Noble Network Effect

Do you know how Internet became huge or traced its path to adaptability. The answer to it is something called as "Network Effect". I know you're curious to know more about it, Let us start 🚀

What is Network Effect?

The network effect is a phenomenon whereby increased numbers of people or participants improve the value of a good or service. The internet is an example of the network effect. Initially, there were few users on the internet since it was of little value to anyone outside of the military and some research scientists.

How the Network Effect Works?

Network effects can be found throughout social media. For example, as more users post content on Twitter such as links and media, the more useful the platform becomes to the public. The network effect has created exponential growth rates for networking platforms such as Facebook, Youtube and Instagram.

Multiple network effects have occurred from individuals joining social media platforms. As more users join and participate, companies looking to advertise their products and services rush to join these sites to capitalize on the trend. The increase in advertisers leads to more revenue for social media websites. As a result, the sites evolve and are able to offer more services to the consumer.

That's it for the day folks, Web3Shala Signing Off ✌🏻

Have a nice day :)Keep Learning 🙏🏻