Shifting the Community Paradigm in Web3

It’s an ironic name really, social media. It’s ironic because there isn’t anything all that intrinsically social about multi-billion dollar platforms generating their incomes through communities without ever actually acting or governing in the interests of those collective communities. Web2 social media has grown through extracting value in the form of data and content from its communities of users and creators, rather than actually creating value for them.  

Even if Web2’s social media platforms set out to establish communities, those communities were built on one-sided dynamics, where the control, and the benefits, were only flowing one way (unless you were a celebrity or influencer with enough clout to claw a piece of the pie). 

In recent years the dynamics have slowly started changing for the better as creator rewards begin to emerge across more platforms, but this is arguably only because of the competition coming from Web3, and at best an afterthought.

This is why community-building has to remain one of the founding principles of Web3 – and why every project, founder, builder carving the space has a chance to grow social communities where self governance, shared collective interests, and a fair value exchange, are quite literally coded in.

Web2: The Extraction Game

In the early days of the internet, the promise of connectivity and collaboration seemed boundless. However, as the digital landscape evolved, it became apparent that the platforms we used to connect were leveraging our interactions for their own gain. Web2 brought forth social media giants that amassed mega profits by capitalizing on user-generated content, all while users themselves were left with a sense of digital exploitation.

Data, Content, and Profits - a One-Way Street

Web2's social media platforms thrived by collecting user data and content at an unprecedented scale. The likes, shares, posts, and comments that populated these platforms were the lifeblood that fueled their advertising-based revenue models. The data goldmine enabled hyper-targeted advertisements, generating enormous profits for these platforms. Meanwhile, users and content creators, the very foundation of these communities, found themselves sidelined from reaping the benefits of their contributions.

The Illusion of Community

While the term "social media" inherently implies the creation of communities, the reality was often a far cry from the ideal. What appeared to be online communities were, in essence, user bases exploited for their interactions without enjoying equitable reciprocation. The power dynamics were skewed, and genuine engagement gave way to a shallow semblance of connection. It was a landscape where user voices were lost in the algorithms, and the true spirit of community took a back seat.

Web3: A Social Change

Armed with the lessons of Web2's shortcomings, Web3’s builders are reshaping the internet with a focus on empowering communities and fostering value creation. At the heart of the Web3 philosophy lies the recognition that communities are not mere commodities but invaluable assets that need to be nurtured and rewarded. Unlike Web2's extractive approach, where users unknowingly forfeited their data and content, Web3 platforms are designed to place the interests of communities at the forefront. The narrative shifts from exploitation to cooperation, from value extraction to value creation.

WOM Protocol: Pioneering Web3 Social Communities

By incentivizing and rewarding user-generated content, WOM Protocol is bringing a better value exchange to social platforms. Instead of simply extracting user-generated content, the protocol incentivizes and fairly rewards it. Rather than relying on intrusive digital advertising, the protocol enables platforms to monetize user-generated content, grants brands and advertisers access to authentic, user-created content for repurposing in their marketing endeavors.

Unlike the unilateral nature of Web2 platforms, where the balance heavily favored the platform itself, Web3 communities thrive on shared interests and mutual benefits. The WOM Protocol facilitates an intricate symphony where users, platforms, advertisers, and brands harmonize in a way that benefits everyone involved. The platform ensures fair compensation for content creators, relevant content for advertisers, and authentic engagement for users.

The Path Ahead: A Community-Centric Tomorrow

In the grand tapestry of the internet, the shift from Web2 to Web3 is a pivotal thread. The exploitation once synonymous with social media can be replaced by a culture of collaboration, ownership, and shared prosperity. Web3's communities are poised not just to reclaim value but to create it anew.