TechFlow news — During a keynote speech at EthCC, a16z partner Sriram Krishnan shared insights on how Web3 can address issues in social media and consumer applications.
Krishnan highlighted several common problems with modern social media platforms, including:
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Locking followers into specific platforms, making it impossible to take them along when leaving;
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Social networking platforms beginning to restrict or discontinue API access;
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Low economic returns for creators, and no voice given to users or creators in platform governance.
He believes that due to these issues, there are promising paths and opportunities for Web3-based social platforms.
Krishnan stated that financial incentives should be avoided when initially building a social platform, as introducing money causes users to immediately focus on monetary aspects rather than posting for fun and building community.
However, this does not mean financial mechanisms should never be introduced. Krishnan emphasized that crypto projects have the potential to eventually implement creator economies and distribute governance tokens to those who use their platforms.
