29 Mar How Will Social Media Change In Web3?
Ushering in a new era of creator-driven economy, there is no doubt that social media will change in Web3.
If you haven’t been living under a rock in the last couple of months, you’ll have certainly heard the rumblings about the Metaverse, Web3, and how these two concepts are set to herald the next digital revolution.
Anticipated to be the best iteration of the internet yet, Web3 is something that has already proven somewhat divisive, with some people loving the idea of a decentralized entity while others are a bit more skeptical. But what exactly is Web3, and will it affect you?
More specifically, how will it affect how we use social media? The short answer is that Web3 will welcome a new era of social networks which prioritizes a creator-driven economy and focuses on community interests over gatekeeper interests.
If this sounds vague and slightly daunting, don’t stress —WAGMI! (that’s crypto slang for “we’re all going to make it”.)
Continue reading to find out exactly what this all means and how social media is evolving into something bigger and better.
What is Web3?
The term “Web3” refers to a compilation of concepts and futuristic views of decentralization in which community-driven, ad-free, and self-monetized content would reign supreme.
Although Web3 will disrupt a large number of existing Web2-based business models, the creator economy is positioned as a major beneficiary of this ongoing transformation in light of a reimagined social media paradigm.
For example, in the current iteration of the internet, content creators are frequently at the mercy of the platforms on which they disseminate their content. This can result in a number of issues, including unjustified content censorship, demonetization of content, and even deplatforming.
Several Web2 platforms also retain complete control over the content, severely restricting creators. Think how Facebook owns the photos you publish to the platform…while you may have shot the images, Facebook now owns them!
Simultaneously, users (consumers) are monetized for their data, despite being the driving force behind these platforms, and the main reason content creators exist.
Web3 resolves these issues by returning complete control to content creators. By using the power of blockchain and cryptocurrencies, Web3 enables artists to benefit from a multitude of revenue streams while rewarding users for their continuing engagement and support.
This results in a circular economy unencumbered by the limitations imposed by centralized platforms and middlemen.
How will decentralized social networks work?
Consider for a moment the notion of rewarding people for their internet use. We spend much of our time utilizing one or more Web2 platforms, be it for reading blogs, viewing videos, or just browsing the Net.
The platforms that we use earn huge money, yet the users generally never receive anything in return. Web3 alters this substantially by rewarding users for their participation.
Several blockchain-powered Web3 platforms are currently available, including web browsers, video-sharing platforms, blogging platforms, and social networking platforms, all of which benefit both creators and consumers.
Powered by their native tokens, these platforms introduce a symbiotic paradigm to the internet where everyone benefits instead of pursuing a zero-sum strategy where one side must-win for the other to lose.
To do this, decentralized social networks offer built-in payment layers, avoiding undesired middlemen and unneeded expenditures.
They are also fully interoperable, allowing consumers to effortlessly purchase, sell, and exchange native assets across multiple platforms. For example, content creators can monetize their material using NFTs and sell it across marketplaces.
They may also set up customized subscription models and add-on services for their communities utilizing the underlying platform’s native token to open money creation options.
At the same time, Web3 platforms also enable content creators to tap into the developing metaverse by letting them create an array of play-to-earn, learn-to-earn, and other similar incentive programs for their communities.
By engaging in these activities, community members may earn platform-native tokens, which they can use to purchase new features inside the platform, reward creators, or trade them for other tokens.
Holders of a native token on a social network can have a say in how that network develops in the future, as well. Unlike Web2, where consumers have little to no input about the platform’s evolution, Web3 distributes this responsibility among stakeholders.
The future of a platform lies in the hands of token holders, who may vote on proposals that best serve their communities. New features, enhancements, and changes to current development and marketing are just a few examples of the vast range of issues covered by these proposals.
The difference between current social media goals and Web3 social media goals
A shift in the way brands treat social media has already occurred as a result of the advent of Web3. Web2’s social media strategy was centered on brands publishing content via their social media channels.
Every so often, the community could engage with the content, and the brand would respond. There was minimal to no engagement amongst community members who were social media followers of the brand.
If you are not engaging with your brand, you are not using social media… it’s just media! As we move into Web3, content as we know it will be pushed to the sidelines.
In Web3, the star of the show is the conversation generated between brands and their communities and between community members themselves.
Brands will have the unique prospect of engaging with their customers more directly and function as a conduit for engagement amongst members of their community.
Change in content strategy
Social media use by brands and Web3 projects has evolved considerably as a result of the growth in community engagement.
For years, marketers have favored Facebook and Instagram as their prime platforms of choice. However, a few factors have resulted in Twitter and Discord being adopted as the unofficial platforms of choice for Web3.
For starters, both Instagram and Facebook are now pay-to-play platforms, meaning that organic reach is minimal, making it difficult for new companies and NFT initiatives, in particular, to grow engagement and followers.
Also, Instagram and Facebook draw a fairly mainstream audience that’s somewhat skeptical about all things crypto (and most likely has never heard of NFTs!) This implies that if you implement a social strategy on these platforms, it should prioritize education.
You’ll need to educate your audience on web3, the metaverse, how to set up and connect a crypto wallet, etc.
If you want to reach a more crypto-native audience, you should focus your marketing efforts on Twitter and Discord.
Both of these platforms are intended to encourage more dialogue, which is critical when stepping into Web3, given the technology’s youth and the high probability of something going wrong.
For instance, if you’ve scheduled an NFT drop and something goes awry, you may suddenly find yourself with thousands of individuals from all over the world needing a place to meet and ask questions.
This is where social media services such as Twitter and Discord come in handy. Due to the conversational feed feature of Twitter, it has developed into a center for crypto discussion and a platform for users to flaunt their NFT creds and purchases.
Discord, a social networking site primarily used by gamers, has evolved into a community hub for businesses and projects wishing to manage their fans, particularly during NFT drops.
It enables brands or projects to create distinct arms to segment their audience inside their channel. This allows for more customized content and discussion. Additionally, its forum-style chat option enables community users to engage with one another.
This has resulted in an interesting benefit for brands and projects. Having a community that is highly engaged with one another enables brands to shoulder the support load. Existing members who are engaged will begin greeting new members and addressing their queries.
This relieves marketers of the need to manage everything. Both platforms, however, remain Web2-based. Twitter is integrating Web3 gradually, as seen by the recent addition of the ability to verify ownership of your NFT if used as your profile image.
However, this is not a genuine Web3 solution. Discord definitely doesn’t have Web3 integration on the roadmap anytime soon. Discord has the poorest UX/UI of any big social site.
Onboarding is a time-consuming and complicated process. And, if you think understanding crypto is difficult, try joining up for Discord and attempting to get confirmed in a channel.
Furthermore, the site is prone to hackers, so you’ll need to educate your audience on how to effectively ignore their DMs or risk having their crypto wallets totally emptied.
What does this mean for a brand’s strategy? Well, if you really want to dive deeper into the world of Web3, consider becoming active on Discord and Twitter.
Possessing an engaged crypto native audience will provide you with a few wins. Then, ensure that you educate the general public—bring them along for the wild adventure into Web3.
Web 3’s security advantages
One of the key benefits of a decentralized identity system is that it offers you control over your online identity and personal data. Web3 gives you greater precise control over what information about you is available online and who may view it.
Additionally, you receive a cryptographically safe option for establishing the accuracy of the information.
Unlike the current system, which allows information to be readily duplicated or stolen without the user’s knowledge, blockchain technology is safe and tamper-proof; data cannot be altered or hacked without detection.
However, many web3 apps may not be secure; therefore, it is suggested that you only utilize audited web3 applications.
A (decentralized) world of opportunity
Ushering in a new generation of social media, Web3 encourages a creator-driven economy while also rewarding consumers for their involvement.
In contrast to the Big Tech-controlled Web2 paradigm, Web3 promises an ecosystem of social (and interoperable) networks where all users may ultimately own a piece of the financial pie.
Web3 social networks, driven by decentralization, will redistribute power back to the community by granting content creators complete ownership of their work.
In conjunction with other Web3 services, these social networks will provide censorship-resistant, ad-free, and creative-centric ecosystems, therefore ensuring equitable opportunity for everyone.
Whether it’s the rise of community-driven global social networks, the growing acceptance of community-focused DAOs (decentralized autonomous organizations), or the emergence of augmented and virtual reality-powered immersive experiences, Web3 social networks are catalyzing a transformation centered on the community’s interests rather than that of the gatekeeper’s alone.