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Some people wake up in the morning and don’t know where they left their phone the night before. And some people instinctively check their social media accounts before their eyes are fully open. For many people, this means scrolling through notifications on Instagram, Facebook, X, and TikTok, starting the day with their digital inventory before they even have time to wake up.
These days, users are also finding new ways to engage with social media beyond traditional use cases. For example, some people move away from traditional search engines such as Google and turn to social media platforms to complete everyday tasks. With the rise of influencers, users are constantly bombarded with information, product recommendations, and sponsored content that shape their decisions and habits.
Everything users post and interact with, from their personal preferences and browsing habits to their location, has become a data point for companies to track, analyze, and monetize. During Kamala Harris’ presidential campaign, her team spent more than $11 million on advertising on Instagram and Facebook to target younger audiences.
Big tech companies even have the power to filter the content users see. For example, in July, Facebook and Google were accused of censoring an assassination attempt on President Trump. While content may be removed based on algorithms or external pressure, users typically do not know the criteria that determine which posts are removed and which are promoted.
Decentralization is the key
To combat these insidious problems, more and more users are turning to decentralized solutions that can naturally resist censorship and undue control.
Decentralized social networks provide users with complete ownership of their content by eliminating intermediaries. Additionally, because decentralized social media is not controlled by a single entity, data is not stored in a central location that is typically vulnerable to hacking and surveillance. The lack of centralized authority also means that no one can censor user-generated content.
Integrating social media principles with blockchain technology provides a Web3 approach to creating, managing, and interacting with online social networks.
For example, Lens Protocol is a decentralized layer 2 infrastructure designed for scalable social spaces, allowing users to own their content and connections. Traditional Web2 platforms such as X, Facebook, TikTok, and Instagram rely on a centralized social graph to leverage control over data to create and manage user connections. In contrast, Lens Protocol aims to decentralize this power structure and give individuals ownership over their data and content.
Lens Protocol allows users to create, share, and interact without relying on centralized permissions. This is achieved by allowing users to own their own profiles and move data freely between platforms.
Avara, the developer behind Lens, Aave, and Family, recently closed a $31 million funding round. The round was led by Lightspeed Faction with participation from Alchemy, Avail, Circle, Consensys, DFG, Superscrypt, Re7, and Wintermute Ventures. The funding will be used to expand the network infrastructure before the mainnet launch next year.
We can’t say goodbye to Web2 social media just yet, but SocialFi offers users a new perspective on how decentralization can deliver a more value-driven experience. This change sets the stage for a future where users are compensated for their time, creativity, and influence, and where their data belongs to them, not to a centralized company. SocialFi advocates for a more level playing field where value is shared more equitably among contributors.
