Favoom is preparing to take on mainstream social media giants with its new and innovative Web3 platform.

With the controversy surrounding the Elon Musk Twitter takeover, people have started to look for alternatives. During this time, there have been many substitutes, but they have yet to come close to replacing or competing with Twitter. In the midst of this, Favoom has announced that they are working on launching their social media app, which they claim is the closest substitute to Twitter ever made, with even more advanced features and a great inclination towards the crypto market.

Social media today has become a part of everyone’s life. Practically everyone has found it to be a valuable tool for promoting businesses or connecting with family and friends. Customers will want to purchase a company's goods if they enjoy what they see and if relationships are developed between them and the company. Businesses can expand productively much more quickly as a result.

Social media also has the potential to be a source of shopping and entertainment, and many companies have found it useful for marketing and promotion. Social media has now had such a profound effect on society that many people would struggle to survive without it.

Everything on social media reaches an audience and thus has an impact, but the recent hostile takeover of Twitter had everyone’s eyes rolling. After the takeover by Elon Musk, the microblogging website had various modifications in the leadership group, which led people to pay money to acquire blue ticks on Twitter.

On Favoom, content is spread across multiple shared spaces, unlike Twitter. Favoom is a decentralized platform with a network of "instances" or servers. Users can select a server by searching for topics and languages when they join the app. Some examples are technology, music, gaming, art, and activism. This creative approach is leading to Favoom garnering a lot of attention.

One of the main reasons there has not been a close substitute for Twitter is that the companies that have shared excellent ideas have yet to be able to generate sufficient funds. Favoom has the advantage here as well.

The Finance department of Favoom has ensured that funds are adequately available for their upcoming project. There have been successive rounds of pool funding which the company has used to raise a lot of capital as equity and debt in proportional amounts. The company has also been able to pitch to quality investors and has garnered a lot of funds in the previous financial year while getting ready for its big launch.

Favoom has also shown interest in integrating the crypto market with social media. The company has analyzed the crypto market well and is working on ways to incorporate it. The crypto market has expanded to a limit more significant than was estimated. These days the crypto market is working on innovation. Web3 is the latest innovation that has enabled many things and gained more credibility through blockchain technology.

The phrase "Web3" represents the idea of a new and improved internet. In essence, Web3 uses blockchains, cryptocurrencies, and NFTs to return ownership and authority to the consumers.

Web3 also offers you control of your digital assets. Direct ownership is possible with Web3, thanks to non-fungible tokens (NFTs). Nobody has the authority to revoke your ownership. You can even sell or trade your in-game possessions on open markets to recuperate the value if you decide to move on to something else.

Your data is stored on the blockchain in Web3. You can take your reputation with you when you leave a platform and plug it into a different interface that more closely reflects your ideals. One can only imagine the impact it will have if both blockchain and social networking features of an app like Twitter could be combined.

Luckily enough, for our generation, we have Favoom, which is integrating the web3 blockchain technology with social media like Twitter.

To have a powerful combination of both is the core idea behind Favoom.