Has anyone ever think about the amount of information being exchanged on social media sites day by day? Do we (users) have any idea about the multitude and frequency of these transactions? What if you could monetize it… ?

As Peter Drucker debated: “ We can say with certainty – or 90% probability – that the new industries that are about to be born will have nothing to do with information. “ As a matter of fact, Mr. Drucker might have been wrong on this. This is a question for further debate, however there is one universal truth. Information is not only available but also extremely valuable for various different players of the business world. By knowing how valuable information can become to advertisers, the question might arise : Why don’t prosumers take advantage of it? As I mentioned in my previous post, the evolution of the regular consumer turned into a phase where one is able to interact with others with several tools that are provided by the social network sites (posts,photos,videos..etc) This way there is a more and more widespread tendency to act as prosumers / influencers in an online community. These influencers have the unique ability to be the center of a given forum or discussion.

Once they achieved this stage (thanks to their unique capability to gather the masses behind a common purpose) there is a huge opportunity for advancement. It is also common knowledge that one of the basic ‘action-words’ of successful advertising is ‘location-location-location’. Taking into consideration that these social influencers are capable of gathering a good sum of people on a common location, their ability to influence is indeed valuable. Now that we understand the mechanics of the process, one might wonder.. Why are these influencers doing these activities for free ? As a matter of fact, since each and every group member contributes to the development of the discussion to a certain extent, their contributions should also be considered as valuable pieces of information. If we continue along this line of thought, all the information that is being exchanged on social sites such as Facebook or Twitter has a value. Once it is clear that everything that we share, tweet or post has a given value to another person within the community, the question may be asked : Why don’t we take advantage of it ? Consequently.. Should we take advantage of it ? Although Facebook is a free service, users are overwhelmed with the flow of unwanted information coming through in the form of spams, non-desired applications or advertisements.. What if these features could be eliminated? What if there was a social website with the capabilities to block all these unwanted social elements in exchange for a new revenue making model.

MyCube have developed a social site in which users don’t have to deal with the issues mentioned above. According to the founder of MyCube, Staël von Holstein “MyCube will be the liberation forces poised to overthrow Zuckerberg’s autocracy” The reason he says it is because Facebook does not allow users to have more than 5000 friends as well as it restricts the addressing of more than 20 people at a time. This, by itself would not be a problem, since as discussed before, people don’t like to be bothered.. However, if the information that one user possesses proves to be valuable, he/she should have the capabilities to share it with a wider range of people. The main idea behind MyCube is the creation of a social exchange community where users could take full control of their data and privacy control. This way MyCube guarantees the transparency of information among the different channels of the site. As a matter of fact, on this site, users should look at the data they create as a representation of value, a piece of information which (in case it is proved to be valuable for others) could be traded within the community. If one signs up for MyCube he immediately receives 5000 free “Cubes” a virtual currency on the site that has a total worth of 40 dollars. The whole idea behind the structure was based on the creation of a so-called ‘system of nanopayments’ that were about to be implemented between users online, on a daily basis.

On MyCube, one is able to charge for the access of the content that is being created. The sort of contents can include videos, posts, articles, pictures and so on… These contents can be charged for whatever amount the user decides however usually they are charged for as much as 1 cent. This is important because information on the internet in general does not worth more than cents. Once the user is able to gather the desired audience and establish a regular follower base, he/she can start charging visitors for specified content. Since we would not necessarily want to charge our friends for the content we create, the MyCube user could also opt for featured advertising in specific areas of the site. This way, a fine balance could be established between paying group members and friends with free access to the content. Summarizing the above mentioned attributes, for some people MyCube would act as a social network without ads, for some others it would serve as a tool for social commerce and trade. Staël von Holstein calls this a ‘Digital Life Management’ tool as well as a’The first social exchange site’ … Regarding the financial transactions of the site.. 70% of the sum would go to the content generation, meanwhile the rest of the sum would benefit MyCube.

After understanding the characteristics of this new social network idea, it is time to debate whether it has the chance to compete with the so far unchallenged facebook model..? Will the value proposition be enough to not only trigger consumer interest but also make them take the action of opening and account on mycube.com . In my opinion, the idea is great in itself and information indeed is valuable. The idea of sharing information and personal content for a nominal price however might create some ambiguity in the social communities. One can wonder whether it is ethical to change the whole method of information sharing online.. Since this is a whole new business idea that incorporates so far unprecedented approaches, the digital world is curious to see whether it is going to be able to step from the ‘awareness’ stage to the actual try-outs..

 

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