Generally, the social media usage of people is utmostly increasing every day by day. Many new users are already attracted to updating their information on various social media platforms. According to Statista.com reports from last year, it should be 4.59 billion users across the world also that in future 2027, it should be expected to be 5.85 billion approximately. The world social media market is dominated by the one and only company in age and revenue-wise “Meta” which most users spread on various Whatsapp, Instagram, and Facebook. And secondly other platforms like Tik Tok, Snapchat, Twitter, LinkedIn, Pinterest and Reddit. Recently Meta has divided into Metaverse-based programmes for their in-house product development. Also, Meta continuously used outdated strategies to retain their users. Most tech activists have been bored with using these centralized same platforms for use in many years.
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Web3 is will sustain or not
Every person’s mind thought to believe the future of social media is metaverse, not the truth. In the evolution of blockchain technology, new tech is born in the form of web3. That neglects the central authority that reflects in many platforms including in social media platforms. This technology base is built with one powered blockchain network that is transparent in a digital ledger and can store data immutable. Generally, web3 social networking is decentralized are thus a class of dApps. dApps work on a smart contract-powered basis. So that is fully under the peer-to-peer network.
When we now speak about decentralization in all areas of aspects. But now this situation of social media platforms has stuck into one centralized authority server owned by the company or a government. Let’s web3 social media give closure opportunities to give users hands features like freedom, autonomy, and governance by users.
In the circumstances have already understood companies some of web3 social media platforms are Minds, Mastodon, Signal, MeWe and others. Even some newly emerging companies have put their effort to make their own social media platform into web3. In future, this range of apps are significantly raised while the same scenario is continued people aware of privacy, data theft, and platform security. However many of the crypto entrepreneurs have kick-started in a decentralized platform for the investors IDO Launchpad Development in recent times maximizes the need.
Every social media platform gives providing people with their own way style and delivers interactive social experiences over the decades. Although, most social media platforms deliver the user experience only digitally visible. But in recent times people are using next-gen digital gadgets like VR glasses, AR applications and other technologies. The outdated social media platforms people’s usage interest is slightly downwards and their choice of preference is to be used in the latest technology-based social apps.
Famous social platform, Instagram recently supports NFT on their platform to showcase their art collection throughout the world. Also that Twitter introduced the feature of using NFT with a new profile image feature. Tech experts are also expected to in the near future social media platforms will allow integration of the NFT marketplace with their platforms for in-use purposes. Following the metaverse trend many businessmen started their journey in Metaverse NFT Development and were involved and maximised their opportunities.
In the modern-age social media apps have a unique avatar-creating section for users can create, apply their Avatar profile picture, and put avatar stories, messages, and video calls. By the way Avatars and skins are symptoms in upcoming years that will connect the NFTs.
Even now today web2 based social media have faced a lot of problems facing data privacy, spreading misinformation, harassment and etc. Thus a wide range of problems hasn’t been solved. Those web2 social media platforms had in centralized but a lot of problems aren’t sorted out by the government and the platform owners but web3 is fully decentralized.
Everyone has it take their own responsibility but how people can accept this tech and overcome their problems facing social platforms? Only time will be determined by everything. But most of the techies want to have a free-of-speech platform that claims it is a new space with anonymity from the government and not intruding on any company. That all automatically revoked then web3 is automatically created a guaranteed safety and freedom.
Benefits of Web3 Social Networking
Here are a few benefits behind the web3 social networking platform are
Eliminates the trend of viewing the user as a product
Most social platforms take the advantage of their user’s trust that may misuse their data and information to sell to other third-participant advertisers to get a heft profit. In this stage, web3 has wholly cut off this social media platform using users as a product strategy. Web3 prioritize is safety and privacy of their users from eliminates the centralized snoopers and replacing this web3 technology is storing data in a distributed data storage network.
Basically, web3 social networking is working on a blockchain-based platform to develop it.
All data are that have stored in an immutable blockchain network. So which platforms make the user’s data and confidential pieces of information are preventing free from spammers and bots?
Control over the content
Web3 gives full power to the concerned user to control their data and content. Also, you give access to the other participants who only can access your information.
In-app Payment system
Web3 social media’s secondary main thing is to streamline the crypto payment system into the platform. Ease up to maximize the protection of crypto in-app payment is done more flawlessly and without any need for third-party interference & do in securable.
This platform’s foremost thing is to full-potentially use for free-to-speech purposes although no one cares about your social media activity. And censorship free for your content posts.
Compensate for your content
The concept of web3 social media track user interaction via a blockchain ledger that offers fair compensation to the creators. The traction ways methods like genuine followers user base and more engaging posts are included. And that automated payment compensation for influencers is should be based on the metrics.
Mostly genuine in the web3 social media platform identity verification process because of that it cross-checks your information where any other web3 platforms or social media platforms. So that verification is cent per cent that you are a fake or a bot.
Web3 Social networking apps can access to straight access to the content for the users. Every business or services based companies have treated people as a product but in the web3 case is not validated. Every user has their own right to behave on these social media platforms. Wide opportunities for both users and entrepreneurs because of that platform give a plethora of benefits. If you are a wander to create your own platform from the best web3 social media development company that gives you ideas for your project and is well-accomplished in best-in-class levels. In the world, people’s minds are thought to deserve it takes new technology some time to embed in their life usage.
Read more: What Are Web3 Bounties And Their Benefits?