Social Networking 2.0?

One of the most important aspects of our post last week about uploading photos to Twitter was the fact that all users will still own the copyrights to their uploaded content. Everyday, millions of users create valuable content which is hosted and shared on major social networking sites such as Facebook, Youtube, and Flickr. However, a little known fact is that all of the content a user uploads to these applications is subject to the whims of the company’s desire. This issue is being used as the catalyst to develop the next wave of social media channels.

For example, a Singapore-based start-up, MyCube, is touting itself as the first ever social exchange where users own, control, and monetize their digital lives. MyCube claims it will be free to use, and while currently in private beta, plans to go live in the next few months.

According to the company’s CEO, Johan Stael von Holstein, MyCube offers the following advantages over other social media sites:

  • The ability to completely own all of the digital content you create and share on the internet.
  • The ability to monetize your content by charging others through a system of nano- payments.
  • The ability to segment your contacts based on your relation with them (best friend, friend, acquaintance, friend of a friend etc.)

MyCube describes itself as a “digital life management tool” where some will use it primarily as a social networking site and others as a publishing tool. Fundamentally, the site will look and feel like Facebook.

More than its added features, MyCube is on a mission. They have beef with other social media sites that not only take control of your content, but profit from it. As far as Stael von Holstein is concerned, it is stealing. He warns, “a lot of people don’t realize, but the content they put on existing social networks no longer belongs to them – all those pictures, contact details and discussions belong to the social network. If they ban you from their service, all those pictures, contacts, email exchanges are lost forever.”

If MyCube does not sell your data to advertisers, how does it make any money? Well, for any financial transactions on the site, 70% goes to the content generator, and 30% goes to MyCube. “We have the same deal as Facebook has with Zynga,” says Staël von Holstein, “but we have it with everybody, with everyone who creates value.”

Check it out at MyCube.com and tell us what you think. Does MyCube have a chance in the already overcrowded social media industry?

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