Lesson For Web3: X Moving Closer To The "Everything App"

Elon Musk certainly gets emotions running high.

When he purchased Twitter, many predicted the site would die. The end was near. In fact, there were how it might not make it another 30 days.

Obviously, the news of the demise were greatly exaggerated.

Right from the start, Musk talked about a payment system. Twitter was always going to be more than a social media platform. This means it was going to command a higher value.

We are now seeing some of the progress unfolding.


Source

X Moving Towards The Everything App

We are going to look at the major lessons that X is delivering.

Before getting into that, I think some clarification is required. X, in my view, is going to end up dominated Web 2.0. Musk is simply going to pillage the other platforms. We will show how this will be done.

At the same time, make no mistake, he is all in on Web 2.0. For all the talk of crypto and DOGE, Musk is perfectly happy with regulation, the existing system, and has no interest in blockchain. Calls for him to move into crypto are laughable. He is obviously investing in crypto (or some of his companies are) and he might even accept it as payment. Yet, that does not make him a proponent of Web3.

He isn't.

Everything that takes place on X, like any other Web 2.0 platform, is with permission. As the scope of offerings grows, keep this in mind. Of course, all other alternatives, for the moment, are pretty much the same.

The only difference is the dictator who oversees the platform.

Within the Web 2.0 realm, strides are underway to expand greatly. It appears thenext target is video.

Musk’s goal is to encourage users to watch “long videos on a bigger screen,” part of a plan first teased in July designed to make X more attractive to online influencers and advertisers.

“He is set on competing with YouTube,” said the source, who asked to remain anonymous because they weren’t authorized to talk to the press. The source cited live-streaming platform Twitch, the encrypted messaging app Signal, and the social media forum Reddit among some of the other services that Musk wants to compete with.

Source

It appears bringing celebrities onto the platform is going to be the first initiative.

Also part of Musk’s push to bring longer-form content to the site, he recruited popular YouTuber MrBeast to post a video to X and recently inked a deal with disgraced former CNN anchor Don Lemon, who’s set to debut a new show exclusively on X on March 18.

Basically we have the application moving closer to the broadcast world. This is something that we see from other technology companies as this is where a lot of value resides.

All the while, Musk has given his employees an October 2024 deadline to roll out a payments processing mechanism that will enable people to do away with their bank accounts.

“When I say payments, I actually mean someone’s entire financial life,” Musk told his charges at an all-hands meeting late last year.

The last part is already in process. At least announcement, in the United States, X received money transfer licenses in 37 states.

This is also what can build enormous value very quickly. PayPal has a market capitalization of over $60 billion.

Platform Economics 101

Why is there a lesson for Web3?

This is platform economics 101. It is something we discussed on a number of occasions.

The key with digital platforms is every incremental increase in value, regardless of where it comes from, is spread across to every user. There are a number of ways this can be achieved. Most tend to look at users as the sole metric, believing that is where the starting point is. Actually, it can take place anywhere in the process and often requires greater functionality.

Focusing on video and financial does this. It is also a powerful message for Web3.

Obviously, blockchains have the financial native, at least with regards to payments. Building out financial services is still something that is required.

With video, we get further confirmation regarding its power.

People watch videos on X in eight out of 10 user sessions, per the blog post shared in early January.

Source

Twitter was the microblogging, text based center of the universe. It was the one area where hundreds of millions of messages, mostly text were dropped on a daily basis.

And now we are told 80% of all sessions on there are video? What does this tell us about the state of the digital world and where the value reside?

To me, this, once again, screams that video is the golden goose.

This can be enhanced by the prospect of getting into broadcast television. After all, streaming is king right now. The problem is, for most standalone entities, it is a money loser. When, however, it is combined with a other aspects of a digital platform, such as what Google and Amazon did, it becomes another feature that is offered to the user base.

Once again, feeding into the basics of digital networks and the platforms that operate upon them.

Web3 is obviously different since the networksand platforms tend not to be the same. By disrupting the client-server architecture, we see a new model arising. That said, the totality is the same, simply a different ownership model is introduced.

That said, the path is becoming clear.

While most want to focus upon more users believing that is the answer, the basic premise of these platforms means features (or services) are required.

Consider this:

It is reported that X has 421 million users. Source

This means that adding a payment system with digital wallets would make it one of the largest financial institutions in the world in terms of potential accounts. PayPal is somewhere around a similar number which dwarfs the banks.

Then you add in video and the potential to get a portion to utilize the streaming services. Obviously, we have no idea what pricing or even what it will look like. The key takeaway is that the present users are going to have more options.

Once again, Platform Economics 101.

The Everything Network

Web 3 has the advantage in that we could see the "Everything Network".

With a blockchain, we can see the entire spectrum of features discussed provides by Web3 applications. The availability of data with reduced friction could help to grow things quicker than we see with Web 2.0. At this point, that is likely simply a swapping of chairs on a cruise ship.

New technology has to go through the development period. Growth is often slow even if it is exponential. The reason for this is the baseline is almost non-existent. The number of Web3 users, even compared to crypto, is miniscule.

Here is where application developers have to seriously look at what they are doing. Is the development moving in an area where viable services are being rolled out? What is the focus of the activity that is sought? As stated, if video is not on the agenda, most of the market is being overlooked.

There is nothing that can be created in Web 2.0 that cannot also reside on a Web3 network. In fact, the ability to generate more interoperability is inherent simply due the open nature of much of the data generated. Anything written to the network can be accessed by any interface. This is a tremendous feeder system especially for newer applications.

Social media is no longer a standalone sector. If it is not being combined with a host of other services, it is dying. The barriers of industries are rapidly deteriorating. Nowhere is this more evident than in the world of video entertainment. Hollywood's moat is being crossed by a host of threats, ones that have more resources in many instances (Amazon and Apple).

Image what could be possible with a Web3 network that was focused on becoming the "Everything Network". Here is where all the Web 2.0 structures would face tremendous pressure.

The lessons are there. We simply have to learn from them and build based upon the economics being spelled out.


What Is Hive

Posted Using InLeo Alpha



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A nice content you've made here,i really learnt a lot,thanks for sharing.

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I don't know how much you would be in conflict with Ecency, given that you are one of the best users of Leofinance, but currently I see Ecency as well positioned as Everything App. The integration of video sharing will make this application one of the most advanced in the web 3.0 world . In my opinion

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They do have an advantage there at this point. However, there are still a lot of things missing on Ecency.

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Elon may have lots of haters but you have to admit that man got brain. Payment + videos is revenue to the moon. Web3 has high advantage in terms of reward shareout from here yet face with slow adoption. We just have to learn and grow. Opportunity will certainly come knocking only if we are prepared.

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The guy will turn X.com into a big money maker. His haters will be screaming when it has a market cap of $150 billion and they will say that he is getting too rich.

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Thanks for sharing this fascinating insight into Elon Musk's vision for X and the lessons it holds for Web3.

It's intriguing to see how Musk is steering X towards becoming more than just a social media platform, with plans to integrate payment systems and dive into video content.

The potential for X to evolve into an 'Everything App' is exciting, and your breakdown really helps shed light on its implications for the future of digital platforms.

Looking forward to seeing how this unfolds!

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There is nothing that can be created in Web 2.0 that cannot also reside on a Web3 network.

Agreed. This is one of my main talking points when introducing newcomers to the concept of the blockchain as a content destination/distribution for creators.

The challenge still is onboarding. I know someone who constantly says that until he can "put some petrol in his car" with what he earns, he's not interested in Web3. Thanks to @brianoflondon and the V4V.app + places like BitRefill.com the solution to that argument is a reality. It's still a bit of a lift for most, but it is possible to fuel up your car or buy groceries or shop, etc.

Regarding the main point of your post, I do believe Elon has the vision and persistance to turn Twitter into the everything app. As a longtime (2007) user of Twitter now X, I don't see myself going anywhere anytime soon. I've got my popcorn ready and am intrigued to see how this all turns out.

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Web3 is really moving forward and nobody can stop it actually. This is the season I am so sure of that and nothing is stopping it. We are in a season whereby we will take a step forward and this is massive for growth actually

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Honestly it feels like you should be able to build the everything app much faster on a web3 platform.

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If there is the infrastructure that is probably true. The problem is still a lot of infrastructure missing.

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. . . video is the golden goose.

. . . if video is not on the agenda, most of the market is being overlooked.

3Speak then is creating a golden goose.

!BBH

!PIZZA

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3speak is a proof of concept that nobody forked and improved upon.

That is the problem. If someone would do that, it could send things flying.

Spknetwork is crucial.

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(Edited)

Of course it's wise to include a wallet of sorts (easy access to your money) on a network where people will spend billions annually on entertainment. They'll spend more. And it won't just be video. That's simply an addition; an option. Long video, short video, streaming video. Something for everyone = they'll spend more.

All he's doing is corralling all consumers into one profitable pool.

Hive's been doing all that for years. Working to provide something for everyone.

Struggles heavily with the "corralling all consumers into one profitable pool" part though. The connections are never clear and some even put roadblocks in the way. For example I'm potentially penalized as a consumer for using Peakd rather than Leo frontend. So if I turn around and go to leo frontend, I'm then penalized as a consumer due to the limited options available when it comes to content once I leave this post. Or if I sign on to 3speak as a consumer because I saw a music video on Twitter hosted on 3speak, I might spend 6 months on 3speak browsing before I even find out PeakD exists, and Peakd is where I would have found out about Arcadecolony or Holozing or that interesting post on LEO. It's next to impossible for a consumer to spill over onto something else.

Hive has plenty to offer with more on the way, but very few seem interested in filling or pulling from that one single pool I speak of.

Drives me nuts lol. Soon enough it'll be the ten year anniversary of me saying these same damn things.

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That is certainly true. But then a large part of that is the total is so small and there is so little truly offered in terms of development. Each app has a few features it offers but nothing is what I would call robust. Then we have the compounding that nothing is mentioned in terms of cross promotion. Splinterlands was the epitome of this when they were signing up thousands for the game yet never mentioned anything about Hive or the other apps. I am not even sure they promoted splinterlalk to those newer people.

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The game eventually brought eyes over to Peakd but that booming period was a missed opportunity. Their announcement posts got a lot of views but there's a strong chance those people didn't realize they had an account to the site they were visiting.

Their governance posts encouraged people to engage. Came with a bad side effect however since to an outsider some of those debates were where they found out about the game. You want promotional material trending and internal memos and debates accessible but off to the side. Some crossed wires there at times.

Threads is neat. My following has no clue if and when I post there. My posts would get hundreds of views across all frontends. That's a lot of potential eyes hitting Threads but there's a wall in the way. I didn't put it there. So I only get the small portion of LEO views and LEO misses out on tapping into all these other markets people made for themselves.

I understand the need to be competitive but it's not "friendly competition."

Friendly competition is like a hockey team. Every forward wants to score the most goals but if they don't pass the puck to their linemates, the whole team loses.

At times you'll even see fans of splinterlands or something else come and shit on Hive saying if it wasn't for them this place would be nothing, or something along those lines. Not even realizing their bad attitude could be the first time someone else hears about the game or product and that bad attitude just contributed to a missed sale of sorts. Can't control that of course but it just shows it's not just the scattered apps missing the mark. It then creates a culture of unfriendly competition.

This trend will obviously continue since it's been going on for years with no signs of slowing down. Referring to that pool again, when you got moving water is stays fresh. The water here is going stagnant. And it's not because everything sucks. It's just not working together, or flowing.

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Web3 everything inclusive, the world is watching. Nice content.

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Musk was very smart in choosing twitter for this. It has a lot of users and this will ensure mass adoption and use. It probably won't hurt the brand, so there is mostly just upside.

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These types of changes is really evident and helpful to push Web3 forward and this is really great to see that. It is great to see and I hope more of the Web3 is starting

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