I am expecting this to happen because the competition that is being brought to the table by the nascent technology of blockchain is a game changer. Even experts are calling blockchain a disruptive technology.
Users are jumping ship
Indeed, many users of Facebook, Twitter, and Instagram are flocking to the next generations of social media powered by blockchain disrupting their traditional dominance in the process. A dominance that they enjoy over the past decade.
But, that is about to change.
Blockchain has a unique capability unmatched by traditional platforms
One capability of blockchain that has the strongest potential to make users jump ship is its capability to let its users earn on their content. Facebook, Twitter, and Instagram cannot do that on their current platform.
If I were a user of their platform and I am not earning on my content, then suddenly, blockchain, gave birth to social media applications that pays, I will surely leave them and jump ship.
Five years from now I predict a steady decline on their active users because of blockchain based social media applications are starting to get hold of their dominance in the social media market.
Next generation social media applications
Steemit is one of the few that utilizes a blockchain. Even YouTube now have a competitor in DTube (@dtube) a blockchain based video sharing application on top of the Steem blockchain.
Zappl (@zappl), a blockchain based Twitter competitor that is also based on the Steem blockchain is slowly gaining users little by little.
I would not be surprise if users no longer want to use traditional social media platforms that does not let them earn.
ONO (@ono), another social media application from China is on beta phase. ONO also utilizes blockchain, in this case the EOS blockchain (@eos).
Later this year a Twitter and Instagram competitor is going to be launched. It is called APPICS (@appics). Some Steem users are calling it Instagram killer.
I believe that Steemit and APPICS have the strongest potential to disrupt the dominance of traditional powers in social media market.
The decline of traditional social media platform
Facebook reported a decline in its earning. Data leak may have some effects on the decline but I am confident to say that blockchain have taken such an impact on the decline.
If Facebook will fail to keep its users then it could mean goodbye to the platform. Possibly seeing the threat of blockchain going forward, Facebook brasses have this in mind:
slowing revenue growth and increased expenses in the months ahead.
What's more...
Zuckerberg warned that the company would continue to make investments going forward, not only in safety and security measures to prevent things like the Russian disinformation campaign seen in the 2016 election, but also in new products and services
Take note the last statement saying "but also in new products and services". Blockchain, cryptocurrency, decentralization could be one of them.
If they fail to tackle the threat of blockchain and decentralization. Facebook will lose majority of its active users, or worst, it could be goodbye.
Reference: Yahoo Finance
