The Effects of Web 3.0 on Social Media

Humans are social creatures. From the early days of dial-up internet, people have embraced new and innovative ways to interact and communicate with each other. From the basic one-dimensional websites of Web 1.0 to the beautiful and user-friendly social networks of Web 2.0, each new evolution has brought with it new ways for people to express themselves and interact with one another. Although the platforms and tools we use change over time, one thing has remained more or less constant throughout this evolutionary process. Here, we are talking about the ownership structures and power dynamics between those who control the networks and those who use them.

Let’s take a brief look at the background of the web. The era of Web 1.0 was primarily about one-way media consumption. Users would browse the web to consume information and then leave, as there was no easy way to share, react, or engage (think basic news websites). The emergence of Web 2.0 and social networks like Facebook, Twitter, and YouTube completely changed this dynamic. It ushered in an era of two-way communication that included user-generated content that could easily be shared.

It’s undeniable that these social networks have empowered businesses and individuals across the globe, providing everyone from multinationals and microbusinesses to influencers and entertainers with means to directly connect, market, and communicate with their audiences; and while these platforms have always been available for use free of charge, there have undoubtedly been other hidden costs that are not immediately apparent. As the saying goes, if you’re not paying for the product, you are the product.

This brings us to the topic of privacy, and the key issue in the current scenario is that social media networks, owned by a handful of profit-making corporations, are collecting and exploiting user data in exchange for ad revenue. They have gained a lot from this. These networks and their corporate owners have experienced significant growth in terms of stock prices and profits through the use of the network. However, the users who have created this value have not benefited from it.

This is where Web 3.0 comes into play. As centralized social networks have dominated in Web 2.0, in Web 3.0, these networks will be completely decentralized and owned by the community. This means that the users of the networks will partially own them and, therefore, will be able to participate in the creation of any value. Moreover, they will also be able to participate in the governance and operation of these networks. This is a true transition from the structure of Web 1.0 and Web 2.0, where power shifts back into the hands of the users. Practically, this means that a content creator equivalent to a decentralized Facebook or YouTube could maintain more control over their digital identity and, moreover, could be rewarded for the activity and value they create on the network.

How will this work?

These new decentralized networks will be built on technology known as blockchain. This is the same technology that supports cryptocurrencies like Bitcoin and Ethereum. This technology effectively serves as a transparent digital ledger capable of recording transactions that cannot be altered or manipulated.

In Web 3.0, users engage with other users on a peer-to-peer blockchain-based social network. This is done through a Web 3.0 wallet, which is essentially a digital user profile used for all decentralized networks collectively known as the metaverse. All activities conducted by the user in the metaverse will be recorded on the blockchain and attributed to their Web 3 wallet. For these activities, whether it be content creation or engagement with other users’ content, rewards will be given in the social network’s native currency or tokens. These tokens can be exchanged for NFTs or other cryptocurrencies, providing the user with prominent standing in the community and other benefits such as voting rights on network governance and management. These are early days, but these are just a few of the exciting and mind-boggling possibilities that are emerging with the advent of Web 3, and big tech companies are taking notice. At the end of 2021, Twitter announced that it was exploring ways to introduce Web 3 features to its platform, and we’ve all heard about Facebook’s shocking decision to rebrand itself as Meta, acknowledging its interest in shifting towards the metaverse. The Web 3.0 revolution is completely transforming the dynamics of the internet; it will enhance our online interactions, transactions, and socialization methods. As user behaviors inevitably continue to change, so too will marketing and advertising strategies need to evolve to effectively target anonymous users on a decentralized internet.

Effect of Web 3.0 on Social Media:

Now that we understand the relationship between Web 3.0 and social media, it’s time to consider how the new internet could transform the social networking sites that most people regularly use. Decentralization, information distribution, and ownership are the three pillars of Web 3. Until now, large corporations have been profiting from user data for advertising and significantly benefiting from their users’ data. Web 3.0 will stop the misuse of users’ data and allow for a better distribution of financial benefits derived from things like advertisements and marketing. Blockchain technology will bring change to social media with Web 3.0: as we all know, blockchain technology enables data to be handled and stored in a decentralized manner rather than being centralized in one location. This is the technology that powers cryptocurrency and NFTs. Consequently, blockchain technology will also energize Web 3.0 social media. Web 3.0 social media will facilitate user engagement through peer-to-peer blockchain-based social networking. This transition could occur when current social media platforms change their core architecture and pivot to blockchain technology.

Alternatively, there’s also a high possibility that current Web 2.0 social media platforms will be replaced by decentralized networking sites that operate under principles of decentralization and ownership.

Now let’s explore how Web 3.0 social media platforms could work and what unique features they might have. All Web 3 social networking applications will fundamentally include the following key components, explained here.

Data Privacy:

In Web 3 social media, privacy means that no third party will be involved in users’ affairs, including what and how they share. Therefore, users can exercise their freedom of choice, protect their data privacy, and only reveal the information they are comfortable sharing. The ability to protect personal information also helps solve the issue of restricted free speech in Web 2.0, where content is heavily manipulated. On Web 3 social media, people can publish their work without fear of being reported or blocked and express their opinions with anyone they wish.

Decentralized:

The decentralized structure of blockchain technology will reduce the monopolistic nature of Web 3 social media. Consequently, users will have more freedom and control over the information they share and receive. Decentralized autonomous organizations (DAOs) will ensure that the rules for the platform’s acceptance and use are determined and enforced entirely by the user community, rather than being regulated by corporations.

Web 3.0 Coins:

 Social media platforms could use Web 3 coins or cryptocurrency to compensate users, content creators, and influencers. As a result, you will have many opportunities to explore the world of Web 3 social media and cryptocurrency. For example, people with profiles on these platforms could receive coins for creating an account. Moreover, like on Web 2.0, they could exchange items on Web 3 social media or purchase currency.

Furthermore, Web 3 social media platforms will not face hacking issues. This is because it does not require any external party. Moreover, every participating node verifies any information or transaction before it is distributed across the network. Thus, the attempt to hack the network becomes incredibly difficult.

Immersion:

For decades, social media has been providing people with interactive social experiences, but only digitally. Imagine if social media became so immersive that all the features offered by social networks were available to you in meta-reality. Immersion is the ability to dive into a world that can connect virtual and real experiences. This can be achieved using special devices such as VR glasses, AR applications, and other technologies. Classic social media would have to reinvent itself to become immersive.

Tokenization:

In the near future, social media will provide certain types of tokens. According to Mark Zuckerberg, NFTs could appear on Instagram in the coming months. Subsequently, Instagram CEO Adam Mosseri revealed that the company is choosing to use non-fungible token technology.

Moreover, Twitter has started verifying the use of NFTs with a new profile picture feature. This feature is offered to users of Twitter’s blue subscription service.

Avatar:

So far, social media users could use any of their photos. In contrast, Web 3 is the internet where you can be whatever you want. Creating avatars in Web 3 social media will be essential. These avatars and their skins will be closely linked to NFTs.

New Regulations:

A significant challenge for Web 3 social media will be regulations. Even today, there are many issues in social media on Web 2.0 such as misinformation, data privacy, digital bullying, harassment, and many other problems. The clear boundaries of these issues have not yet been defined! Thus, these issues will be inherited by Web 3 platforms, which must be resolved. Considering that Web 3 social media will be decentralized and managed by the community, it logically raises the question of whether users will reach a specific consensus on what will be acceptable in social media.

When the internet became available to the general public, everyone claimed it was a new place with complete freedom separate from government laws. But expectations do not match the reality of the internet we know today. Therefore, we cannot be sure that Web 3 will guarantee the safety and freedom of the internet.

Future of Social Media

Social media with elements of the metaverse is not just a vision of the future. Let’s take a look at examples of such social networks.

Second Life:

Second Life is a 3D virtual world developed with social network elements. This team project can be called a whole virtual universe rather than just an online game. It does not include any mandatory missions or hero upgrades. Instead, users participate in communities of interest, create virtual goods, build, interact in voice or chat, and explore this virtual world.

Second Life has its currency, Linden Dollar (linden dollar (L), which can be exchanged for real money.

Mastodon:

Don’t you like the fact that Elon Musk can make Twitter private? Then Mastodon could be a good alternative! Unlike central social networks, Mastodon is not controlled by individual providers and users can develop it based on their convenience. Any user can deploy their social networking site or join an existing site. Connected nodes in the shared network allow their users to interact with each other.

Horizon Worlds:

With the launch of this social media platform, many were wondering if the Meta company was monopolizing the metaverse. More than two years after the start of testing, Meta has finally launched its Horizon Worlds.

Horizon Worlds can be entered with Oculus VR glasses. Users enter the Horizon universe, where they can create their avatar, meet other users, find friends, and create Horizon Worlds. Creators cannot directly make money from their worlds. Instead, Meta has put $10 million into a creator fund to reward competitive community creators. This is different from apps like Roblox, where creators can sell their games through in-game currency.

Zepeto:

This social media became extremely popular in 2018 and seems to be experiencing a second wave of popularity with the promotion of the metaverse. Zepeto, an app by South Korean developer SNOW, is a social network where virtual avatars, created using facial recognition technology, represent users. These virtual bodies can then be customized by changing their appearance, clothing, and hairstyle, and unique greetings can be created by combining different phrases with gestures or dances. Zepeto also has a digital currency used to purchase new items.

Future of Web 3 Social Networking

The future of Web 3 social networking could be promising if the issues associated with its acceptance and use are dealt with transparently and logically. Web 3 social media is guided by the desire to transfer power and control from large institutions to the community.

Suppose Web 3 has fully emerged, in which case, peer-to-peer blockchain-based Web 3 ecosystem-supported social networking could develop a strong creator economy and truly empower creators. Some technical issues must be resolved to prevent mistakes or crimes before Web 3 social media can fully take shape. This can only be achieved after fully understanding the technology. Various companies have started projects with the goal of Web 3 social media, so something may come up soon. Technology is a driving force that makes the world a better place. The way we live, communicate, and interact with each other. What will our interactions be like 20 years from now? Perhaps the world of the metaverse will become a significant part of our lives, and one day we might hear in the news that Zuckerberg has decided to delete Facebook forever. But one thing should be clear: real-life interactions should not be replaced by virtual interactions.

Emerging Trends in Web 3.0 Social Media Platforms

As we delve deeper into the potential of Web 3.0, it’s clear that emerging platforms are beginning to showcase the practical applications of these principles. Platforms like Steemit, a blockchain-based blogging and social media website, reward users with cryptocurrency for publishing and curating content. Similarly, Voice, built on the EOS blockchain, aims to establish a more transparent and user-controlled social media environment.

Challenges and Considerations for Adoption

While the prospects are exciting, the transition to Web 3.0 social media is not without challenges. Issues such as scalability, user experience, and digital literacy must be addressed to ensure widespread adoption. Moreover, regulatory and ethical considerations surrounding blockchain technology and digital currencies continue to be areas requiring careful navigation.

The Role of AI and Machine Learning

The integration of AI and machine learning technologies with Web 3.0 can further enhance personalization and content relevance, offering a more engaging and tailored social media experience. These technologies can help filter and prioritize content, manage the vast data generated on decentralized platforms, and combat misinformation effectively.

Future Outlook: A Decentralized Social Ecosystem

Looking forward, the evolution towards a decentralized social media ecosystem could redefine online communities and the way we interact online. This shift promises greater user autonomy, enhanced privacy, and a more equitable distribution of value among participants. As the technology matures, we may witness the rise of a new social media paradigm that emphasizes collaboration, transparency, and user empowerment.