If there’s one word to summarize the social media experience for both creators and consumers, it’s “out of control.” Most individuals learned how little control they had over their social media experience only a few days ago, during Facebook’s most prolonged outage to date.
Creators can decide what content they want to provide to their audience, but not who will consume it. On the other hand, consumers have far less control since they are only fed what the algorithm serves them. Not to mention the intrusive adverts that creep into every corner of your devices’ screens like a virus, forcing social media users to consume content they may not be interested in.
There are other challenges to be encountered across legacy social media platforms. Censorship, creator blocks, constant demonetization on apps like YouTube, third-party gatekeepers interfering with revenue inflow, and so much more are just some of the other challenges attributed to legacy social media.
While the majority of these challenges affect virtually every user, it is arguably even worse for those who end up creating tons of content with a near-zero reward at the end of the day.
A couple of blockchain projects have also felt the same way about these issues for a very long time and have been experimenting with new approaches to solve them.
One of the very few that has made it into the spotlight is Only1. With the help of blockchain technology and non-fungible tokens (NFTs), it wants to redefine the social media experience for both creators and consumers.
In an exclusive interview with Daily Coin, Leon Lee, the founder and CEO of Only1, discusses what the barely one-week-old startup means when they say “NFTs have gone social.”