What will social media in Web3 change?

Social media will undoubtedly change in Web3, ushering in a new era of a creator-driven economy.

If you haven't been living under a rock for the past few months, you've probably heard chatter about the Metaverse and Web3, as well as how these two concepts are ready to bring about the next digital revolution.

The upcoming internet version Web3, which is predicted to be the best one yet, has already caused some debate. While some people are completely in love with the idea of a decentralized organization, others are a little more dubious. What exactly is Web3, and how will it affect you, though?

How specifically will it affect how we use social media? In short, Web3 will usher in a new era of social networks that embrace a creator-driven economy and prioritize the interests of the community over those of gatekeepers.

If this sounds a little fuzzy and daunting, don't worry—WAGMI! (In the cryptosphere, that is shorthand meaning "we're all going to make it").

Continue reading to find out more about what this all means and how social media is evolving into something larger and better.

What is it? - Web3

The term "Web3" meaning to a set of concepts and forward-looking decentralized viewpoints where community-driven, ad-free, and self-monetized content would predominate.

Web3 will undermine many present Web2-based business structures, but given a new social media paradigm, the creative economy is well-positioned to gain from this ongoing transition.

For instance, in the current internet era, content creators are typically at the whim of the platforms they choose to use to share their work. This could result in a various number of issues, including deplatforming, arbitrary content censorship, and content demonetization.

A few Web2 platforms also keep complete control over the content, severely restricting authors. Think about how Facebook owns the photos you post online. Despite the fact that you took the photos, Facebook now owns them!

Users (consumers) are compensated for their data, which serves as both the motivation for these platforms and the main reason content creators exist.

Web3 restores complete authority to content producers in order to solve these issues. Through the use of blockchain technology and cryptocurrencies, Web3 compensates users for their continuing engagement and support while enabling artists to benefit from a range of revenue sources.

As a result, a circular economy is developed that is unrestricted by middlemen and centralized platforms.

How do decentralized social networks work?

Consider the possibility of paying internet users for their usage for a minute. To read blogs, watch videos, or just surf the internet, we regularly use one or more Web2 platforms.

We utilize systems that generate a lot of revenue, but users hardly ever receive anything in exchange. Web3 drastically alters this by rewarding users for their participation.

Several Web3 platforms are currently available that employ blockchain and are beneficial to both customers and artists. Web browsers, video-sharing websites, blogging platforms, and social networking sites are examples of these platforms.

These platforms, supported by their native tokens, propose a symbiotic paradigm where everyone benefits from the internet rather than pursuing a zero-sum strategy where one party must win for the other to lose.

Decentralized social networks have built-in payment layers that make this possible, cutting out unnecessary middlemen and costs.

They are also entirely interoperable, making it simple for users to trade, purchase, and sell native assets on other platforms. NFTs, for instance, can be used by content creators to monetize their work and sell it across other platforms.

They can also develop distinctive subscription models and add-on services for their communities using the native token of the underlying platform to increase their opportunities for making money.

On the other side, Web3 platforms empower content creators to create a range of play-to-earn, learn-to-earn, and other comparable incentive programs for their communities, enabling them to take part in the expanding metaverse.

By taking part in these events, community members can earn tokens that are local to the platform. They can then exchange these tokens for other tokens or use them to pay for additional platform features.

Owners of native tokens on a social network may potentially have an impact on how the network develops in the future. In contrast to Web2, where users have little to no say in it, stakeholders share responsibility for the platform's development with web3 social media website development.

By voting for concepts that will best benefit their communities, token owners have the power to shape the direction of a platform. These suggestions include a wide range of issues, including new functions, enhancements, and modifications to current design and promotion.