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A Deep-Dive in Web3 Social Media Evolution

By Thomas Wolf | Thomas Wolf's Den | 18 Feb 2023


The emergence of new Web3 technology marks a turning point in the history of the internet, promising a more secure, decentralized, and fair digital ecosystem that empowers individuals, content creators, and businesses alike while challenging the exploitative business models of Web2 platforms.

“To argue that Big Tech companies have a right to mine user data and profit in the billions from that data, while the users themselves have no right to monetize their own data, is tantamount to saying slave ship captains had the right to profit from the slave trade, but the slaves themselves had no right to monetize their own bodies and labor.” ― Allen Taylor


As Allen Taylor writes in his new book, "Web3 Social: How Creators Are Changing The World Wide Web (And You Can Too!),” The issue is how do we ascertain the maximum amount of freedom and security for the maximum number of people while simultaneously minimizing capitalism’s downsides?

Taylor’s book delves into the origins of Web3, exploring its terminology and literal interpretations, making it a valuable resource for those unfamiliar with this concept.  Taylor's historical knowledge is unmatched, well-researched, and meticulously revised, taking readers from foundational concepts before the internet to the evolution of the World Wide Web.

In the book, Taylor covers the many significant developments in web technology and social media in detail, helping us understand the transitions and definitions of Web1-Web3 and their implications for the future.  Web3 is a fast-growing multi-billion dollar industry that affects countless people's daily lives, whether directly or indirectly, projected to go from 2.86 billion in 2023 to 116.51 billion dollars by 2033.

If you are a content creator, you know how important it is to have control over your content.  To put it bluntly, you and your data are the products of social media platforms, advertisers are the customers, and this is a terrible yet standard business model for Web2 platforms. 

As a creator, these business models are the opposite of advantageous.  It means you have no ownership over your data, immoral corporations are profiting off of your work and even your metadata, and you’re constantly being directed toward toxic engagement on the whims of opaque algorithms while failing to yield an income that is proportionate to the value of the services your content and data provide as products.

This “necessary evil” of Web2 advertisement-driven income is prevalent in keeping many platforms operational financially.  For example, advertising was a massive 97.5% of Facebook's 2022 total revenue, valued at 116.6 billion USD in ads.  On a smaller scale, my home platform Publish0x has had to resort to adding additional advertisements.

If you're tired of being the product and want to take back your content freedom, maintain censorship resistance, and monetize your content better, then Web3 Social is for you.

Web3 is the next evolution of the internet, and its developers want to create decentralized and user-controlled protocols and applications that can’t be exploited in the ways Web2 continually has been.

The solutions in Web3 development inhibit the exploitation of content creators on Web2 platforms through decentralized control, increased security, and the ability to monetize content directly, empowering content creators with ownership and autonomy over their work.

The book has a neutral approach to integrating Web2 into Web3, which is a highly practical and realistic viewpoint.  This marks the potential for further progress in our legacy infrastructure, leaving only the exploitative and undesired behind.

Much of this new web infrastructure is built on blockchain technology, which allows for decentralized control, increased security, greater transparency, and economic wisdom on resource scarcity, such as with Bitcoin (BTC) or other cryptocurrencies like Ethereum (ETH) that focus more on smart contracts and deflationary mechanisms.

These economic principles have been and will continue to be inherently applied to modern blockchain-powered social media platforms, notably on the Hive blockchain’s ecosystem.

“Rather than rely on nameless, faceless algorithms, Hive gives users tools to cast their votes for or against content they like and don’t like, resulting in a system that rewards participants based on the demand for their contributions to the ecosystem of the platform, as well as rid itself of unwanted content and creators.” - Allen Taylor


With advancing protocols and applications, we can truly achieve decentralized freedom from the latest form of monetary slavery: The exploitation of our social data for corporate gains at the expense of creator income and autonomy.

Creators should care about these developments because it provides them with the ability to own and control their content, and self-monetize through various means such as microtransactions, tokenization, and more.  Web3 developers have set out to change business models for social media platforms using these new tools and techniques.

With these new developments in Web3, creators can bypass traditional platforms that often have strict content guidelines and can censor content at will.  Additionally, Web3 can enable creators to connect directly with their audiences.  Imagine how nice it would be to migrate your followers from one platform to another with ease!  With Web3 advancements, this is an attainable goal.

The message is clear: The future of the web will be a sanctuary for content creators and their right to ownership.  We won’t be captive to advertiser-driven platforms incapable of fair capital monetization.  Companies like Facebook exploit us and our content for profit, fanning the flames of toxicity while lining their pockets.

Taylor's explanations on the importance of decentralization in social media through blockchain technology provide a simple solution to disrupt or recreate existing social media platforms while educating creators to own their content, monetize their products, and maintain individual autonomy and data liberty.

Web3 Social: How Creators Are Changing The World Wide Web (And You Can Too!) is a must-read for anyone who wants to stay informed about the progress of social media web development and learn how it came to be in detail. 

The book was put up for sale in print and Kindle editions on Amazon this morning, I hope you will be part of the Web3 solution.

Stay smart & Stay safe.

-Thomas Wolf

Pronouns: He/Him/His

DISCLAIMER

I am not a certified financial, tax, legal advisor, analyst, or planner.  The above information should not be considered advice but an opinion intended to share information and ideas for entertainment and independent research purposes.  I am not responsible for any losses or damages incurred due to misinterpreting my personal opinions for professional advice.

15% of all of my writing income is donated to charities via The Giving Block.


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