Renren, a Chinese social media platform that is known for its uncanny similarity to Facebook, is developing a social media token based on blockchain technology in an attempt to revive its fortunes in the highly competitive social media space.
The so-called RR Coin token is set to be used to reward social media users who develop content to keep the platform lively, but can also be used to charge for advertising.
Given the relentless nature of competition in the social media space in China, it's up to both legacy platforms as well as upcoming ventures to stand out from the crowd. Renren is hoping to do this by using cryptocurrency incentives, in the form of social media tokens, to reward people who engage with the platform.
Chinese Social Media Tokens
The 'Renren' Social Media Platform is Launching Its Own Cryptocurrency
Trend Themes
1. Blockchain-based Social Media Tokens - 'Renren' is developing RR Coin, a blockchain-based social media token, to incentivize user engagement and advertising on the platform.
2. Cryptocurrency Incentives for Social Media - Renren's use of cryptocurrency incentives with RR Coin highlights the potential for disruptive innovation in driving user activity and monetization within social media platforms.
3. Competition in Chinese Social Media - The highly competitive social media space in China presents opportunities for both established platforms and emerging ventures to differentiate themselves through unique features like blockchain-based tokens.
Industry Implications
1. Social Media - The introduction of blockchain-based social media tokens like RR Coin opens up opportunities for disruptive innovation and engagement within the social media industry.
2. Cryptocurrency - Renren's foray into creating its own social media token underscores the potential for disruptive innovation in the cryptocurrency industry by expanding its use cases beyond traditional finance.
3. Advertising - Renren's plan to use RR Coin as a means of charging for advertising highlights the evolving landscape and potential for disruptive innovation in the advertising industry within social media platforms.