Well, the world ain’t too big enough for social media users.
You’ve got the big fat world and then the virtual world, the world of social media & networking.
Ever since the dawn of social media apps such as Facebook, Whatsapp, Instagram, Twitter, Reddit, etc, there’s no denying that people have sought these virtual worlds for various purposes. Consider the average screen time of a person who uses social media, it’s 2h 31m.
With that being acknowledged, as of 2023, nearly 59% of the global population actively engages with social media. Undoubtedly, these figures will continue to increase as the internet expands its reach.
Will there ever be a transition in the way social media is perceived or Is there a need to revamp the existing nature of social media & networking applications?
With the blockchain and Web3 promising a secure internet future, does it have a role to play in social media as well? Keep reading this article to see how Web3 social media is actually going mainstream and leading to a new awakening.
What is Web3 in Social Media & Why is It Becoming a Rising Phenomenon?
All the social media platforms that you use these days, namely, Facebook, WhatsApp, Instagram, Twitter, etc. belong to the Web2 age. In other words, all these social media apps are owned by a centralized entity. Tech giants and organizations control every aspect of the operations of their respective social media platforms.
What Web3 is bringing to social media is the complete decentralization of social networking platforms. Here, the user owns every right to his/her content and no centralized authority has control over the same. In the world of Web3 social media, users can gain monetary benefits too by financing their content.
Social media applications built on the Web3 ecosystem are sustained by blockchain technology. All data is stored on a distributed, immutable decentralized ledger and no third party can ever have access to it. Smart contracts define the backend logic of decentralized social media apps, automating tasks and verifying the authenticity of accounts.
The rise in blockchain-based social apps is due to the increased data breaches, privacy violations, and lack of content ownership that is becoming a cause of concern for Web2 social media users. In 2023, there are several social dApps such as Mirror, Minds, etc that are paving the way for a decentralized model of communication.
Top 5 Ways Web3 Revolutionizes Social Media & Networking
With technologies such as AI, ML, metaverse, and the IoT all making a benchmark in social networking, Web3 is what underlines the principle of a paradigm shift. Let’s look at the top 5 ways Web3 is paving the way for a user-centric social media revolution.
1. The User Is The Owner
The way Web3 will manage to land a kick on all the major tech giants when it blooms is a treat to watch. Contrary to how centralized social media platforms own and control the distribution of content across their sites, Web3 will place the ownership & control of content in the hands of the user.
In a way, that’s saying NO MORE CENSORSHIP! Well, that might come as a matter of subjective clash as one might say that people might go all over posting sensitive content, which can be managed using the efficient deployment of smart contracts and mutually-agreed policies.
On the other side, content creators who post opinionated & political-based content cannot be banned just because of what they think. There’s more freedom of speech & expression in the decentralized web model which allows social media to offer innate experiences to the users.
2. Heightened Security Enforced
One of the promising concerns that Web3 looks to solve is the breaching of data in social networks. There have been tons of incidents where sensitive and private info of social app users has been stolen and misused. Private accounts are hacked, and sensitive information and images are exposed, causing a lot of pain to these users.
The blockchain will ensure that the data stored within the social media platforms is immutable. No third party or scammer will ever be able to access the private info & content of users. The nature of hash/ signature codes underlying the operation of a blockchain ensures no one ever steals private data.
3. Validating the Authenticity of Content
Sometimes, it’s hard to distinguish between fake & original news as the sources seem to be genuine but the content is misleading. All these mishaps are common to the Web2 curriculum as there’s no mediator who actually verifies the authenticity of the content.
Well, that’s not the case with blockchain-based social media applications wherein smart contract algorithms can be devised to detect the originality of content by paralleling it with certain legit parameters and cross-checking. Every content that’s passed through will go under verification before it’s made visible to the public.
4. Manage Your Own Content
Several social media platforms are using advanced deep learning and NLP algorithms to study user behavior & interests to regulate content production. Whereas for some this may come as favorable, not everyone wants their privacy to be questioned and receive content based on their previous post views & likes.
In the web3 social media ecosystem, users can decide to choose whether or not they want related content and ads to be shown by choosing their privacy settings. They can control the exact type of content they want to interact with and not allow even 1% of content to be regulated by any authority.
5. SocialFi — Monetize Your Content
The juice of Web3 in social media is the absolute freedom you get to monetize your content. You can generate a great amount of money by publishing relevant content to your target audience. Social tokens and native digital currencies can be deployed to effectively harness your finance goals.
With these native cryptocurrencies coming into play, there won’t be any intermediaries and hence users can save on transaction fees and moderation. The security of financial transfers is heightened in DeFi models and hence gives a sense of calm to the users.
The Future of Web3 Social Media!
It’s an exciting future that holds for Web3 in social media as more and more decentralized social apps are becoming mainstream. Users can now have the profound and secure experience they have always been craving for. It’s only time before we have all migrated to Web3 social media apps.
Stay updated on the latest Web3 and blockchain trends by following IBC Media on our website and social media channels.
Let’s initiate the Web3 future together!
About IBC Media
IBC Media is building the largest, global blockchain ecosystem initiative from India. The company has a pioneering legacy of managing partnerships and establishing grassroots efforts in the Indian market. IBC Media’s debut event — IBC 2018 was a major success which had a confluence of top-line government attendees, VCs, regulators, blockchain companies, speakers, and sponsors.
IBC 2.0, the second edition in this series is the kick-start to IBC’s massive 5-year agenda with a global focus on creating Web3 industry-ready talent across 1000 engineering colleges, building 1000 DApps, a top-line talent pool of 1 Mn developers and 10 Mn retail investors.
Stay up-to-date with all the events and conferences. Follow us on our social media channels, there’s a lot happening! https://linktr.ee/ibcmedia?s=08
Join the Web3 revolution now with IBC Media!