There are 4.88 billion Web2 users worldwide, which amounts to almost 62% of the world’s population. 6 out of every 10 people worldwide have a social network account, and almost 45% of internet users use social media to research products.
Although the Web2 social media industry is clearly thriving, there are several difficulties that social media users throughout the world are dealing with. For instance, users on these platforms put up posts in the form of text, images, and videos, but earn barely a fraction of the actual profits on each post — the social media platform keeps most of the earnings from views, likes, shares, and subscriptions.
Users of social media platforms must also place their faith in the platform and depend only on the front-end display to determine the effectiveness of their postings. On the other hand, users would be unaware of the true performance of their postings since the associated back-end metrics are not available to the general public.
OpenWord intends to be a Web3 social networking platform designed to allow users to make a fair income from their unique text-based postings. In contrast to the web2 social networking platform, OpenWord seeks to refund users’ revenue rather than take all of the earnings for itself. As an alternative, when a user publishes a post to OpenWord, it is transformed into an NFT and made available for sale, with the vast majority of the earnings going directly to the NFT creator (the user who created and uploaded the post).
In addition, OpenWord leverages the blockchain to ensure security and maintain an immutable record of views, upvotes (which are akin to likes), number of purchases, and revenue generated from each NFT post uploaded to the platform. Due to the transparency of the record-keeping system, users may freely share their innovation without worrying about their revenues being taken by a major commercial organisation.