Why Decentralized social media matters.
Before delving into the world of Decentralized Social Media, it’s essential to understand the issues associated with Web2 Social Media.
Web2 social media platforms often exert significant control over user-generated content, primarily through their terms of service and user agreements. Upon signing up for these platforms, users consent to these terms, which often grant the platform ownership and authority over the content they create.
Monetization Problems are prevalent in Web2 social media:
- Facebook claims a hefty 30% share.
- YouTube takes a substantial 45% cut.
Furthermore, Web2 social media platforms have been heavily criticized for their lack of transparency regarding the collection, utilization, and sharing of user data.
Instances of account removal and deplatforming are not uncommon. Platforms like Twitter, Facebook, LinkedIn, and YouTube have, at times, de-platformed numerous accounts without clear guidelines or due process.
Now, you might wonder, “Why is Web3 Social Media different?”
Web3 social media distinguishes itself by:
- Returning data control to the user.
- Embracing transparency and resisting censorship.
- Ensuring that users cannot be arbitrarily de-platformed.
- Notably, platforms like Opensea and Mirror claim significantly smaller shares, taking less than 5%.
To gain a comprehensive understanding of the current Web3 social landscape, I recommend reading the article Mass Adoption Narratives: Decentralized Social Media.
For more insights on Weekly Active Users by Protocol, you can refer to this source.
In summary, various social media platforms are adopting diverse approaches in the Web3 space, and it remains to be seen which approaches will prove most effective.
If you’re new to Web3 social media and want to explore some platforms, consider trying Lens, Farcaster, Mirror, Cyberconnect, and DeSo for a firsthand experience of the evolving landscape.
To comprehend the challenges hindering the mass adoption of Web3, let’s examine the issues that demand resolution:
- Complex User Experience: Many existing social apps in the Web3 realm present subpar user experiences, necessitating users to possess a cryptocurrency wallet merely to create a post. This complexity hinders adoption.
- Limited Accessibility: The majority of Web3 social platforms remain invitation-only, preventing a significant portion of interested users from participating.
- Web2 Imitations: Notably, a substantial portion of Web3 social developments merely mirror Web2 applications. For Web3 to gain traction, it must offer unique and unrivaled features that Web2 cannot replicate, thereby enticing new users.
As time progresses, we can expect new protocols to emerge, addressing these problems and potentially surpassing existing solutions by providing better user experiences, greater accessibility, and more compelling features.
Reference
Mass Adoption Narratives: Decentralized Social Media (neworder.network)
