How Web3 social media platforms are better than existing Web2 social networks
Described as the ‘read-write-own’ version of the internet, Web3 is set to transform the digital landscape with its decentralised system and the way the internet is used today. In the last six months, Google searches for ‘Web3’ have grown by a multiple of 33 as people begin to look into the movement toward democratization of technology. Web3 has become synonymous with a more transparent and equitable way for individuals to participate in building the next generation of platforms that will shape how we will connect with one another.
With the innovations that Web3 introduces, new social media platforms are enhancing their features to provide people with more immersive and interactive experiences. They will replace the existing Web2-supported platforms because of the Web3 ecosystem’s decentralised content ownership. It has the potential to revolutionize the world with its dependable, equitable and ethical services.
Web2 VS Web3
The inception of Web2 enabled users to establish two-way communication online. Its different web protocols allowed read-and-write interaction, facilitating consumers to consume content created by other users while also developing their own content. This prompted the emergence of social media platforms. Despite giving users significant advantages, Web2 came with a concern about a lack of data privacy due to its centralised ownership system, allowing organisations to monetize content that they did not create themselves. It is in line with the saying, “If you’re not paying for it, you’re not the customer; you’re the product being sold.”
Web3 comes with the philosophy of decentralisation built on blockchain technology, adding ‘ownership’ to the read-write functionality. It promotes decentralised applications (dApps) where users can connect to applications and protocols directly, removing the need for tech giants as intermediaries. Also, users can participate in the governance and operations of the protocol and become a stakeholder in the network. As a symbol of ownership, participants are offered tokens or coins.
Web3 and Social Media Platforms
Social media platforms are not static; they are evolving by the day. You can see frequent changes or additions in the features. Web3 has just accelerated the advancement.
In this era of a creator-driven economy, Web3 native social media platforms will not only provide consumers ease and enhanced experience but also an opportunity to own their content and earn. Web3 allows community-driven, ad-free and self-monetised content to rule the space.
In the current Web 2.0 iteration of the internet, content creators are dependent on the mercy of the platforms and their self-made rules and regulations. This sometimes results in arbitrary content censorship, demonetisation of content, and even expulsion from the platforms. These actions restrict the growth of creators and their communities. For instance, when you publish a photo or data on Facebook, you lose control as ownership goes to Meta.
Contrary to this, Web3 offers complete ownership to the creators. With the power of blockchain and cryptocurrencies, Web3 will enable creators to use their data for their own benefit and make an earning from a variety of revenue streams. With NFTs, creators can monetize their creative work and sell it across marketplaces. They can also apply a customised subscription model and add-on services for their communities.
Web3 will enable content creators to develop an array of play-to-earn, learn-to-earn, and other incentive programs for their followers. It can provide greater engagement and earning for creators. Also, it will be a token-earning opportunity for community members to reward engagement through rewards and points.
Rewarding people for their contributions is a key feature of Web3. Today, users spend an enormous amount of time on Web2 platforms, and in return, they get nothing while the platforms make a huge amount of money. Web3 will alter this system so that creators won’t be dependent on social platforms and advertisers. Web3 social media networks, powered by their native tokens, ensure that both creators and users win.
The decentralised social platforms remove the necessity of middlemen and extra expenditures by offering built-in payment layers. Also, users can easily sell, purchase, and exchange digital assets across multiple platforms that are interoperable.
Tokens and rewards give both creators and community members increased belonging and validation in the community. They may own voting rights on the governance, operation and management of the network. Also, the token holders can have a say in future strategy and network development. Web3 distributes the responsibilities of platform evolution among various stakeholders.
The Web3 revolution will completely transform the social media landscape by creating a win-win situation for all stakeholders. It will upend the way that people interact, transact and socialise today. These advantages will fuel the shift from Web 2.0 social platforms to Web3 social networks.
(The author is Ms. Sakina Arsiwala, Co-founder, Taki and the views expressed in this article are her own)
