Social media is everywhere. The big players in the industry carry billions of users and boast massive layers of data and content. These days, though, social media may be in for a major change, possibly due to the rise of blockchain.
After Facebook, Twitter, Instagram and others spent the better part of the millennium rising at meteoric rates, users have recently started to abandon social media accounts, opting for a single account, or no social media at all. Recent reports about how social media affects psychological well-being reflect a general malaise among former fans, and it seems that even faithful social media addicts are starting to grow discontent with pictures of food and long diatribes about political issues.
Users who took social media seriously and produced quality content discovered that all their hard work was consumed by the platform itself, leaving them with no financial gain, and just a few million likes and a moment of fame as compensation. Content on social media became the stepping stone to massive financial gain for the platform rather than the creator.
What’s more, information on social media that had been intended to be private has been made public to governments, advertising companies, and more, making users far less willing to share intimate details of life. Potential violations of privacy abound, with Facebook, Instagram, Snapchat, and the rest being willing to change the order of feed, link users with advertisers, and make information more transparent than users might like.