Meta and Twitter are now dominating the social media space. These web3 platforms are massively popularised among users. These platforms collect data from the bulk amount of users. In exchange for that data, the companies earn billions of dollars as revenue from user-generated content.
According to the forecast for the upcoming future, these web3 platforms are going to be demolished after the domination of decentralized social media (or Web3). That platform will give all power of access to the users.
Web2 Vs Web3 :
Web2 platforms like Facebook, Twitter, and Instagram control users through multiple policies. If the users refuse to comply with that policies they will lose their profile reach along with content.
For instance, the Twitter handle of US president Donald Trump was banned due to debates that were considered against the policy of the platform. A million followers were useless at that time. The authorization or the governing body of Twitter played a crucial role to cease the account.
Now the upcoming web3 space will give the power to the user’s hand. No authority will control the user’s community.
The remarkable issue with the Web2 social media platform is, that it contains a “walled garden”. If a user has 1 million followers on Instagram and aims to start a YouTube channel, that user has to start with zero followers. Because the audience community is connected with individual platforms, not with the user or creator itself. So, in web2 space, there is no option to move them.
Web3 depletes the number of mediators and develops an independent ecosystem. It also enables new ways of monetization and launches multiple solutions that empower individuals. That ways are not just related to their contents, but also their followers.
Several platforms have shifted with potential subsidiaries for Web2’s social media industry. The platforms like Lens Protocol, the Aave team, and its DeSo are backed by Andreessen Horowitz. Both platforms are developed to host decentralized social media applications. There already present many live applications which follow Leinster, Iris (decentralized Twitter), Phaver, and LensTube (decentralized YouTube).
How Does It Work?
For instance, Lens allows users to utilize Non-Fungible Tokens (NFTs) to directly connect their content and followers to their crypto asset wallets. There is no dependency on individual platforms as we use cross-platform access to our followers.
When a user posts anything to the platform, it automatically circulates the post across all the platforms the user get into. Also, followers are connected across platforms, so all platforms have the same number of followers of that individual user.
No More Ads, Direct User Monetization :
Another remarkable feature of Web3 Social Media is that users can monetize their creations directly on that platform. It does not generate revenue from advertising companies. These platforms offer users to publish better content. It is less complicated as it allows authors to set a fee for “collecting” their posts or choosing a fee for following a post. Revenue is generated directly by the creator. There is no involvement in the platform.
Influencers Are Adopting Web3 :
Some experts argued that Web2 forms are off to such a head start that Web3 social media can’t catch up. But the actual thing is that the advantages of decentralized social media are amazing that large content creators can migrate and get their audiences.
There are several examples of effective influencers who have their social media platforms. Because the corporate platforms no longer allow content sharing. Web3 offers a clear solution to its ever-growing Web2 which is going to deplete.
A cryptocurrency entrepreneur, Darius Moukhtarzadeh is focused on decentralized platforms like social media applications. He was a researcher at Signum, the world’s first digital asset bank.
