MEDIA Protocol's Smart URLs Tie Content Marketing Into The Blockchain
MEDIA Protocol is creating the framework for the integration of content marketing and engagement with cryptocurrency and the blockchain.
The protocol will utilize a system of Smart URLs to reward consumers for their attention. This article looks at some of the strengths, weaknesses, opportunities, and threats to the MEDIA Protocol project.
MEDIA Protocol's strength lies in its simplicity to use for both publishers and content consumers.
For publishers, the protocol has created an easy to use SDK like system that allows them to link their content and promotions to Smart URLs which in turn communicate with blockchain based smart contracts.
Publishers do not need to understand the intricacies of solidity or coding in order to publish a Smart URL. Media Protocol is creating an interface that makes it as simple as uploading content as normal.
These Smart URLs let the publishers deposit their promotional budget, determine how it is dispersed (type of interaction), and even establish paywalls or subscription services.
The Smart URLs also track user interactions and record them to smart contracts which provides authentication of engagement that is immutable. Smart URLs can also collect user data that will allow publishers to create better promotions in the future.
For the consumer Smart URLs allow them to get rewarded for their likes, shares, and reads of content. Smart URLs can be used with already existing apps like Instagram and Facebook without the need for a third party app.
Easy to use SDK. Smart URL can integrate into any social media. Provide authentic interaction data via smart contract.
The token utility for the MPT token is somewhat weak and is used only as an internal currency for payment and rewards.
Secondly, the initial design of MEDIA Protocol involves handling scalability by utilizing a centralized off-chain process. This is not necessarily a weakness because it will allow for the protocol to function as needed until Ethereum scalability issues are solved.
MEDIA Protocol is entering the content market sector at the perfect time as the amount of engagement for all demographics is at an all-time high. Over 100 million hours of video content are viewed on Facebook every day.
Forbes reported that Facebook reported a 47% growth in revenue in the first half of 2017 and that mobile ads accounted for $8 billion in the second quarter alone. Instagram (a Facebook company) generates over $595 million in mobile ad revenue per year.
In all of these examples, the only one profiting is the mega-corporation and hopefully the company paying for the advertising. Times are changing and people are becoming suspect of advertising and the use of their data that generates these targeted ads.
People are realizing that their attention is the product being bought and sold.
This is why MEDIA Protocol has a huge opportunity to radically change the game. By tapping into the content market with Smart URLs content creators can get a larger portion of their earnings and content viewers will also be paid fairly for their attention.
MEDIA Protocol has a small number of threats other than those facing all blockchain and cryptocurrency projects.
The first major threat is that consumers will become so turned off by data breaches and abuses (e.g. Facebook) that they will choose to bypass services that collect any data, even if it is optional.
Secondly, consumers are already experiencing ad overload and being subjected to over 6,000 ads per day. Many people are beginning to use ad-blockers to take back their attention that they've been giving away for too long.
MEDIA Protocol has the solution to the second problem. By collecting data on consumer engagements it will be able to provide fewer ads that are more valuable to the consumer and advertiser.
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You hit the spot when stating easy of adoption as the key strength. Product value offerings don't mean much if people are not eased into adoption.
Definitely, especially with the complexity of cryptocurrency the simpler the better. Make it so my grandmother could use it and you've done something right.