Today’s social media landscape is dominated by Web2 corporations — mostly Meta (Facebook (NASDAQ:META)) and Twitter (NYSE:TWTR). The companies collect data from billions of users and collect billions of dollars in revenue from user-generated content. While it’s great for the corporations and their shareholders, it comes at a cost for average users and professional content creators.
But in the near future, decentralized social media — or Web3 — is likely to end that old model by giving power back to users.
Darius Moukhtarzadeh is a cryptocurrency entrepreneur focused on decentralized social- media applications. He previously worked as a researcher for Sygnum, the world’s first digital asset bank. He also worked for Ernst & Young in blockchain consultancy and for several startups in the Swiss Crypto Valley.
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