Mastodon is an interesting case here, speaking as someone who’s dug into it on a technical and social level. On one hand, it has a lot of “zine qualities” as compared to larger social platforms: you can self host, many instances exist to serve niche interests, a lot have low user counts, etc. On the other, a pretty decent majority of users are on the largest instance, which is backed by a small company. So it’s kind of like a bunch of indie zines are using the printing press of a small quarterly publication.
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