The Future of Social Media on the Blockchain

Social media is one of the most important contributions of Web2.0. It has helped to create a digital environment where people can engage with one another, and create communities with mutual interests, enhancing human interactions far beyond the confines of geographical boundaries.

Web2 has also made it possible for the creator economy to emerge and grow at an exponential pace. However, the emergence of Web3 is rapidly altering our perception of social media as well as the benefits that users might receive. On that topic, this article will look at the future of social media in the age of blockchain technology, web3, and decentralization.

Web3, Blockchain, and the Notion of Transparency

Our understanding of web3 thus far has led us to the conclusion that it will be more engaging at full capacity. Web3 will enable a truly decentralized ecosystem in which everyone can participate in both its governance and usage.

Essentially, the concentrated power that top social media platforms like YouTube and Meta currently hold will be dispersed, and all users will have a say in how things are conducted.

In addition, blockchain will facilitate greater decentralization and transparency, as data monopolization will no longer be viable. In-community transactions and the customization of services will become available, which might further unite businesses, creators, and customers.

Thriving Creator Economy

Currently, content creators do not have the freedom to create content. They are bound by unwritten codes and arbitrary rules that are set by platform owners. YouTube, for instance, has a set of rules on the kind of content that is acceptable on the platform. Occasionally, content creators see their content banned with no real explanation.

The creator economy will be one of the first beneficiaries of blockchain-based social media platforms. First, they will no longer be at the mercy of social media platforms to earn a meager percentage on the content they create. They will be able to monetize their material directly through token-gated access or any other means they feel appropriate.

Second, arbitrary rules and regulations will no longer exist. Creators will now be able to build social media communities where they can fully engage with fans and audiences in an environment that reflects their likeness and artistic depictions.

Data and Privacy

Users have become the product in the Web2 social media space, and their data is used as bait to attract corporations looking for a target audience to whom they can display targeted adverts.
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Users' data is not private and their digital footprints are swiftly harvested and used to target them with various ad campaigns, some of which run across multiple channels and partner networks.

Web3 will provide decentralized storage, allowing users to store data in their wallets or on decentralized storage infrastructures such as Arweave. Users will have more control over their virtual footprint and will be less vulnerable to targeted adverts as a result.  It is expected that ads will only be displayed with the consent of users, and they may even be compensated for performing particular activities.

BlockX for Web3

Designed for fostering web3 ideals, the BlockX network is the perfect chain that encompasses the suite of tools needed for the development of web3 interactions. Swift and operating at a lightning speed, the BlockX chain is the perfect ecosystem for the development of dApps, metaverse projects, NFTs, and DeFi. 

Through its features, the chain also provides a seamless channel and support for launching decentralized social platforms. This is especially true for metaverse projects that can run on a system that provides speed, a critical element for metaverse interactions.

The future of social media on blockchain and Web3 will become more decentralized, creating a decentralized environment where all users are participants, and all participants could potentially monetize their activities. BlockX has come to this realization and has built an infrastructure that is in tune with the next iteration of the internet.

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