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Which Social Media Will Most Effectively Implement Crypto Into Their Services?

Social media companies have spent the last decade fiercely trying to gain an edge over each other. Mark Zuckerberg sits at the top of the pile due to his oversight of three of the biggest social media companies in the world, which all fall under the remit of Meta – Instagram, Facebook & WhatsApp.

It may have dropped in recent years, but their market share is still substantial – and the combined customer base of these companies exceeds 3.5 billion users. It’s not just a one-horse race, though. TikTok is the latest social media giant to explode on the scene, and Elon Musk’s recent activity with the company formerly known as Twitter seems to be grabbing headlines continuously under the leadership of the billionaire.

How Would Effective Crypto Implementation Look?

It could take dozens of routes, and many of these companies have already started to embed these services onto their apps and websites. Cryptocurrency companies are already making waves online, and with the potential in blockchain technology and crossover services that lead to mass adoption, such as cryptocurrency casinos, there is a significant drive within these companies to find the most impactful way to implement cryptocurrency payment methods.

Casino gaming has already opened the door to the possibilities available, and social media companies have noticed this industry’s success. A crypto live dealer site is a perfect example of how an industry has changed in recent years, and how cryptocurrency can be utilized to enhance already proven services, in this case, poker and other casino games, Zuckerburg’s enormous shift to VR and rebranding the company name as Meta also has roots in blockchain and modern technologies.

Ideally, Meta wants to lead the market, encourage people to use VR headsets, and aim to use the Metaverse as their primary source of entertainment. Whether it is to meet friends, gamble, invest in land, or develop play-to-earn games where players can farm and trade in cryptocurrencies. If Meta can get this off the ground over the next decade and onboard tens of millions of people, then it’s hard to see any other social media company being able to match this vision.

X, TikTok & The Chasing Pack

Although TikTok was the most downloaded social media app and is the most popular standalone social media site, the collective three-pronged behemoth of Meta dwarves overall global user numbers. Implementing cryptocurrency into TikTok could be slightly trickier due to the nature of the service. Still, many people believe that TikTok has dominated social media so quickly that they don’t need to change that much about the site.

TikTok has been trialing a tipping feature of late, which doesn’t involve cryptocurrency as it does on X. However, with the number of users and money it brings in via advertising, there’s not as much pressure on TikTok to change its service to bring in more customers as there is for X. Although it lags behind global numbers by a considerable margin in terms of users, TikTok is also a popular selling platform through its shopping feature which could include cryptocurrency in a similar way to casinos.

X benefits from having a pro-crypto CEO who has openly talked about the positives of blockchain and cryptocurrency and has invested in cryptocurrency individually and through his company, Tesla. It also helps that Elon Musk is the world’s richest man and has many more resources to invest in these assets. Still, other than a tipping service, it’s hard to see where else cryptocurrency effectively fits into the current model of X, especially with Musk focused on other issues on the platform, such as misinformation and “fake news.”

Conclusion

It boils down to three components to see which social media companies can implement blockchain and cryptocurrency as they move forward: current design, compatibility, and future designs. Meta is currently leading the way with all three but given that Meta and Instagram.

According to eClerx Digital, with social media accounts in high demand and many people purchasing X or Instagram accounts for further reach, there’s still a lot that these companies do well that bring millions of people to their sites and apps daily. Depending on how cryptocurrency begins to shape the future of finance and how many people begin to use it over the next few years, this will undoubtedly shift the direction of social media companies and their long-term strategy and approach to implementing it on their sites.

Crypto and blockchain will also be battling against other innovations, such as AI and VR. If social media giants are more focused on those elements, then cryptocurrency might be less important collectively to the industry. X has a sharp AI focus at the moment, and Meta is immersed in the world of VR, but if another crypto bull run takes off or an ETF is accepted, this will generate more interest again.

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