With economic slowdowns, emerging web3, and the metaverse, existing social media models are struggling to cope.
With concerns around privacy, trolling, and extremism dominating conversations around social networks, startups are looking to redefine the space. Social apps like "Niche" are experimenting with running on blockchain and operating in a decentralized manner. Niche aims to promote online communities while redistributing network ownership to its members.
The redistribution is conducted via "ownership tokens, " distributed to people who join specific communities. These tokens – which represent partial ownership of the communities like stocks in a company – are then stored on a free in-app crypto wallet.
The platform also facilitates NFT transactions, for which Niche takes a commission. The concept of this decentralized social network is to minimize data privacy breaches and the spread of misinformation while simultaneously democratizing the landscape.
[3 minute read]