Web 2.0 social media platforms have ushered us into a great era of seamless interaction across worlds, access to essential information, enabling us to connect to friends and family, and more. Social media platforms like Facebook, X (formerly Twitter), Instagram, WhatsApp, and more are giants built on the Web 2.0 geographic space.

These apps have allowed people to communicate and share information and helped businesses and brands grow by affording them the ability to reach a wider audience than they probably can outside social media. However, with benefits, there are usually costs.

The whole Web 2.0 social media system is centralized, and privacy is problematic on these platforms. Censorship, server outages, data breaches, and other problems come with traditional social media platforms. Despite their freedom, they sometimes do not feel “free”. To get away from these troubles, developers, businesses, and individuals are striving to take back control of their privacy by shifting to Web3 platforms because these platforms are considered to be free of the troubles of traditional social media.

What is Web3 Social Media?

Web3, the decentralized web, is a fundamental shift from traditional social media that aims at empowering users to have ownership and control over their data and overall online experience. In contrast to Web 2.0 platforms, which are centralized and hold their users' data on their servers, Web3 platforms use blockchain technology to establish decentralized networks.

Here, users have ownership and control of their data. Web3 social media platforms promote greater levels of privacy, transparency, and security, qualities that are increasingly in demand in today’s digital landscape.

How Do Web3 Social Media Platforms Work?

Web3 social media platforms use blockchain technology, the same technology behind Ethereum and other cryptocurrencies, to create decentralized applications (dApps).

Decentralized applications are powered by smart contracts, which act as the application’s backend mechanism and define the logic of how they operate. Due to the fact that dApps operate on a peer-to-peer network with thousands of nodes distributed worldwide, their network is not subject to the malfunctions of a few nodes. This resilience enables these applications to perform under pressure and promotes their overall reliability.

Web3 platforms use their own native tokens, ensuring that each user benefits rather than a group of people enjoying the benefits of “the select few”. These tokens can be purchased to access specific features, allow users to tip their favorite content creators, or make in-app purchases.

Features of Web3 Social Media Platforms

Some features of Web3 social media platforms include:

Ownership and Privacy of Data

Web3 social media platforms offer the liberty of data ownership and privacy. Desired information can be shared with whomever, and at any time, information on these platforms is not subject to censorship. The risk of data breaches and unnecessary surveillance is reduced here.

Free from Bots and Spam

In the Web 2.0 system, bots and spam thrive. With millions of accounts, some are just bots and spammers, ready to catch the unsuspecting unawares. Fake links are sent out, users are tricked into clicking them, and once they do, unwanted third parties can gain access to their private information and compromise it. Web3 prevents this. Data is stored safely and always requires your permission to be released.

Interoperability

Although Interoperability is still in the works on Web3 platforms, it aims to connect blockchain environments and make them share data and content seamlessly across social media platforms and foster better collaboration.

Decentralized Governance

Unlike the centralized Web 2.0 platforms, where users have suffered breaches, biases, and censorships, Web3 platforms go with the decentralized governance models, enabling users to have a say and participate in shaping the platform’s rules and guidelines.

Benefits of Web3 Social Media Platforms

Decentralized Influencer Marketing

Web3 platforms enable the rise of micro-influencers, who have built a passion for certain subjects. With influencers like this, brands can reach out and create a partnership to brainstorm marketing campaign ideas that are authentic and, in the long run, impactful.

Verifying content legitimacy

Fake news on social media platforms is nothing new; it has been a problem for a long time, and with developments implemented to curb it, it still finds a way to sneak out and spread like wildfire. This has caused news seen on social media platforms to be perceived as generally fake, even when it is true.

With Web3’s blockchain technology, the legitimacy of news is made possible. By utilizing algorithms built on the blockchain to verify and validate the authenticity of news items, Web3 social media platforms have the upper hand in curbing the spread of fake and potentially harmful content.

Token-Based Incentives and User Engagement

Brand and user engagement could reach unprecedented levels on Web3 social media platforms. For example, brands could enhance user engagement by offering cryptocurrency rewards in exchange for sharing their content and promoting their campaigns. This, in turn, could lead to increased user engagement and even profits for the users.

Online identity verification

Bots, fake accounts, and spam are persistent issues on traditional social media platforms. Measures have been put in place by Web 2.0 developers to reduce these accounts, but they still find ways to bypass security.

Web3 social media platforms can help mitigate this problem by using identity authentication and verification mechanisms to identify legitimate accounts and eliminate fake ones, ultimately creating a social media landscape free of malicious intent.

Final Thoughts

With Web3, we are moving towards an era of trust, empowerment, transparency, and security. Introducing Web3 social media platforms further revolutionizes the concept of digital communication. It is only through the emergence of new technologies that we can hope that the world will continue to turn and that human needs will be met and preserved.