We already covered the immense topic of Metaverses and Web3, and the spirit is getting higher by the day. The recent riff of celebrity entrepreneur and crypto enthusiast Elon Musk with the U.S. regulator regarding his entitlement to change the recently acquired the amount of close to 12% of Twitter’s company layout and features so that it becomes a truly self-regulated open speech platform, prompted innovative masses to escalate the urgency of transfer from Web2 to Web3 to the new level.

What’s Web3 in Terms of Social Networking Freedom and Security?

Let’s sum up once again, that Web3 is an upcoming, decentralized form of the internet, where users become owners. Rather than using free apps and platforms that collect user data, as in the current phase of Web2, users in the future Web3 phase will be able to participate in the creation, operation, and governance of the protocols themselves. For instance, in the existing version of the internet, content creators are often subject to the bells and whistles of the platforms they use to share their content. This situation invariably leads to several unresolvable problems like unwarranted content censorship, content demonetization, and even expulsions.

In Web3, ownership can be secured by digital tokens or cryptocurrencies, through decentralized networks such as blockchain. For example, if one holds enough digital tokens for a particular network, he/she could have substantial voting rights in the operational governance of that network. This is similar to the way stockholder voting rights allow shareholders of record in a company to vote on a wide variety of corporate actions.

The growing dominance of cryptocurrencies and blockchain has facilitated the rise of Web3, powered by decentralized networks. Designed to restore power to users and creators, this transformative internet movement is beckoning a paradigm shift in how we use social media. As such, Web3 is a new promising concept unifying several ideas and futuristic visions of decentralization where community-powered, advertising-free, and self-monetized content will reign supreme. Although Web3 will disrupt many existing Web2-based business models, the creator economy is positioned as the biggest contributor to this ongoing revolution vis-à-vis a reinvented social media paradigm.

What Web3 Can Do to Improve Social Platforms?

Why do we care so much about the prosperity of global social network platforms? This is because these are the social platforms that lay a concrete pavement for building decentralized global financial transactions and exchange networks. Decentralized social network platforms, free from hate speech, censorship and other artificial restrictions and impositions, present an apparent ground for building digital token and digital asset (such as NFT’s) distribution and exchange channels. Moreover, it is the decentralized finance that only promises to secure the eventual stable monetization of such platforms, with very few to nonexistent other options. So we apparently face mutually attractive reciprocality here, which, history shows, always results in a mutual integration.

Source: VRM Research

Web2 communities don’t really feel like communities, for good reason, but we have acclimated. We have had no alternative. Web2 companies and big tech companies provided the only option approximating a community for many people, and so we trick ourselves into ignoring the weird, privacy violating, discomforting, aggressive censorship of such platforms—not what a community is, but that’s all we’ve got. So we’ve acclimated.

Currently, there are several blockchain-powered Web3 platforms, including web browsers, video-sharing platforms, blogging platforms, and, most importantly, already social networking, where both creators and consumers are entitled to rewards. Powered by their native tokens, these platforms bring a breakthrough model to the internet where everyone benefits instead of taking a zero-sum approach where “it is the casino that always wins”, so the player always loses at the end of the day.

To achieve this, Web3 social networks will likely offer built-in payment layers, reducing unwanted “mission carriers” and content negotiators thereby reducing the accompanying unnecessary costs. They are also fully interoperable, granting users the flexibility to easily buy, sell, and trade native assets across different platforms. For example, content creators can monetize their content using NFTs and sell it across marketplaces. They can also set up custom subscription models and add-on features for their communities using the underlying platform’s native token to unlock income generation avenues.

Final Words

Current events serve as robust catalysts to the digital reshaping of our modern world. Apparently, fiat currencies’ existential problems, including inherently high inflation, threats of manipulations provoked by unrestricted involvement of the Fed and other central banks, their excessive politicization, i.e. their use as an instrument of the political fight, keep exacerbating and only accelerate everyone’s involvement and acknowledgment of the widening movement to decentralized finances sooner rather than later. Certain previously existing hesitation – particularly, related to the absence of established global infrastructures for such a wide-scale conversion – now, with a little help from rising societal discontent and people’s rising recognition of troubles related to freedom of their expression, seems more surmountable than ever before.