63% Skeptical of Social Media Giants, Decentralized Platforms Offer Hope: CryptoVantage Survey
*TORONTO, ON / ACCESSWIRE / September 21, 2023 / *A new survey by CryptoVantage found that 77% of Americans think, to varying degrees, that decentralized platforms (Mastodon, Nostr, Bluesky) have the potential to replace traditional social media channels.
The survey, which polled 1,500 U.S. residents ages 16-54+, reflects a growing lack of trust in social media giants like X and Meta.
*Current top social platforms*
Across all age groups, 37% say their top social media platform is Facebook, followed by YouTube (21%), and TikTok (17%). Instagram sees a spike with Gen Z at 23%, yet TikTok still reigns in this age group at 33%.
*Personal data and security a top concern*
63% of respondents said they are extremely worried about how social media giants currently use their personal data, with 54% saying privacy and security are the most crucial features a new social media platform must have for them to consider switching. Other switch-worthy features:
· No advertising (32%)
· More anonymity (31%)
· Less censorship (27%)
· Better algorithms (25%)
*Decentralized social media awareness*
While 6-in-10 respondents expressed concern over X and Meta accessing their private data, over half (58%) were unaware of emerging platforms like Threads, Bluesky, Mastodon and Nostr. 46% of Gen Z and 31% of Millennials, however, show more familiarity with these up-and-coming platforms and an interest in stepping into uncharted digital territory.
*The road to a decentralized future*
Surveyed users remain unsure about how decentralized platforms might fit into the broader digital landscape, with regulatory challenges, technical limitations, and scalability hindering widespread adoption.
10% believe decentralized platforms will never become mainstream, yet a hopeful 71% feel, to varying degrees, it is possible in the future with the right platform.
Read full article here.
*About CryptoVantage*
CryptoVantage provides comprehensive resources for anyone looking to learn about cryptocurrency without complexity, including best crypto exchanges, wallets, fintech tools and more.
For further information, contact Rebecca David, rebecca@cryptovantage.com.
*SOURCE: *CryptoVantage
View source version on accesswire.com:
https://www.accesswire.com/785958/63-skeptical-of-social-media-giants-decentralized-platforms-offer-hope-cryptovantage-survey