As technology progresses, consumer habits change. The recent social media trend that is very popular is the short-form video and two former employees of Facebook and Tinder are capitalizing on this popularity to build a new social media networking site called Niche. It will be based on Web3 and blockchain.
The founders of Niche include Christopher Gulczynski, the CEO who was a former C level employee at Tinder and Bumble and Zaven Nahapetyan, the CTO who was a senior engineering manager at Facebook.
Niche is not the only social network that is planning to organize communities around content from creators. Mighty Networks uses a similar idea. However, Niche is using Web3 and blockchain will be the basis of the site, to eventually earn revenue through financial tokens.
The Niche app was launched on the App Store, on Tuesday. It consists of groups that have a common interest such as rock climbing, memorabilia collectors of Star Wars and more. The app will include other hobbies groups such as music and more. It will also group people together for art and business based activities.
CTO Zaven Nahapetyan said that Niche would not have advertisements as a form of revenue. Instead, the platform will make money as it helps creators to make money or when it facilitates users to find valuable creator content.
As Niche works on creating and exchanging things or activities that have value, it is building its platform on Web3. The site will set up decentralized autonomous organizations (DAOs) on blockchain. This will allow members to own, create as well as monetize the content that is created by them.
Niche has used NEAR, which is a layer one block technology. It allows the site to give ownership tokens to those who join a niche community on the site. Creators can also issue non fungible tokens (NFTs) that represent their endeavors.
Group members can buy and sell or exchange financial tokens. A small cut from the sales will be taken by the Niche app. They will also bootstrap these groups with ownership tokens for early adopters. These tokens could increase in value over time. The early adopters could go to open markets and sell their token for a higher price.