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.

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For further information, contact Rebecca David, rebecca@cryptovantage.com.

SOURCE: CryptoVantage