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

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