Will social media platforms start using their own crypto?

[glitch]

I have heard rumors about this for Reddit, Twitter, and Facebook but I don’t think any of these platforms actually started anything with it. Or at least not publicly. Do you think platforms like this will end up with their own crypto?

 

[Grant]

I wouldn't doubt it. I know Facebook was in talks to make their own crypto at some point, but I think that has since been shelved. I have a feeling it'll happen first with Facebook, we're just waiting on it to happen. Probably any day now.

 

[Riberet19]

I heard something about Reddit, but I don't know what happened in the end with that, since Reddit is a very pro-crypto social network, on the other hand of twitter I do not know much, what I know is that Facebook wanted to launch its Libra currency, as far as I know the project did not prosper.

 

[Nomad]

Facebook proposed Libra and then rebranded it into Diem and then without developing the project, it sold it. I do not think Meta will build another crypto. We can expect Twitter to build its own crypto, especially after Musk took control. However, since Musk is in love with dogecoin, I don't think he would be interested in creating new crypto

 

[Riberet19]

If Facebook, with its more than 2 billion users, had created its own stable cryptocurrency, it could have put CBDC projects in check, since it could have achieved a massive adoption with said cryptocurrency, something that many people would not have liked very much.

 

[eLdavis]

There was a time i head Facebook was doing something like this but i do not know if it was true or how it ended. Well its very possible for them to create their own crypto, it would be use to use them as their currency in their market place.

 

[Heatman]

I have heard rumors about this for Reddit, Twitter, and Facebook but I don’t think any of these platforms actually started anything with it. Or at least not publicly. Do you think platforms like this will end up with their own crypto?

Some years ago when cryptocurrencies scam became very popular, most social media platform banned any of the promotional activities of cryptocurrency on that platform including Facebook. But I believe that in the future that is a possibility that they are going to have their own coins.

 

[deucher]

I think it will definitely happen because Telegram has already started doing it and created its own wallet. Telegram is only a messenger, so it is not as popular as Instagram, but I think in the future Instagram will also do it, because it will be beneficial for both users and the owner of Instagram

 

[Riberet19]

At the moment I don't know of any social network that uses its own cryptocurrency, I think Reddit tried to do something like that, but it wasn't very fruitful, other social networks are crypto-friendly but don't use their own crypto.

 

[EMMANUEL]

Social media platforms exploring their cryptocurrencies face both opportunities and challenges. Potential benefits include increased user engagement through rewards, new monetization options, decentralization, and easier microtransactions. However, challenges include technical complexity, crypto volatility, regulatory uncertainty, and potential adoption issues. While some platforms like Steam it and Minds have experimented with crypto, widespread adoption remains to be seen. The future of social media crypto depends on user acceptance, regulation, and the platform's ability to create a compelling use case.