Decentralized Social Media with NFT Market Place

Decentralized Social Media with NFT Market Place

1Hruday Chachad , 2Amitabh Howal, 3Yash Shivhare, 4Abhishek Gopale, 5Dr. Nidhi Ranjan

1. Student, Dept. of COMP Engineering, VPPCOE & VA, Maharashtra, India

2. Student, Dept. of COMP Engineering, VPPCOE & VA, Maharashtra, India

3. Student, Dept. of COMP Engineering, VPPCOE & VA, Maharashtra, India

4. Student, Dept. of COMP Engineering, VPPCOE & VA, Maharashtra, India

5. Associate Professor, Dept. of COMP Engineering, VPPCOE & VA, Maharashtra, India

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Abstract - In today’s era, social media has become an integral part of our everyday lives. It is not just a way of spending leisure time; it has also become a source of income for many people. The main drawback of such centralized systems is that we can never be sure about the privacy of the user data. Moreover, such a setup reduces the revenue of content creators due to the commissions involved. As a result, the monetization is heavily skewed in favor of the central authority. This project aims to create a decentralized social networking system that is free from the clutches of any organization. It will utilize the Blockchain network for higher security and transparency. It promotes user autonomy where users can self-manage the platform in a democratic way. Even the media content will be stored in a decentralized way on the Interplanetary File System (IPFS). Creators can also earn royalties on their work by minting it as NFT, which other users can bid on in a marketplace. An average-case product feasibility analysis based on historical data reveals that such a system can generate higher revenues for creators at no to low costs.

Key Words:  blockchain, evm, cryptocurrency, solidity, nft, social media.