Social media is a large part of our lives today. People use social media for a variety of use cases, such as staying in touch with friends and family, sharing life updates and photos, following news and current events, and discovering new content and communities. Some have also been able to harness the power of social media for professional networking, fundraising, marketing, and advertising.
When we look at Web3 social media specifically, it is still quite niche and mostly focused on micro-communities and interests. For example, some Web3 platforms like Showtime, Soundxyz, Mirror are geared towards creators, allowing them to build and/or monetize their content and connect with their audience in new ways. Other Web3 platforms like Mastodon, Farcaster, Lens are focusing on decentralized communities and peer-to-peer interactions.
In this article we want to provide our subscribers with a nuanced breakdown on the current state of social by drawing parallels between Web2 and Web3, and showcasing where the opportunities for a platform like joincircle exist.
Web2 social media platforms have become ubiquitous in our daily lives, with many users spending hours each day scrolling through their feeds and engaging with content. However, despite their popularity, these platforms like Twitter, Facebook, Instagram, and Snapchat have been criticized for their negative impact on users' mental health, privacy, and overall well-being. These platforms have often been accused of fostering echo chambers, spreading misinformation, and largely contributing to the erosion of civil discourse online. Back when I used to be a mental health activist, I connected with the team behind the popular Netflix documentary, “The Social Dilemma,’ and created many strategies and highlighted opportunities to solve some of these challenges and improve the overall user experience.
When we dive into the relatively nascent world of Web3 social media, at face value they promise to address some of the issues plaguing Web2 platforms. They strive to give users greater control over their data and to create a more decentralized and equitable social media experience. However, from our research and personal experiences, many of these Web3 platforms are merely replicas of their Web2 counterparts with similar features, user interactions, and the overall functionality. Usage and adoption is also still relatively low compared to traditional Web2 platforms, and the lack of a large user base and network effects makes it harder for these platforms to attract and retain users.
Additionally, onboarding for most Web3 social media platforms today can be cumbersome and confusing for the average native or non-native Web3 user. Unlike Web2 platforms, which require only a few simple steps to sign up and use, Web3 platforms often require users to have crypto wallets, manage private keys, understand and sign certain transactions, and ultimately possess sufficient knowledge of the intricacies of blockchain technology. All this increases barriers to access and accessibility. So, while Web3 social media platforms may hold promise for the future of social media, they are currently not providing a unique or helpful experience for the broader audience.
This is why we decided to work on joincircle, we wanted to provide everyone with an experience that was simple, relevant to their needs, and helped them build their social graph. A place that welcomes all communities of all sizes across different blockchains; a place where you are actively encouraged to improve personal security practices; a place where you can connect with people you might have never met before; a place where you are able to proudly showcase your Web3 identity - on-chain contributions, collections, rewards; a place that puts an emphasis on accessibility and inclusion; a place that evolves with you.
It is easier said than done, but a dream that started almost a year ago out of personal need and necessity will come to fruition this year. It will not be easy, but we are incredibly excited to build the future of social media together with our community.
This article was written by Satvik Sethi, Co-Founder & CEO, joincircle.