What is Crypto Social Media
As the cryptocurrency world continues to develop, new innovations surrounding digital currencies are coming thick and fast. Currently, a hot trend seems to be non-fungible tokens (NFTs). In general terms, we can now use the term crypto media or digital assets. Many things of the things we own such as money are interchangeable. meaning, they can be replaced by an equivalent item. But NFTs are one of a kind. They are built on a blockchain or digital platform. Using the term digital media makes more sense.
So, what is Cryptomedia?
The co-founder of Zora, Mr. Jacob Horne, came up with the term “ Cryptomedia” to represent the emerging trend of digital creation. Crypto media cannot only be owned, but it is also more accessible. Today, this new development has resulted in the creation of many crypto media companies. To understand these companies better, think of them as crypto social media platforms.
The Boom of Crypto Media Companies
There is currently a boom in crypto media companies. These entities are all in competition and scrambling for market share in the ever-growing field of cryptocurrency. Gemini, the famous US cryptocurrency exchange, released a report that shows 14% of Americans own cryptocurrencies such as Ethereum and Bitcoin.
The report went further to reveal that another 13% of Americans intend to purchase cryptocurrencies within the next 12 months. More people are searching for information about cryptocurrency online. It seems that digital currencies are here to stay. And maybe someday, they will get into the mainstream space.
Media companies are making money by providing pertinent cryptocurrency information. Most of this revenue is coming from digital currency advertisements. Crypto media companies such as Blockworks are projecting higher returns. These organizations make their money through podcasts, daily newsletters, and so on. Fortunately, if you want to learn more and invest in cryptocurrency, you can try these out.
Other crypto-related media companies such as Coin Desk generate their revenue by selling custom reports and ads in the digital currencies niche.
The Risk in Crypto Media Companies
People are now heavily consuming crypto content. It almost looks like crypto media companies are operating on solid ground. However, this is far from the truth. If the cryptocurrency markets dissolve, the success of these companies would come to an abrupt end. Although this was a potential outcome years ago, things have changed. As people continue to own cryptocurrencies, crypto media will thrive.
Competition in the Crypto Media Space
There might be plenty of money to be made in the crypto media space but the competition is stiff. This is because ordinary social media platforms such as Facebook, Twitter, Telegram, Instagram can run cryptocurrency ads. What’s more, is that these platforms have already accrued an enormous following. They are serious contenders in crypto media and are sharing the spoils with the predominantly digital currency media enterprises.
In terms of clout and popularity, social media platforms are ahead in various ways. Nonetheless, crypto media companies have their advantages because they are only focusing on a single niche. So, those who are interested in digital currencies may view this as a one-stop-shop.
Experts project that the value of the cryptocurrency market will hit $1.8 billion by 2027. From where things stand today, there will be enough of the pie for crypto media companies and social media platforms.