As trailblazers of emerging technology, Web3 innovators are constantly searching for in-demand use cases with compelling network opportunities. However, on the other side of the equation are users who, all too often, encounter friction and barriers in the onboarding process. Now, amid a breakdown in trust in the social media landscape, Web3 social platforms such as Phaver and Lens Protocol are attempting to overcome legacy issues and smooth the onboarding process. Could this become the new frontier of Web3 adoption?
As interest and innovation in Web3 pick up once again, many are wondering if this cycle will be the one in which the technology finds its “killer” use case – the one that will pave the way for mass adoption and demonstrate the power of blockchain’s compelling network effects. So far, the technology itself has proven to be one of the biggest stumbling blocks when it comes to attracting more users and developing bigger networks.
The extensive infrastructure in place around Bitcoin and Ethereum has made it somewhat easier to dabble in crypto, but using Web3 alternatives to Web2 platforms has often proven too challenging, with a lack of clear benefits to make navigating the learning curve worthwhile.
However, when it comes to social media, there’s currently an outsize opportunity to demonstrate the benefits of Web3, thanks in part to the fact that Web2 social platforms appear to be doing their best to demonstrate the worst elements of their own business model.
Web2 Has Made a Mess of Social Media
Even before Elon Musk’s doomed takeover of Twitter (now X), many of the major social media platforms were struggling. Facebook’s decline had been labeled a “death spiral,” while Snap and Meta faced accusations of neglecting the wellbeing of younger users. Now, in 2024, users have more reasons than ever to be disillusioned. Musk’s missteps on matters ranging from blue ticks to advertiser baiting have led to further losses in ad revenues and user engagement, and Meta now faces yet more lawsuits with allegations of violating consumer protection laws and endangering child safety.
As such, there is a significant opportunity for Web3 social platforms to capture disillusioned users – particularly those who are looking to protect themselves from the worst excesses of Web2 platforms. Web3 platforms place user control and consent at the center of their business model, meaning that users are less likely to see feeds full of irrelevant content or ads that they haven’t opted into seeing. Instead, Web3 models reward users for their engagement and can leverage reputation-based systems to better filter out spam and fake accounts.
One example is Phaver, a social platform allowing users to own their individual social graph – or the underlying web of connections and interactions that feeds the content algorithms used in Web2 platforms – so it’s transportable across different Web3 social ecosystems.
Web 2.5
Phaver doesn’t just attempt to showcase the opportunities of Web3; it also operates a user journey that offers a navigable path from Web2 to Web3 which it dubs “Web 2.5.” Web3 newcomers can access Phaver’s own off-chain social network without needing a crypto wallet by logging into the app using their existing Web2 social profiles. They can build their network in an off-chain environment and participate in the platform’s gamified ecosystem, allowing them to earn rewards that they can redeem in-platform – for instance, by buying paywalled content.
Later, once they upgrade to a Web3 experience with a crypto wallet, rewards can be redeemed for tokens. Furthermore, when users are on-chain, their Phaver account can connect to the broader Web3 ecosystem of decentralized social networks, such as Lens Protocol, CyberConnect, and Farcaster.
Decentralized social graph protocols also offer huge opportunities for creators, who are no longer at the mercy of an algorithm, to reach audiences that want to see their content. Creators can more easily target their content and have more flexible options for paywalling or rewarding their communities than Web2 platforms currently offer.
Networks for Networks
Since all these benefits overcome many of the complaints about the existing Web2 social media landscape, it’s clear that this segment represents low-hanging fruit for Web3 platforms, particularly those attempting to lure users with the familiarity of a Web2 experience. However, the social media model, which derives strength from the size of networks, perhaps lends itself better than any other segment to the Web3 setup, which also operates on the power of networking. The crucial difference is that the decentralized nature of control makes for a far more sustainable landscape than Web2 companies have managed to deliver.
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