Recently, leading media platforms like Facebook, Youtube and Reddit have announced many Web3 related news and initiatives. For example YouTube post Office Hiring Director for “Youtube Web3” requires 15 years of experience and understanding of cryptocurrency, blockchain, consensus mechanisms, NFT and other Web3 technologies.
In recent months, Web3 social platforms have proliferated as Web2 Internet giants and many tech mogul executives embrace Web3.
Julien Gaillard, Head of Data Science at Twitter Spaces, Ryan Wyatt, Head of Gaming at YouTube, and Jack Dorsey, co-founder of Twitter, have all left big tech companies to join Web3.
Meanwhile, the Web3 social platforms are particularly prominent.
On Feb. 8, DeFi lending giant Aave launched its social media platform, Web3 Lens Protocol. On the same day, social Web3 platform SO-COL (Social Collectables) announced the closing of a $1.75 million seed round.
On February 15, Chingari, an Indian social platform with 100 million users, integrated native tokens to develop the Web3 social network.
Aave is the leading lending platform for TVL | Source: Footprint Analytics
The spirit of Web3 is decentralization. In particular, users control their own data.
Traditional social platforms require user information to create an account. In Web 3.0, people use crypto wallets but not their real information. These databases are highly vulnerable to compromise and create data mining loopholes. For example, Facebook has had a series of scandalous data breaches.
With Web3, user data is stored tamper-proof on the blockchain. The social protocol based on the Polkadot network stores data on the chain and ensures that personal data is protected.
Another problem with Web2 is censorship. Tech giants can easily moderate content based on terms of service. Many Web3 proponents envision a world where this is not possible.
Twitter founder Jack Dorsey funded the decentralized social media system Bluesky in December 2019, which aims to fight the spotlight economy by allowing people to self-select their preferred recommendation algorithm, giving them control over what the user sees sees.
On Bluesky, content can be kept forever for free. There is no central authority that can delete the content, so the data truly becomes the user’s own.
Not only does Web2 compete with new blockchain projects, but with a huge user base, these legacy platforms can also play a big role in Web3.
Digital assets like NFT are at the heart of Web3. Twitter will introduce the NFT profile feature in 2022, which will allow users to display their NFT on Twitter profiles. Twitter’s main competitor, Meta, is also working to allow users to sell NFTs on Facebook and Instagram.
Quarterly trading volume and traders ahead of 2022 | Source: Footprint Analysis
In 2021, when NFT explodes, the cumulative number of NFT transactions will increase from less than 1.3 million to 65.4 million. Despite a 50x increase compared to the number of social platform users, there is still a long way to go.
On the Web2 platform, users are content producers and web pages are generally user generated. The platform also leverages big data for accuracy marketing. This is in contrast to Web3’s decentralized, open and transparent vision. There, users can generate revenue for their creations, and blockchain technology largely reduces plagiarism and unclear ownership of content.
The social media Web3 Lens Protocol introduced by Aave allows content creators to set conditions to follow them, e.g. In addition, creators can also set content scope and terms of use so that the content actually belongs to them.
The development of blockchain technology and the approaching Web3 age is becoming an increasingly obvious trend. The decentralized internet is a revolution and the next Web3 era is likely to transform the way we live in all aspects of our finances, social interactions and more.
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