Social media has evolved and transformed how humans create content, connect and communicate with each other. While Facebook, Instagram, WhatsApp, Twitter, and YouTube are some of the most popular multibillion-dollar platforms that have controlled the market, there are newer social media protocols that are projected to replace the current systems. One of them is the Nostr protocol.
Nostr is a decentralized protocol on which new-generation social media applications can be built. The protocol supports the building of decentralized social media platforms where users own and control their data, as opposed to what is available on today’s platforms.
Speaking at the Bitcoin Miami event, Mick Morucci, CEO of Geyser Fund, replied to a question about the race of social media content creation dominance between YouTube and Nostr by stating that Nostr will overtake YouTube in the future. He noted that he believes so because Nostr is a free-market product.
Benjamin Tyler Perrin, the host of BTC Sessions, also added that Nostr provides for content creators the ability to own their audience and resist censorship. He noted on the protocol, users can move from one application to another without losing touch with their followers or preferred community.
Good business model
Although Mick sees Nostr taking over the content creation race, he noted that for Nostr to make great progress, there is a need to have a good business model for the protocol. “There has to be a business model that makes sense” for Nostr that will match the already existing monetization system it has and “that is not dependent on human attention.”
He added that the combination of digital money embedded in Nostr and an open marketplace for creators will attract more users who will want to “retain that content to last forever.” The Geyser official also revealed that the reason behind the creation of the Geyser project was to deal with censorship, which is similar to what Nostr is doing, except that Geyser needs to adopt decentralization into its structure.
The host of BTC Sessions also added that for Nostr to improve, it has to solve the problem of hosting video content and how to incentivize users to buy into the censorship-resistant structure it is building.
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