Web 3.0 represents the third iteration of the internet. While Web 2.0 allowed massive profits to be made by companies who harvested data from their users, Web 3.0 provides the opportunity for users to profit from the data directly.
Web 3.0 aims to democratize the internet and hand control back to the users, allowing for a more tailored and user-focused experience like that available via the new DeFi platform Earnity by Dan Schatt. This has led many spectators to ask the question, will Web 3.0 redefine social media?
Currently, social media platforms are owned and operated by large corporations like Google and Facebook. They harvest data and then sell that data to advertisers who target you with adverts to promote their products.
Systems that are designed in this manner are inherently exploitative as they apply a rent-seeking approach to their business model. Users of the platform do not own the platform themselves but instead pay for their use through the sale of their data. Corporations, therefore, rent out access to their social platforms in exchange for access to your data.
This profit-focused approach to social media drives forward a corrupted-incentive structure for the companies who operate these businesses as they inevitably prioritize profit over the well-being of their users.
Web 3.0 could be the solution to this problem. If we think of social media as a town square where everyone gathers to share ideas and discuss events, then the town square is currently owned by Facebook and Google. Web 3.0 would allow the town square to be owned by everyone who participates in it. By doing this, Web 3.0 would allow users to either profit from the data being sold or opt to maintain their privacy and keep their data confidential.
The concept of Web 3.0 technologies being used to redefine the social landscape and allow users to earn money for their participation is undoubtedly an exciting prospect worth keeping a close eye on as this space develops over the coming years.