Why Do People Need Web3 Social?

Social media consumption has almost tripled in the last decade with millions of content creators, users posting regular content.

In fact, people nowadays use social media as the search engine for finding their needs. They find answers, get connected with brands and consume entertainment content they are interested in. 

Everything is controlled by the social algorithm that each platform is engineered with. They manage the user data in a centralized server and most of the platforms use it for advertising purposes.

Now, the question is, what about user privacy? Data security, and Ad-free experience? 

No social media platform has clear answers for this. Because their revenue model lies in serving interest based ads for the people. Business and Brands are spending billions of dollars every quarter.

Social video advertising is expected to reach $79.28 billion in 2024. But people get no value in return except entertainment.
 

Era of Web3 is here
 

That’s where Web3 Social Media was born. As the world encourages decentralization in every sector, social media is not an exemption from the trend.

In web3 social media, people can get paid for posting their content based on the number of engagements the post had. Also, peer users can directly send the money to creators without any intermediary. 

There are many exciting features and functionalities which Web3 social can provide. We will see everything in detail one by one. We can also know about how the monetization model of Web3 social works.
 

Web3 Social Features people need
 

1. Decentralized Identity
 

Decentralized identity management offers several benefits for users in Web3 social platforms. Firstly, it enhances privacy by restricting the collection and storage of personal data by centralized entities.

Users have greater control over which aspects of their identity they choose to share. This can greatly reduce the risk of data breaches and unauthorized access to user accounts.

Decentralized identity when enabled in blockchain technology, the data can be seamlessly switched to different web3 platforms.

It can allow users to maintain a consistent identity while preserving their data in tamperproof ledger technology.
 

2. Content Ownership
 

In traditional social platforms, content is owned by platform operators. They retain significant control over user-generated content. Users uploaded photos, videos, and posts are governed, distributed and monetized with advertising. 

In contrast, Web3 social platforms prioritize content ownership by leveraging blockchain technology to establish immutable ownership records.

This decentralized approach ensures that users retain full control over their digital assets, including the ability to monetize their content directly.

For example, if you upload a tutorial video on how to cook chicken pasta, based on the number of views, likes and engagements it receives, the content creators are credited with tokens.

The tokens can represent the real form of money and can be withdrawn whenever they want.
 

3. DAO Governance
 

DAO Governance is the type of decentralized operating protocol that works in Web3. The platform is governed by the democratic nature of people’s voting.

If any new feature is to be implemented, the majority of the participants in the platform have to vote on the proposal. 

After the voting percentage and calculation logic recorded in smart contract, the decision is taken by the platform itself without the need of intermediaries. 
 

4. Useful Interactions
 

Many people feel Web2 platforms isolate users from differing viewpoints. Platforms want users to stay available in their apps for a long run.

Meanwhile, Web3 platforms hope to give more authentic and diverse interactions by removing algorithmic manipulation and empowering users to choose their own communities.
 

5. Privacy and Security
 

Web2 platforms do not provide a clear privacy focused environment for their users. Concerns about data breaches and targeted advertising are often a discussion in the internet space.

Web3, based on blockchain technology, offers increased security and transparency, enabling users to control who has access to their data and for what purpose.

Moreover, if a data breach happens in central servers like web2, all the important information may be stolen.

In the case of Web3, the data is stored in independent nodes across the locations and connected with distributed ledger. 
 

6. Content Warnings
 

Users can add content warnings to their posts, allowing them to hide sensitive or potentially triggering content behind a warning message. This feature promotes user control and helps create a safer and more inclusive environment.

Blockchain technology can auto-verify the age requirements for viewing the warning posts. Users can falsify the ledger technology for modifying their identity based records.

Decentralized authority when linked mutually, we can eliminate unwanted abuses in the current internet. 
 

Monetization model in Web3
 

• Tokenized Economies: Users own tokens with economic utility within the platform (e.g., voting rights, access to features, earning rewards). Privileged users can get their access prior to the general users.

• Direct Monetization: Creators can receive micropayments directly from users if they like the content. Creators can sell NFTs(images, videos, or music) of their work, or build communities with subscription access.

• Platform Fees: Decentralized platforms may still charge small fees for transactions, often distributed back to token holders. The transaction fee is way less compared to web3 payments completion.

• Data Ownership: Users control and monetize their own data, potentially selling it directly or participating in data marketplaces. If users willingly want to share their interest data with companies, they can opt-in.
   

Conclusion
 

The platforms like Mastodon, Steemit, Minds, have already tasted the success of decentralization in social media. The idea is clear and indeed the need of the hour for every nation because social media even has potential to disrupt the political system.

Like anyone can be neutralized by injecting biased content in their social media feeds. This poses strong negative threats to the privacy-centric era. But, it can be changed with the help of Web3.

European Union and East Asian Nations like Korea, Hong Kong, Thailand, Singapore are already embracing Web3 space with many web3 social developments. 

If you are such a visionary or entrepreneur who wants to develop web3 social media, do reach out to us.