Comments on Content Creation and Monetization

Unfortunately, Belacam does make it possible to earn crypto without actually being an owner of a particular photo. While photo sharing apps that don’t utilize micro-payments (i.e. Instagram) also lack policies protecting original content, we have seen some social media platforms like YouTube develop technical solutions that prevent these cases. It would be cool if Belacam or another project could establish a blockchain-based solution that could verify that any content published is actually original.

With any social media platform, though, we have to realize one of the key components of adoption is content availability. If there are enough accounts with quality content to follow, people who try the platform for the first time are more likely to return and become a long-term user. So, this sort of creates a ‘chicken or the egg’ dilemma when it comes to content.

Here’s another photo I posted on Belacam.

Pondering the Economics of Web 3.0

One of the biggest things I considered when using Belacam was the economics of Web 3.0. With social media platforms in Web 2.0, many people consider them to be free to use. We often don’t think about things like in-app targeted advertisements or companies selling our user data. There is even a legal argument that states social media platforms should pay users who add content that creates value for the platform. Most of the major platforms from the era of Web 2.0 don’t offer this. Even platforms that do allow users to monetize content (i.e. YouTube) typically don’t compensate to a level proportionate to the value provided by a given content creator.

Moving to Web 3.0 could be beneficial from a data privacy perspective. Still, platforms like Belacam that utilize micro-payments as the primary economic model definitely require a mindset shift for many users. For example, users now have to consider whether or not a like is worth sending 1 BELA or not. One of the possibilities is that people will be less willing to pay, thus users across the board could receive far fewer likes than on social media platforms like Instagram.

However, this could also be good for adding a more human element to social media. As we have seen with most large social media platforms in Web 2.0, bots can auto-like a post at low (or even zero) costs. This essentially creates more spam and less genuine interactions between users. By using cryptocurrency and putting tokeneconomics in action with Web 3.0 platforms, it’s possible that we could see a positive movement towards better determining the true quality of each post and creating more authentic communities of followers.

My Results with Belacam

When I signed up with Belacam, I wanted to at least receive a few likes and gain a few followers. In the end, I was able to accomplish this. While the amount of BELA I earned wasn’t too significant, it’s essential to note that I had just begun posting here. Someone who is able to gain a large following could find more success on the platform.

At the very least, Belacam demonstrates an innovative use case for cryptocurrency. Similar to other Web 3.0 social media platforms, Belacam is just emerging as a viable alternative to Web 2.0. I can certainly see how it’s possible to use Belacam over traditional social media platforms. With increased user adoption and improved blockchain scalability, we could very well see a new era for decentralized social media and content creation.

BELA on Ethex

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