Web3, a new era of the internet has embarked that focuses on decentralization, transparency, and user data ownership and privacy. Web3 has the ability to bring a huge paradigm change and create an enhanced impact while overcoming the limitations of Web2. Web3 deploys technologies like artificial intelligence, machine learning and blockchain technology. Moreover, the data and privacy of the users will enhance, thanks to blockchain technologies’ decentralized nature.
With the introduction of Web3 social media platforms, the issues regarding the use of Web2 social media platforms have been addressed.
Decentralized networks and blockchain technology provide individuals or organizations control over their data and online activities, thus making Web3 social media sites highly secure.
In this post, we present you with a list of some of the top Web3 social media sites to look forward to in 2023. But before that, let us have a comprehensive overview of Web3 social networks.
Web3 Social Networks: An Overview
Web3 social networks aims to foster community development and information exchange through decentralized, participatory platforms. Web3 social media platforms emphasize providing complete freedom and control for users to produce and distribute content as they want.
Because of decentralized platforms and complete ownership of data, users are free from corporate grip and have the full right to decide whether to monetize their content or not.
Web2 social media platforms like Instagram, Facebook, etc. brought people together. Web3 will play more attention to user privacy issues, data ownership issues, and censorship. Decentralization is ensured via independent servers as opposed to centralized databases.
The Web3 platforms utilize token awards to safeguard the data that is stored on blockchains. Web3 social media platforms also enable artists to tokenize their material into NFTs for revenue, which allows for more dynamic socializing. You may utilize all of Web3 social media’s features while maintaining a higher level of privacy and security.
10 Web3 Social Media Platforms to Look Out For in 2023
An open-source Web3 social media site, Minds values user-privacy as a crucial aspect. It believes in promoting free expression and internet freedom. This platform minimally filters the content posted by users on its site.
The users receive MINDS tokens everyday for offering liquidity, bringing new users, and producing appreciable content. These tokens can be further utilized to promote content or to gain access to premium benefits.
A Web3 social media platform based on Ethereum blockchain, Akasha offers its users a restriction-free environment to share their innovative ideas and thoughts. The platform offers an interactive interface which allows users to discuss, comment and upload content.
Users can acquire the native token of AKasha, AETH by participating and engaging with content creation.
A share-to-earn approach, Phaver rewards its users with platform ownership by issuing tokens for sharing their favorite content. These tokens are also offering Phaver users ownership in the upcoming Phaver DAO.
Phaver seeks to showcase some of the best Web3 content either in the form of products or services, or blogs, tweets,etc.
Lens Protocol is user-owned, decentralized, composable and open social graph, configured to be used as a plug-in by any application. The idea is to create a great user experience rather than focusing on user scaling.
It allows the users to create and collect publications, follow others, mint a profile, completely on-chain. Lens Protocol is loaded with features to efficiently serve the Web3 community.
An On-chain social graph powered by crypto, Chingari is one of the Web3 social media platforms that allows users to share various forms of content including audio, video, ed-tech, products and services, etc.
Chingari allows digital artists and video creators to monetize their content in cryptocurrency by creating and sharing their content on the platform. It has included other money making options like play-2-earn, watch-2-earn, and engage-2-earn in the app.
Damus is a Web3 platform where the user controls the social network. It offers registration free account access.
Damus provides end-to-end encrypted private messaging and messages are distributed through decentralized relays. The user’s can tip their friends post through Bitcoin.
Built on Ethereum blockchain, Mirror offers a powerful publishing platform, pushing the boundaries of online writing. Mirror offers the option to mint any post published on the platform.
Mirror is designed to support multisignature concept and DAOs. The multisignature approach adds extra layers to the user’s security. Mirror also empowers collaboration with a range of co-authorship capabilities.
The users are free to create communities around their ideas from scratch, and are even allowed to convert their readers and supporters into collectors.
A twitter-like Web3 social media platform, Lenster is Lens Protocol’s first social experience. It is packed with features to efficiently utilize Lens Protocol to interact with your social graph.
However, Lenster’s design and operability is almost similar to twitter, but its support to various forms of NFTs distinguishes it from twitter.
Like every other Web3 social media platform, Diaspora foundation is based on decentralization, privacy and freedom. Diaspora allows its members to select and self-host a server (referred to as “pod”), giving them a better grip over personal data.
Diaspora encourages community-driven experience while allowing the members to post content on Web2 social media platforms like facebook and twitter. It aims at ad-less interactions, enhanced privacy and better user control.
Paragraph is a platform that allows users to write Web3-powered newsletters. It offers tools to build your own decentralized media platform.
Users can post their content without any restrictions and with complete content ownership. The platform offers its users options like incentivizing token holders, offering premium benefits, creating referral programs, etc. to promote their content.
Users can token-gate their content and sell collectibles while offering their readers community ownership.
How Web3 Social Media Platforms Work?
Web3 social media sites are based on blockchain technology. By now everyone is aware that initially blockchain technology was developed to support cryptocurrency, but now the technology has expanded its reach to other domains.
Web3 social media sites are a subset of dApps due to their decentralized nature resulting from the deployment of blockchain technology.These decentralized applications (dApps) operate on participant-based architecture connecting with thousands of nodes across the globe.
Even if some nodes fail, the network as a whole won’t be impacted. As a result, the network will function without interruption, encouraging failure-resistant applications. dApps are smart contract driven, which function as the core of social media applications and specify their business concepts too.
Apart from this, the decentralized aspect of Web3 social media platforms is significantly maintained by crypto tokens. Several Web3 platforms including Web3 social networking sites, video/audio sharing sites, etc. are currently available in the market, that pay both creators and consumers.
Each of these web3 platforms are powered by blockchain’s native tokens and which incentivize participation from users across the globe. These tokens may be bought by users to access particular features, reward their preferred content producers, or make in-app purchases.
Web 3 Vs Web 2 Social media
The main aspect that differentiates Web3 social media from Web2 social media is the underlying blockchain technology based on decentralization. This implies that decentralized Web3 social media platforms won’t impose any restrictions on source of information, destination of information or data ownership.
In contrast, Web2 platforms are centralized and try to engage users on the platform for longer durations. These platforms control the flow of data between different platforms and even control the user information.
It can’t be denied that Web2 social media platforms brought people together from across the globe while breaking the language barriers, and gave people platforms to speak their mind.
However, these platforms have drawbacks including restriction of speech, data breach, control over user data, server failure, etc. Web3 social media platforms overcome these drawbacks.
Web3 social media platforms are community-driven, unlike Web2 platforms that are controlled by a single entity. Web3 platforms are permissionless and utilize token awards to safeguard the data that is stored on blockchains.
Reasons to switch to Web3 social media platforms
The following points will be enough to prove that switching to Web3 social media sites is a good thought.
Ensuring user data privacy and confidentiality is one of the key issues with Web2 social media platforms. To create a personalized user feed, the data collected at the time of account registration are all stored on centralized databases, vulnerable to security threats.
Any platform deploying blockchain technology, ensures enhanced security and less vulnerability to data breaches or cyberattacks. The blockchain’s data encryption technique makes it challenging for unauthorized individuals to access the server and thus, offer better security and services than Web2 platforms.
- Verification of User Identity
The Web2 social media sites are flooded with fraudulent accounts and bots, which are used to deceive people by spreading rumors, inappropriate content, and phishing links. It has become really difficult to recognize a fake account and an original account.
The deployment of smart contracts technology by Web3 social media platforms, ensures and verifies that every account on the platform is owned by a real person.
The in-app payment system offered by Web3 social media sites allows users to make purchases using the platform’s native tokens. By exchanging products and services using tokens, users can easily manage their assets on the platform and can equally participate in decision-making processes.
- More lucrative advantages
Web2 social media sites like youtube, instagram,etc., offered individuals the opportunity to earn through their content. But on such platforms the content ownership doesn’t solely belong to the creator.
However, on decentralized Web3 social media platforms, there are much more effective ways to monetize content allowing creators to have full content ownership.
Additionally, the viral content can be produced as NFTs, another way of content monetization. Web3 platforms may leverage smart contracts to rapidly release funds.
- An environment focused on the user
Web3 social media site’s user-focused approach is something new to look forward to. The approach bypasses the concept of consumerism and allows users to build their own community.
These communities can be used to exchange ideas and information. And the users can even customize the platform as per their requirements
A new age of social media platforms is being introduced by Web3 technology. Overcoming the major drawbacks of Web2 social media platforms, Web3 is revolutionizing the way individuals interact with each other.
Decentralized and transparent environment, identity confidentiality and more control over user data, are the foundations of Web3 platforms. Web3 social media platforms have unraveled new ways for creators and artists to monetize their content, opening doors to more profit-making.
If you are a content creator or someone who likes spending time on social media, give a try to these Web3 social media platforms. Begin your journey to a new realm of experiences!
Frequently Asked Questions (FAQs)
Web3 is transforming the way social media platforms work and is offering better content monetization opportunities to content creators and users. Complete user ownership and transparency, are some of the features adding to Web3 popularity.
Web3 social media is based on the concept of decentralization where the user has complete ownership and control over their data. The decentralized nature of Web3 platforms make them more secure and reliable as compared to Web2 social media platforms.
Some of the decentralized Web3 social media platforms that are gaining momentum are Minds, Akasha, Chingari, etc.
Built on the Ethereum blockchain, Eth is one of the most-liked Web3 domains. Digital Wallets, dApps and other Ethereum related initiatives, frequently utilize Eth.
Web3 has hyped the idea about developing decentralized social media sites that cannot be governed by a single entity. This has brought up Web3 social media platforms that are transparent, more open and offer user data ownership.