Top Web3 Social Media Apps Overview in 2024

03 May 2024

In recent years, the digital landscape has undergone a significant change in how we interact, share, and engage online. While traditional social media platforms have dominated this space, the emergence of Web3 technology is introducing a new era of decentralized and user-centric social media experiences. This is where Web3 social media app development comes in, offering a groundbreaking approach that has the potential to revolutionize how we connect and communicate.

This article explores the key players in this dynamic market and their most compelling features. From innovative functionalities to groundbreaking approaches, these top players are paving the way for the future of social media in the Web3 era. Let’s explore the distinctive and innovative features that distinguish them in this fast-growing field.

What is Web3 Social Media App Development

Unlike traditional social media platforms that rely on centralized servers to store and manage user data, Web3 social media app development uses blockchain technology to decentralize data storage and distribution. This architecture enhances data security and privacy while giving users greater control over their personal information.

The principle of decentralization is at the heart of Web3 social media app development. These apps empower users to interact directly with each other in a peer-to-peer manner by removing intermediaries and centralized authorities. Decentralization fosters trust and transparency, and enables new forms of social interaction and collaboration.

Read our comprehensive guide to learn about web3 social media: Ultimate Guide to Web3 Social Media App Development!

Key Web3 Social Media Players

In recent years, a growing number of Web3 social media platforms have emerged, each offering its unique take on decentralized social interaction. The leading players in the Web3 social media space include platforms like Steemit, Minds, Mirror, and others, each with a dedicated user base and community following. Now, let's explore the market overview of key players in Web3 social media app development and the features that set their platforms apart.

Steemit

As one of the pioneers in the realm of Web3 social media app development, Steemit revolutionizes traditional social media paradigms by integrating blockchain technology and tokenized rewards. Steemit was founded in 2016 by Ned Scott and Daniel Larimer. It rewards users for uploading articles, images, and comments with its own cryptocurrency. Users can also earn by sourcing and upvoting popular content.

Three-Currency System

Steemit introduces three currencies within users' wallets. Each currency serves a distinct purpose, providing users with flexibility and versatility in their interactions and transactions.

STEEM: STEEM is the native cryptocurrency of the Steem blockchain. It can be traded on exchanges and converted into Steem Power.

STEEM POWER (SP): Representing vested Steem, SP is not immediately tradable. Instead, it determines a user's influence on the platform. Users with more SP wield greater influence on the value of upvoted content and receive higher curation rewards. Holding STEEM Power grants users greater influence in content curation, fostering active participation and rewarding contributions.

STEEM DOLLAR (SBD): Designed as a stable-value currency pegged to $1 USD, SBD is liquid and tradable. It is primarily intended for commerce and exchange within the Steem ecosystem. The inclusion of STEEM Dollar adds stability and facilitates transactions with its peg to the US dollar, promoting smoother commerce and exchange activities.

Rewards Types (Paid in SP and SBD)

Creating content and upvoting content based on its quality both are activities done using the brain, hence Proof of Brain. Steemit offers various types of rewards, paid out in SP and SBD, to incentivize user participation and contribution within the platform:

Author Rewards: Users earn Author Rewards when other users upvote their published posts or comments. At least 75% of the total amount visible under a post constitutes the Author Rewards.

Curation Rewards: Users earn Curation Rewards when they upvote another author's post or comment deemed valuable. These rewards are a share of the value of the upvote, with users receiving a portion of the total value. Curation Rewards are capped at 25% of the total value.

Crowdsourcing and Fundraising

Steemit offers a unique avenue for crowdfunding and fundraising initiatives. Content creators can pitch their innovative projects directly to the Steemit community. Through upvotes and contributions in Steem cryptocurrency, users can support these endeavors, fostering decentralized funding without reliance on intermediaries.

Steemit's innovative reward system and multi-currency ecosystem empower users to engage actively in content creation, curation, and interaction, fostering a vibrant and dynamic social network within the Web3 social media app development landscape.

Minds

Minds is one of the leaders in the web3 social media app development landscape, prioritizing user privacy and data ownership. Minds was founded in 2011 by Bill Ottman and John Ottman as an alternative to social networks like Facebook. It is a decentralized social network that enables users to take control of their personal information through end-to-end encryption and decentralized data storage. Minds embodies the ethos of Web3 by integrating tokenomics and open-source development principles. It offers a transparent and user-centric alternative to traditional social media platforms.

The Minds Jury System

Minds implements a decentralized community moderation system known as the Minds Jury System. Users collectively contribute by reporting inappropriate content, which is then reviewed by a randomly selected group of active users. If 75% of them vote in favor of a decision, the verdict is made, ensuring fair and transparent content moderation within the platform.

Rewards for Engagement

The rewards system creates a powerful incentive for user engagement. Each day, users receive a contribution score based on their activity on the network, such as creating popular content or referring others. This score determines the user's share of the daily rewards pool, resulting in a payout of Minds Tokens. These tokens can be used to support other channels or boost the user's content for increased visibility, promoting active participation and content creation.

Boost Advertising

Users can leverage Minds Tokens to purchase advertising impressions through Boost, Minds' advertising platform. Each token grants guaranteed views of the user's content or channel within the greater Minds network, providing a powerful tool for promoting content and expanding reach within the community.

Boost Offers

Minds offers a paid promotion tool called Boost Offers, enabling users to send offers of Minds Tokens to other users in exchange for a guaranteed share of their content to the recipient's audience. This feature facilitates collaboration and content promotion between users, driving engagement and visibility across the platform.

Minds' innovative features and community-driven approach to content moderation and engagement make it a standout platform in the realm of Web3 social media app development, offering users a decentralized and rewarding social networking experience.

Mirror

Built on blockchain technology, Mirror enables content creators to tokenize their work, allowing users to support their favorite creators through micropayments and subscriptions. Mirror.xyz is a decentralized publishing platform that enables writers to crowdfund their projects through the sale of NFTs. The company was founded in October 2020 by Denis Nazarov, a former partner at a16z crypto. With its commitment to decentralization and content monetization, Mirror exemplifies the transformative potential of Web3 social media app development in reshaping the digital content landscape.

Writing NFTs

Mirror introduces a unique concept where writings on the platform are represented by tradable Non-Fungible Tokens (NFTs), providing creators and collectors with verifiable ownership and authenticity of digital content. This innovative approach revolutionizes content ownership and distribution within the decentralized publishing landscape of Web3 social media app development.

Splits

Mirror has created splits, a feature that enables seamless distribution of funds to multiple Ethereum addresses based on pre-determined percentages. This approach simplifies collaboration by automating earnings division, promoting transparency and accuracy. It also expands the concept of acknowledgment to include entities like DAOs and NFTs, creating a dynamic economic graph in Web3.

Protocol Rewards

Mirror's Protocol Rewards system incentivizes creators and collectors through various reward mechanisms:

Creator Reward: Earned by creators when someone mints their entry as a free Writing NFT.

First Mint Reward: Earned by the first collector to mint an entry as a Writing NFT, with subsequent minters also eligible for this reward.

Referral Reward: Earned by collectors when someone mints a Writing NFT they discovered through the collector's Mirror posts or collection feed. If unattributed, this amount is added to Mirror's platform fee.

Mirror's innovative features and transparent reward mechanisms redefine content ownership and distribution, offering creators and collectors a decentralized and rewarding publishing platform within the Web3 social media app development landscape.

Lens Protocol

In 2022, Stani Kulechov, the founder of Aave, established Lens Protocol. The project aims to redefine social media interactions within the context of decentralized technology. Lens Protocol emerges as an innovative player in the realm of Web3 social media app development, leveraging blockchain technology to revolutionize influencer marketing and content monetization.

Handle

Lens Protocol introduced its unique feature – Open Namespaces (Handle) – represented as unique ERC-721 tokens. These tokens act as handles within the social network, allowing separate minting and flexible linkage to user profiles. This innovative approach enhances user identity management and fosters a more customizable and decentralized social networking experience.

Lazy Onboarding

Users are allowed to mint Profiles and Handles independently using credits with Lazy Onboarding. This method enables the creation of Profiles without Handles upfront, which can be transferred to new users during onboarding. Handles are then minted upon user request, ensuring a seamless authentication process.

Open Actions

The Open Actions feature revolutionizes web3 app development by enabling seamless integration of external smart contract actions directly within the platform. This empowers developers to craft innovative social experiences, including cross-chain operations, thereby enhancing the flexibility and extendability of Lens Protocol for creating dynamic and interactive social environments.

Data Portability

Data portability is prioritized in the Lens protocol, allowing users to seamlessly access Lens-powered applications such as Orb, Hey and Tape. This ensures that user data and interactions remain fluid and transferable across different platforms, enhancing user convenience and promoting interoperability within the Web3 social media app development landscape.

Collective Value Sharing

Collective value sharing is an important principle in Web3 social media app development. This mechanism ensures that all participants in the social graph benefit from the ecosystem's generated value. Users can share revenue and reward synergistic actions. For instance, a post on Orb may receive comments from other users, and further attention from curators on another platforms like Buttrfly. This collaborative process amplifies content reach and benefits all involved parties.

Lens Protocol stands at the forefront of Web3 social media app development, offering a comprehensive suite of features designed to revolutionize the way users interact and engage within digital communities

Friend.tech

Friend.tech has swiftly gained popularity in the realm of Web3 social media app development due to its unique approach to social networking. Within 24 hours of launching the testing version, Friend.tech attracted 7,860 users and generated a trading volume of 4,400 Ethereum (equivalent to 8.1 million dollars), with over 126,000 trades. By implementing token-gated chats and a closed-entry system, Friend.tech has created an exclusive and secure environment for users to engage in meaningful interactions.

Token-Gated Chats

This feature called token-gated chats allows access to specific conversations facilitated through purchasable tokens called 'keys.' These keys can be traded within the platform's ecosystem, enabling users to unlock access to premium content or exclusive discussions. The process of purchasing keys includes platform and creator fees, ensuring sustainable operations and incentivizing content creators.

Closed Entry

Friend.tech implements a closed entry system, requiring users to obtain an invite code to access the app and its features. Each invitation code was unique and usable only once. This closed-entry approach enhances exclusivity and privacy within the platform, fostering a sense of community and trust among users. Additionally, it allows controlled growth and ensures a curated user base, contributing to a more meaningful and secure social networking experience.

Share-Related Transactions Fee

In share-related buy/sell transactions within Friend.tech, a 10% fee is applied, with half of the fee allocated to the seller and the other half directed to the Friend.tech treasury. This fee structure encourages user engagement and content sharing while generating revenue to support the platform's development and expansion.

Friend.tech emerges as a pioneering force of Web3 social media app development, offering a unique blend of security, exclusivity, and user empowerment. With its token-gated chats, closed-entry system, and emphasis on collective value sharing, Friend.tech provides users with a secure and authentic environment to engage and connect.

Post.tech

Post.tech emerges as a compelling alternative to Friend.tech. Post.tech's integration of social influence monetization, cryptocurrency insights, and decentralized governance sets it apart in the Web3 social media app development landscape.

Profile & Post Tokenization

The platfrom introduces profile and post tokenization, allowing users to monetize their social influence. Profile and post tokenization enables users to convert their profiles and posts into tradable assets, incentivizing content creation and rewarding valuable contributions.

DAO Governance

The platform operates under the governance of a Decentralized Autonomous Organization (DAO), ensuring democratic and transparent decision-making. Users have a voice in shaping the platform's direction and evolution, fostering a community-driven approach to platform governance. This commitment to decentralization empowers users and strengthens trust within the post.tech ecosystem.

Upcoming Features

Post.tech is continuously expanding its capabilities with upcoming features such as NFT trading, DeFi services, and the development of a sophisticated social trading network. These additions further enhance the platform's functionality and appeal, providing users with new opportunities for engagement, monetization, and financial growth.

With a focus on user empowerment and community-driven decision-making, Post.tech offers a dynamic platform for users to engage, monetize, and contribute to the future of web3 social media app development.

Create Your Own Web3 Social Media App With Us

Web3 social media app development represents a fundamental shift in how we perceive and interact with social media. By leveraging blockchain technology and decentralization, Web3 social media apps offer a more secure, transparent, and user-centric alternative to traditional social media platforms. By recognizing the innovative approaches and successes of popular platforms, entrepreneurs and developers are inspired to embark on their own ventures in this dynamic space.

At Rock'n'Block, we stand as a pioneering force in Web3 social media app development, offering a range of benefits to our clients:

Expertise: Our team of 150+ experts brings extensive expertise in blockchain technology and social media app development, ensuring that your project is in capable hands.

Creativity: We thrive on creativity, brainstorming innovative solutions to bring your vision to life and set your platform apart from the competition.

Technical Prowess: With 15+ years of experience and deep understanding of the latest technologies and trends, we leverage cutting-edge tools and frameworks to build robust and scalable applications.

Comprehensive Support: From ideation to deployment and beyond, we provide comprehensive support and guidance, ensuring a smooth and successful development journey.

Tailored Solutions: We understand that every project is unique, which is why we offer bespoke solutions tailored to your specific requirements and objectives.

Get to know the comprehensive process of creating a web3 app: How to Build Web3 Applications!

Entrust your aspirations to us, and together, we'll harness the power of blockchain technology to create groundbreaking social media platforms that redefine connectivity, authenticity, and user empowerment in the digital age. Let Rock'n'Block be your partner in turning your dreams into tangible success stories in the Web3 landscape.