Can Web3 save social media?

The enterprise arm of cryptocurrency behemoth FTX is funding one thing dubbed Lens Protocol, a brand new blockchain device geared toward social media that enables customers to endow an NFT with identity-related traits. The idea is that by utilizing the NFT, you could preserve management over your privateness and information whereas hopping between a number of Web3 social networking platforms with a single id.

This can be a standard idea on this planet of cryptocurrency and it is smart. There’s a widespread notion that the present social media paradigm is flawed; right-wing partisans scream that woke up tech overlords are censoring them, whereas left-wingers fear that social media is fueling a wave of hate and conspiracy theories. In the meantime, customers on either side are normally uninterested in Twitter’s every day dose of performative preening and dunks, in addition to how Fb has was a digital Walmart.

It is smart that cryptocurrency billionaires like Sam Bankman-Fried of FTX and Chris Dixon of a16z are optimistic about Web3’s potential to reinvent social media for a brand new period. Dixon has staked a major sum of money on this idea, most notably by backing a $200 million funding within the DeSo mission, which goals to create a decentralized blockchain-based social platform.

It’s tough to not help such endeavors. Who wouldn’t wish to ditch Fb and Twitter in favor of an identical web site with out the data-gathering and algorithmic manipulation? The problem is that whereas Web3 social media is an intriguing idea, its viability in actual use is way from sure. One cause is that solely crypto fanatics would even try a Web3 social community—after which shortly surprise, “What’s the purpose?,” if none of their family and friends are additionally utilizing it. Web3’s person interface remains to be horrible.

Nonetheless far into the longer term?

Web3 supporters will likely be fast to guarantee you that the design points will likely be resolved sooner or later, however as of proper now, a mainstream product looks like will probably be accessible in at the least 5 years. The least tough activity, however, may be person design. Moreover, there’s the difficulty of content material moderation, which crypto zealots will try to dismiss as extra woke censorship, however which is able to inevitably turn out to be a urgent situation as decentralized social networks devoted to disseminating content material exhibiting situations of kid sexual abuse or genocide emerge. Moreover, as a result of blockchain networks are interconnected with monetary networks, know-your-customer laws will unavoidably be demanded by authorities.

Web3 varieties are fast to say that new blockchain identification options will be capable to repair this drawback, however these options will stay fanciful until they combine with the DMV or one other authorities database.

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