Changing the Dynamics of Social Media with Blockchain Technology

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When looking at the biggest tech platforms on the planet, like Facebook, Twitter, Snapchat and Google, there is no doubt that a huge amount of value for brands is being driven by social media. However, outside of a few celebrities on the likes of Youtube, peer to peer marketing is only driving value between advertisers and the social networking platforms. This is strange when you consider how your attention is divided between paid and organic content on social networks: how often do you scroll past an ad on Facebook, but at the same time stop and read every post from your friends in your newsfeed? It is clear that the money is in all the wrong places when it comes to social media advertising.

Changing the industry

The thought that the average Joe on social media would get paid for discussing their opinions was unthinkable, until now. Blockchain has already changed many businesses, and now this business model is being opened up by an Italian blockchain company, which is uncovering the potential of decentralized ledger technology . Friendz is a platform that uses tokenisation to route payment from brands to the users that enjoy talking about their product on social media.

The founders explained further in their whitepaper: “The idea was born from the understanding that people were already posting advertising contents on their social network profiles. But nobody has ever thought to reward them for their activity. In addition, companies don’t get great results in terms of engagement rate and interactions with the traditional paid advertising system and were looking for a new media channel.”

So a blockchain can register what influence is created by what user and then deliver the relevant rewards in a transparent manner. The company is currently established with $1.2 mln in revenue, but they are hoping that blockchain technology will bring Friendz to the next level.

Interesting features

They have also thought about the finer details of increasing community involvement and building out engagement with the platform: “Friendz not only proposes Brand campaigns with advertising messages, but it engages users on a daily basis through the so called ‘Fun campaigns’. Fun campaigns are designed to keep a high level of engagement within our community while also providing our users with the opportunity of being rewarded as they have ‘fun’ taking pictures. The contents of these campaigns are, in fact, created by our team with the aim of involving and entertaining our community. The greatest advantage of taking part in the fun campaigns is that it makes the social media profiles of users look more genuine and populated with creative and diversified contents.”

With these features and more, the team is planning to roll out their campaign for full global penetration within 2 years. They are currently running the sale of their FDZ token, which will be open until March 21st.