We are excited to announce the launch of the Nova Network beta app. Nova Network aims to become the largest Web3 SocialFi app and is an invitation-only social media platform where users can earn token income by creating content, referring new users, and even voting on content quality. You can use this invitation code nova555 , and download the beta app here:
App Store : https://apps.apple.com/hk/app/nova-network-web3-socialfi/id1669449325?l=en Google Play : https://play.google.com/store/apps/details?id=one.novaverse.android&pli=1
The internet has revolutionized the way we communicate and interact with each other in the online world. Social media platforms have become an essential part of our daily lives, providing us with a means to connect with friends and family, share experiences and content, and engage in conversations with people around the world. However, despite the many benefits of these platforms, they are not without their issues.
Issues with Current Social Media Platforms
Lack of Transparency and Content Curate
One of the most significant issues with current social media platforms is the lack of transparency and control over content distribution. The current social media landscape is dominated by a handful of powerful companies that wield tremendous control over the content that is shared and who gets to see it. These platforms rely on algorithms that prioritize posts based on the level of engagement they generate, regardless of their accuracy or relevance. This can create echo chambers that reinforce users' existing beliefs and perspectives, limiting their exposure to diverse perspectives and viewpoints.
The impact of social media on elections was particularly pronounced during the 2016 United States presidential election, with online echo chambers playing a significant role in shaping the outcome. Guo et. al.'s study revealed substantial disparities between Twitter communities supporting Donald Trump and Hillary Clinton, with the most outspoken participants contributing to the formation of echo chambers. People also relied on news channels that catered to their political views. This further reinforced the formation of echo chambers, where like-minded individuals predominantly consumed content that aligned with their perspectives. Furthermore, the prevalence of fake news and misinformation within these echo chambers further amplified the dissemination of inaccurate information.
Unfair Revenue Sharing Practices
The major social media giants, such as Facebook, Twitter, and Instagram, have grown into multi-billion dollar businesses and dominate the online advertising market. However, while these platforms rely on user-generated content to drive engagement, content creators are not receiving a fair share of the advertising revenue. This unfair practice has been criticized, with claims that content creator contributions are vital to the growth and success of these social media platforms.
YouTube, the largest video-sharing platform, is an example of a platform that has faced criticism for its revenue-sharing policies. Content creators on YouTube monetize their channels through advertisements. However, YouTube retains a significant portion of the advertising revenue, leaving creators with a smaller share. According to Alphabet’s report, YouTube generated $8.6 billion in ad revenue in Q4 2021 and $28.8 billion for the full year, reflecting a substantial improvement compared to its performance in 2020. Despite these impressive figures, only around 55% of YouTube's ad revenue was distributed to creators. This disparity has raised concerns about the platform's commitment to fair compensation.
Nova Network: Disrupting Traditional Social Media
Nova Network is poised to revolutionize the social media industry by disrupting the current economic model and introducing a novel revenue system. While mainstream platforms monopolize the industry's economy, Nova Network challenges this status quo by introducing a token economy to its social media app ecosystem.
This innovative approach creates a pioneering social media platform that offers fair rewards to both content creators and readers for their contributions. The platform aims to give back to its users by sharing the commercial benefits generated by their contributions, incentivizing them to actively engage with the platform.
Vote to Earn
Nova Network empowers users to determine which content is given higher priority on the discovery feed and its exposure to a wider audience. This differs from traditional social media platforms where content is displayed solely based on engagement metrics. Nova Network's algorithm takes into account the publishing timeline and the popularity voted by the community.
Users can earn tokens by upvoting or downvoting content based on their opinions. These opinions directly influence the publication sequence of posts on the discovery page.This approach not only shifts the power dynamic of social media towards the users but also rewards them for their contributions. It promote a democratic approach to content curation, ensuring that users' voices are heard and valued, creating a more engaging and community-driven social media ecosystem.
Create to Earn
On the other hand, many content creators face significant challenges when it comes to monetizing their work and earning a sustainable income from their creative pursuits. The stringent guidelines and algorithms employed by many social media platforms make it difficult for creators to gain visibility and reach a wider audience, which in turn limits their ability to attract advertisers or generate revenue from other sources. The Nova Network adopts a democratic approach that challenges the existing norms by offering all content creators a fair opportunity to showcase their work and earn corresponding rewards. By prioritizing content based on publication timelines and post popularity, Nova ensures that creators who produce high-quality and valuable content have a better chance of reaching a wider audience. This enables them to receive the recognition and rewards they deserve for their hard work.
Click to Earn
Nova Network introduces a simple and effective method for users to start earning tokens with just one click. Nova Network ensures that users have a simple, hassle-free method to steadily boost users' token holdings. This accessibility is particularly beneficial for individuals with hectic schedules or limited availability. By simply clicking the "earning" button once a day, users can witness their token balance progressively expanding over the next 24 hours. To maintain the growth momentum, users can initiate another 24-hour earning session once the current one concludes.
Refer to Earn
In addition to individual earning opportunities, Nova Network offers users the chance to earn bonus tokens through its "Refer to Earn" program. By inviting new users to register with Nova Network using their unique invitation code, users can expand their team within the network. The more users they invite and keep active, the more bonus tokens they can earn. This uncapped bonus earning structure motivates users to actively grow their team and network, while also benefiting from the increased rewards that come with it.
For detailed information on earning bonus tokens through the Nova platform, refer to section 3 whitepaper.
Conclusion
In a world where social media platforms are increasingly dominated by opaque algorithms models, Nova Network stands out as a refreshing alternative. By empowering its community to curate and discover content based on popularity and publishing timeline, Nova Network puts the power back in the hands of the people. This democratizing approach not only benefits content creators, who can reach wider audiences and earn more reward tokens for their contributions but also content readers, who can earn tokens by voting and enjoy a more personalized and engaging social media experience.
References:
Guo, L., A. Rohde, J., & Wu, H. D. (2020). Who is responsible for Twitter’s echo chamber problem? Evidence from 2016 US election networks. Information, Communication & Society, 23(2), 234-251. doi
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