Social media has become a real staple of our society in this century. From the advent of MySpace to the advent of Facebook, YouTube and Twitter, and then to lifestyle-centric Instagram. All parts of the wave that brought Web 2.0. The introduction of these platforms also raises an issue that could well be put into place to fix Web 3.0.
Web 2.0’s social media model strongly predicts the collection of large amounts of data from its users. This information is then used and exploited for advertising revenue, with only a handful of companies (Meta, Alphabet and Twitter) controlling the market.
However, the users of this platform themselves did not benefit from the value of the data obtained from their use. Decentralized networks will have the potential to change that energy balance.
Instead of being owned by a centralized organization, the community will own the network. This means that the platform’s governance, set of rules and general activities will be returned to the users, as well as a large share of potential profits.
This means that someone’s values in a decentralized network, and ultimately their activity, can indicate much more strongly the values they create from their identity and platform.
Essential for blockchain, acts as a digital laser. Users will have their own web 3.0 wallet in their profile which can be used across any decentralized platform. This set of platforms is known as metaverse. Everything a user does or transacts is stored on the blockchain for transparency and security.
If you remember MySpace, every profile can be extensively customized through music and branding, this is its evolution.
From this a whole host of possibilities is evident. Greater control for content exploitation and revenue, widespread elimination of cybercrime and counterfeit content through blockchain, more communication opportunities for the advertising industry, increased authenticity and the development of digital labor markets around the world.
Real world application
Entrepreneur Max Logan is using social media to grow his growing watch business. Making strong profits from sales through its influential position and its use of social networks.
“I started buying Gshock watches and realized that there is very little room for profitable business. I worked my way up to Britling, then Rolex, Patek Philippe and Richard Mill, ”said Logan.
He adds: “I am an influential person and show watches I have invested for almost a year before being listed for sale. Displaying watches helps me get potential buyers on social media platforms that take about 20% off the market price instead of selling them to a watch dealer. “
Logan has gathered real followers of watch enthusiasts, collectors and buyers across social media. Speaking of the advent of Web 3.0, Logan believed that it could drastically change consumerism.
“I use social media to build a community of like-minded people to learn and do business. The possibilities that Web 3.0 brings are not for me to be a legally endless community of communication and growth but to be able to be a medium of large scale financial transactions to grow my business.
“This is exciting happening, and I plan to be a first-timer to capitalize on the technological advancement and help the whole watch market grow.”
“I’ve been buying and selling watches for over 10 years and my best selling has been over $ 175,000. For an entrepreneur like me, Web 3.0 is going to be something that takes Sui even further. ”
Anyone can predict when and how it will be widely adopted but the chances of innovation and positive adaptation are much higher.