Social media is the cornerstone of our society: everyone has a Facebook, a Twitter, Instagram, Snapchat, YouTube account or some offshoot. I’d argue you’re at a disadvantage not to have a Twitter or a Linkedin with the shift of following people vs mainstream media brands and the job opportunities the latter offers (I’ll pass on how much time I spend on Tik Tok so my partners don’t yell at me).
Web2 offered a sleek experience of the future: people traded newspapers for a hyper-connected world where you can be both local (talk with your friends) and global (talk with someone else’s friends).
Decentralized versions of social media offer the promise of a more equitable future: both financially as users can participate in the upside of platforms they use and in the sovereign sense as they can control, and monetize their internet lives and data. This has not yet taken off as the industry is young, user interface pain points need to be addressed, decentralized networks need scaling and there really isn’t a reason to trade Facebook for a Web3 alternative, up to this point.
A different example is how decentralized finance took off since the legacy financial system is broken; enormous fees, a bureaucratic and closed system has cut innovation, the list goes on. Web3 is in a similar position to address its Web2 counterpart now.