Web2 social media platforms like Facebook and Instagram succeeded in bringing people closer than ever and elevated how we express ourselves, but at what expense? These social media companies sell current and prospective users the idea of freely using their online communities, but what they don’t know is that this “free access” isn’t completely free. Your data is being handed to them on a silver platter.
How do you think they are able to predict your interests and shopping habits? These social media platforms extract as much data as they can from your interaction with their communities and sell it to advertisers who then push their products and services to you, the final consumer, based on the intel gathered. That’s the trade – giving up control of personal data for interacting and engaging freely with friends, followers, and content.
But that status quo is about to change with the coming of Web3. Data exploitation and limited control will be a thing of the past with a decentralized, user-centric social media. Can Web3 finally take over social media? Let’s see how it plans to be the future of social media.
First, What is Web3 Social Media?
Web3 social media is a decentralized online community built on blockchain. Unlike Facebook and X, which are owned and controlled by a corporation, a Web3 social media platform is owned by everyone, with equitable distribution of control and access. A typical Web3 platform offers decentralization, data ownership, and complete transparency. Think of it as owning your profile, content, and data.
Why Web3 Social Media?
The shift in dynamics isn’t just driven by innovation – it’s fueled by users’ frustration with how their data is being used without their consent. Founder and CEO of Lens Protocol Stani Kulechov said the biggest benefit for users is to have direct control of their online presence. This means users utterly control their profile, including their content.
Additionally, he said a Web3 social media platform will ensure interoperable content and follower transfer across platforms.
“You now have a choice and portability to take followers and go to another experience,” he said.
Apart from a lack of ownership and data exploitation, content visibility is another reason why a Web3 social media platform is required. Due to the ever-changing algorithms, which are largely controlled by tech companies behind Web2 platforms, users’ content can either be seen or suppressed. This also affects how content creators earn from their work.
In a nutshell, users now seek alternatives due to:
- Lack of ownership
- Data exploitation
- Algorithm control
How Does Web3 Social Media Work
Unlike Web2, where you need to sign up and fill in some blank spaces, which are then stored on a server controlled by the company, Web3 social media uses decentralized identity (DID). This is a portable and verifiable form of digital identity that’s stored on a Blockchain. With this, you can log into multiple applications or platforms using the identity. That’s why it’s portable. The identity is often tied to a Web3 crypto wallet like Trust Wallet or MetaMask. Only you have control over your data and identity via cryptographic keys.
Popular Web3 Social Media Platforms
Below are a few examples of Web3 social media communities changing the future of online interaction:
- Lens Protocol: Lens Protocol is a decentralized social graph built on Polygon. It allows users to own their connections and posts on-chain.
- Mirror: Mirror is tailored to writers. So if you’re a journalist or blogger who wants to monetize your work through blockchain, this Web3 platform is for you.
- Farcaster: This is a decentralized, permissionless social media app. Users login with their Ethereum wallets.
- Mastodon: Mastodon is similar to Twitter, but decentralized. It allows users to create their own servers called instances.
Challenges to Web3 Social Media Adoption
The greatest challenge to Web3 social media remains regulation. As you know, cryptocurrencies and tokens are still unregulated in many parts of the world, and this could hinder the adoption of Web3 social media. Besides, the use of crypto still raises questions around privacy. Solving this problem will be crucial to the realization of a decentralized social media.
Another issue is user experience. Many Web3 platforms are still clunky and difficult to use. Convincing users to switch from Web2 platforms to Web3 will take a big hit, which hinders adoption.
Finally, scalability remains a big issue that many blockchain networks are yet to resolve. With users anticipated to onboard in millions, many of the current blockchains will struggle with the high transaction volume, leading to slow performance.
Final Say
Web3 is not a fad – it is the future of social media that aims to give full data control and ownership to users. It’s a step towards a transparent and decentralized internet where creators are in charge of their content and profile. Social media is evolving, and now is the time to explore the future of online connection and interaction.