Social media is breaking loose from the shackles of Large Tech

Some people wake up and have no idea where they left their phone the night before. Then, there are those who instinctively check their social media accounts before their eyes are even fully open. For many, this means scrolling through notifications on Instagram, Facebook, X, and TikTok—starting their day with a digital inventory before they’ve even had time to wake up.

These days, users have even found new ways to engage with social media beyond traditional use cases. For example, some have moved away from traditional search engines like Google, turning to social media platforms to help them complete daily tasks. With the rise of influencers, users are constantly being bombarded with information, product recommendations, and sponsored content that shape decisions and routines.

From personal preferences and browsing habits to locations, everything users post or interact with has become a data point for companies to track, analyze, and monetize. During Kamala Harris’ presidential campaign, her team spent over $11 million promoting ads on Instagram and Facebook in a quest to target younger audiences.

Big Tech players even have the authority to filter the content users see. For example, in July, Facebook and Google were slammed for censoring President Trump’s attempted assassination. They can remove content based on algorithms or external pressure, while users typically remain unaware of the criteria used to determine which posts are removed and which are promoted.

Decentralization is the key

To counter these insidious issues, more and more users are turning towards decentralized solutions that naturally resist censorship and unwarranted control.

By eliminating the middleman, decentralized social networks provide users with complete ownership over their content. Additionally, since decentralized social media is not controlled by a single entity, data is not stored in a central location typically vulnerable to hacking or surveillance. The lack of a centralized authority also means that no one can censor any content generated by users. 

Integrating the principles of social media with blockchain technology offers a web3 approach to creating, managing, and interacting with online social networks.

Lens Protocol, for instance, is a decentralized Layer 2 infrastructure designed for scalable social spaces, allowing users to own their content and connections. Traditional web2 platforms like X, Facebook, TikTok, and Instagram rely on centralized social graphs to create and manage user connections, leveraging control over data. In contrast, Lens Protocol aims to decentralize this power structure, giving individuals ownership over their data and content.

Lens Protocol allows users to create, share, and interact without relying on centralized authorities. It does this by allowing users to own their profiles, granting them the freedom to move their data across platforms. 

Avara, the developers of Lens, Aave, and Family, recently completed a $31 million funding round. The round was led by Lightspeed Faction, and participation included Alchemy, Avail, Circle, Consensys, DFG, Superscrypt, Re7, and Wintermute Ventures. The funding will be used to scale the network infrastructure before its mainnet launch next year. 

While we can’t say goodbye to web2 social media just yet, SocialFi gives users a new perspective on how decentralization can provide a more value-driven experience. This shift sets the stage for a future where users are compensated for their time, creativity, and influence, and their data belongs to them, not centralized corporations. SocialFi advocates for a more equitable playground where value is shared more equitably among those who contribute.