I'm not sure if you would classify this as a "social media platform", but imagine a federated MMO. Each server could specify its own rules for things like XP and drops, allow or disallow mods among its playerbase, or even have custom items and quests - but in certain areas (ie "in town") all of this stuff would be disabled so that players from multiple different servers could all interact. You could choose a server based on whether you like a high pop or a low pop experience, temporarily try other servers out by partying up with someone from it, major guilds could run their own servers with their own events and stuff, and so on. Admins would want to defederate from poorly-moderated servers, servers with cheaters or with mods/rules that they think disrupt the experience they're after, or whatever other reason.
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A yt alternative that worked for content creators to be able to live off it.
How? I'm not sure.
Fediverse patreon, seems reasonnable, but they'd have to swallow using monero
PHP styled forums and Boorus would be cool. I know some PHP forums have recently added activitypub support, but it's still pretty recent and doesn't have much of a userbase.
Also a video platform like YouTube in a way. There's still a lot of issues to solve with that though, like storage and monetization. PeerTube just isn't going to cut it. Realistically if this were to ever happen, it'd have to be YouTube themselves to add activitypub support themselves and let people connect to them.
I'd LOVE to see a fediverse and updated version of Livejournal. Private blogging is an insanely good way to make lifelong friends.
Flickr
Because Instagram sucks, and Pixelfed isn't really that amazing of a social media service despite having some great photography to gawk at.
I'd also like an alternative to Vimeo since not that many design agencies post their cool stuff on YouTube or even PeerTube (and I'm basically addicted to television branding).
Ranker.