Describing Innovative Development Process on Reconstructing a Cryptocurrency-Oriented Social Media: Walking Through Taiwan Potato Media as an Example

Abstract

This study has explored and analyzed a new Web3 social media for innovative development and built a theoretical framework for future counterparts. The researcher took the Taiwan Web3 social media platform, Potato Media, as a case study with the walkthrough method for both data gathering and analyzing. The present study shows that Potato Media has reformed, reconstructed and renewed their out-of-date Web2 online service using blockchain technology and cryptocurrency for governing and promoted user-led marketing actions. At the same time, Potato Media facilitated all users to build a marketing vision based on Web3 discourse in an advanced manner. The study concludes that new innovative social media with Web3 technology could initiate innovative development and marketing for three reasons: First, they could do it to enhance the inclusion of all users and creators and sustain core value of creativity; second, they could do it by creating the cryptocurrency as the governing tool for managing organizations and fulfilling token/ sharing economy; third, they could do it to represent their innovative social media marketing visions. This study finally suggests that all the social media platforms could have Web3 reforming plans for pursuing future business goals.