have never held nor read a newspaper after I got into social media. The trending news can now be learned on Twitter or Facebook while the trending fashion and food can be seen on Instagram and whatnot. That's a huge user-base that a social blockchain may tap into.
According to www.statista.com there are a total of 3.6B social media users in 2020 and it's projected to rise up to 4.41B in 2025. Just imagine a 1% market penetration to that user base. A total of 44.1 million users! That would be a good test of the scalability of social blockchains. Imagine the value that will stem from that; it will definitely set the platform to the mainstream for further adoption. That's a proposition worth looking into.
What I'm getting at is the realization that a social blockchain is a silent supernova. The explosion has not taken off yet but when it does, it will generate enough wave of interest across the globe. The use-case is familiar and the technology is compelling. And then add features like censorship-resistant, immutable content, & the potential to monetize own content are clearly the strongest points of this blockchain.
Those reasons alone are more than enough to keep my faith in this product. It is only a matter of time until the rest of humanity realizes the need for such a platform.
