Social media has been Big Tech’s stronghold for many years.
Our social interactions are dominate by Facebook, Twitter, and Instagram of the globe, which also profits greatly from doing so. They gather and sell our data, use it to run targeted advertisements, and have no qualms about violating our privacy for financial gain. Only take a look at Facebook, which can make up to $900 USD a year just from the data of one person.
Additionally, social media platforms profit significantly from user-generated content. And although they claim that we still have ownership rights to the content we submit, the reality is quite different.
The basic line is that on centralized social media platforms, we have no ownership over our identities, our privacy, or the stuff we produce and distribute.
Because of this, Web3 developers set out to design a different kind of social environment, one in which communities own and run the platforms and users maintain ownership of their data and content. Decentralized protocols have already appeared, and although it is still early, they have the potential to fundamentally alter social media.
Let’s examine the situation as it stands right now, a few noteworthy initiatives, and the future of the industry.
Social Media Web 3 Today
Most of us have some awareness of the fact that the Web2 social media platforms we use frequently monetize our personal information and content without asking for our permission. And while specific steps are being taken in some jurisdictions to control centralized social media giants, Big Tech has been able to stall efforts to limit its intrusions into privacy.
As intrusive as these practices are, many of us no longer question them because they have become so commonplace.
Web3 social media app development presents us with a new normal in which we retain control over our private data, content, and identities.
The future of privacy depends on this shift in the ownership paradigm. Social media businesses are now thriving. They actively benefit from our data in ways we cannot control, in addition to controlling it. And even when companies like Facebook aren’t actively mining people’s personal data for cash, they still keep it on centralized systems that have already been found to be vulnerable.
Web3 social media will not only increase privacy by giving people back control over data and content, but it will also revitalize the online creator economy. This is because Web3 initiatives provide content producers discretion over how their work is monetize. Users won’t have to give centralized platforms a share of the money made from the online text, images, audio, and video they submit in a decentralized world.
The portability of identities, another crucial feature of online life, will change as a result of web3 social media.
The biggest Web2 social media providers have sworn rivals. Thus, they forbid users from transferring their identities to other sites. Your Facebook persona has nothing to do with your Twitter persona, which is wholly different from your TikTok personality, and so on. The methods through which producers can monetize their online presence are restrict by the impossibility of moving reputation and content from one platform to another.
Contrarily, decentralized technology enables users to maintain their identities across dApps, allowing them to establish a reputation that is well-known throughout the Web3 ecosystem.
Lens Protocol: Web3 Social Media in Action
Web3 developers are working hard to establish the technologies that will enable a day when centralized platforms are totally replace by decentralized social media, even though that time is yet in the future.
The Lens Protocol, which bills itself as a “user-owned, open social network that any application can link into,” is one of the most cutting-edge Web 3 social media alternatives available today.
Lens outlines the momentous change made possible by Web3 in an open letter titled “Own Your Digital Roots.”
The letter claims that “Web3 brings forth a revitalised Teampe for what social media can be.” It gives us the power to manage how our content is use. With no middlemen or centralized data collection, we may have the authority to own and monetize our content and community.
Through Lens, social identities can be transfer between the numerous and expanding dApps that interface with the protocol. These identities are kept in user wallets as NFTs, together with any associate content. Additionally, because Lens is based on the Polygon network (the newest integration partner of Expert Team), you may store and distribute your identity tokens safely and easily using the world’s first community-owned wallet.
The lens is not alone. Decentralized social media dApps are being develop by developers all around the Web3 area. Some of the most well-known ones are Refract, a link board that showcases content selected by the Web3 community, and Phaver, a share-to-earn content platform. Then there are Iris, a social platform that enables content creators to submit token-gated material, and Sepana, a search engine that functions across the Lens’ dApp ecosystem.
Web3 Social Media and Beyond Expert Team
The expert Team will be there to support customers and offer adaptable and secure storage options as the Web3 social media ecosystem expands. Our community may now use Expert Team with all the social media sites in the Lens ecosystem and beyond, thanks to our recent integration with Polygon.
We truly think that all decentralized technologies should be community-owned and operate, just as Web3 social media sites. That is still true of the Expert Team today and always.