World Social Media Day 2023: How Web3 Brands are Leveraging Web2 Platforms to Build the Future Social media platforms are a must for brands and companies to interact with and understand their audience. And this is certainly not being missed by Web3 brands and players.
By Paromita Gupta •
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Every year, June 30th marks World Social Media Day as a way to commemorate the impact this interactive technology has had and continues to have on our day-to-day lives. From Six Degrees launched by Andrew Weinreich in 1997, Mark Zuckerberg's Facebook (rechristened as Meta) to Instagram, Reddit, YouTube, Pinterest, Behance, Twitter, etc, the social media giants boosted having 4.59 billion users in 2022, according to Statista.
The projected number in 2027 is set at 5.85 billion.
With all the data and statistics available, social media platforms have naturally become a much-loved way for brands, advertisers, and marketers to reach their target audience. Facebook and Instagram continue to be marketer favourites at 69 per cent and 60 per cent, respectively, while Instagram tops the most popular among youngsters (18-34 years) chart. India leads the way when it comes to the number of users on the platform.
Hence, social media platforms are a must for brands and companies to interact with and understand their audience. And this is certainly not being missed by Web3 brands and players. While Web3 social media platforms (platforms which are decentralized in nature) are still at their nascent stage, other segment players are happily engaging on the current set of media platforms to bring awareness and create connections with their potential users.
"Web3 brands today are leveraging social media in diverse ways to establish connections with their target audience. Platforms like Twitter, Discord, and Telegram serve as channels for sharing project updates, engaging in conversations, and fostering a strong sense of community. Social media also enables web3 brands to conduct promotions, giveaways, attract new users, and drive traffic to the websites," shares Raisa Kazi, Head of Marketing, Liminal, a wallet infrastructure and custody solutions platform.
Influencer marketing has become an integral part of any brand's strategies, irrespective of size, geography, and industry. The influencer marketing industry in India was valued at over INR 12 billion in 2022. Web3 brands have also leveraged this marketing form for themselves. Crypto Banter, Zueljin, ElenaaETH, and CryptoStache are notable influencers when it comes to Web3 influencer marketing globally.
"Collaborating with influencers has emerged as a successful strategy for web3 brands to effectively communicate their message and enhance credibility. Through dedicated channels, open discussions are encouraged, nurturing community engagement and valuable feedback. Social media contests and giveaways incentivize user participation, generating excitement and spreading awareness," shares Poorvi Sachar, Head of Operations, Tezos India, a blockchain adoption entity.
The much beloved visual and textual interactive platforms are finding their updated versions in the form of Web3 social media. These platforms will incorporate the technologies such as blockchain and smart contracts to create a more user-centric socializing experience. Some of the notable Web3 social media platforms are Mastodon, Lenster, Steem, Damus, and Mirror. Talking about the Indian counterparts, ReelStar and Chingari are popular names in the space.
"Social media platforms have revolutionized connecting, sharing, and engaging with others. However, ownership and monetization of creative content, privacy concerns, and the spread of misinformation are some of the challenges that persist. Decentralized social media platforms built on blockchain offer a solution. They empower users with greater control over their data, resistance to censorship, and participation in platform decision-making," says Navdeep Sharma, Co-Founder, ReelStar.
"In the realm of web3, brands bridge the digital divide, harnessing the power of social media to forge genuine connections and create a decentralized community of empowered individuals. Web3 brands are embracing social media as a powerful tool to establish meaningful connections with their target audience. Through interactive content, engaging storytelling, and collaborative initiatives, web3 brands foster a sense of belonging and empower their community members to co-create and shape the brand's trajectory," adds Shivam Thakral, CEO, BuyUcoin.
