As a result, millions of users have left Twitter, and some are looking for an alternative to the app that was once hailed as a digital town square. And competitors are looking to create their own digital town square and are capitalizing on the disarray at Twitter. Also: Why is Twitter turning millions of accounts into defenseless targets? Meta, the parent company of popular networking apps Facebook, Instagram, and WhatsApp, is in the process of creating its own Twitter alternative, as first reported by the online publication, Moneycontrol. According to an email from Meta to the tech newsletter, Platformer, Meta is “exploring a standalone decentralized social network for sharing text updates.” This statement was also given to multiple news outlets, as Meta aims to keep the details of the project close to the company. Meta says there’s an opportunity for creators and public figures to coexist and interact on one platform. There is an opportunity, but it was realized 17 years ago by Twitter’s founders. The opportunity for new Twitter-like apps is not because of a novel, innovative idea but because of Twitter’s mismanagement, a decline in popularity, and a decrease in revenue, making space for competitors. Also: Want to write extremely long Tweets? Twitter is making it possible soon According to sources close to Meta’s new project, the venture is still in the early stages of development. But according to Moneycontrol, the project is named P92, and users can log into the app using their Instagram account credentials. Like Mastodon, Meta plans on creating a decentralized social media platform. Decentralized social networks differ from centralized networks because multiple entities control them. On a decentralized network, there is not one sole person that operates the network. Historically, Meta has not been a public proponent of decentralized networks for its social media apps. In fact, the company’s apps rely heavily on walled gardens to maximize the profit made from marketing and advertising campaigns targeted at users. Also: How to delete your Twitter account and protect your data, too But the walled garden business model is increasingly becoming scrutinized by lawmakers as antitrust laws threaten some aspects of the model’s legality. But creating a decentralized alternative to Twitter has proven to be a challenge. In November, Mastodon saw over a million ex-Twitter users but failed to keep them around. At the height of the platform’s popularity, it posed a genuine threat to Musk, as he briefly banned the sharing of Mastodon links on Twitter. But Twitter’s cult following and name within the industry have kept users on the app despite the significant issues the app has encountered in the last six months. Possibly, Mastodon had too much on its plate at once, or people became quickly turned off by the app’s sometimes complicated, decentralized user experience. Also: Mastodon isn’t Twitter but it’s glorious But late last year, Mastodon’s founder disclosed that the company declined multiple investment offers from Silicon Valley to preserve the platform’s non-profit status. It’s no surprise that Meta is a for-profit company and can use that status to funnel funds and resources into its decentralized platform. Decentralized platforms don’t utilize the typical advertising tactics on Web2 social networking platforms. Mastodon doesn’t have any ads whatsoever, and it’s unclear how Meta’s platform will make its money. Web3, the next iteration of the web’s infrastructure, currently promotes using blockchain technology to reward customers for participating in an exchange with an online vendor. It’s a convoluted technology that has yet to be widely adopted. But it could be interesting to see a company that’s been in many firestorms around its questionable advertising methods and sometimes predatory algorithms pivot to a decentralized platform. Can Meta thrive on a forum that’s devoid of the characteristics of the foundation of its business practices? Also: Why I’m not deleting Twitter (yet) Meta could be the first Web2 powerhouse to jump to Web3 technology successfully. So, maybe it’s time we brush up on how to use decentralized social networking platforms.
