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This already exists and it's called Mastadon. https://joinmastodon.org/ Its free and open source. Users can run their own servers if they want. It uses an open API so it can even work with other social media that use the same API.
As for content.. if you look at VRChat, you'll see that a lot of good content is created by the user base. Money could also be raised by buyers trying to profit off the coin. Many profit models to explore. For example Brave browser found a good way of integrating crypto with their BAT token.
NOTE:
The number of mentions on this list indicates mentions on common posts plus user suggested alternatives.
Hence, a higher number means a more popular project.
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