I. Introduction

As Web 3.0, or web3, unfolds, it brings with it a fresh approach to social media which has been dominated by the traditional models. This advancement shifts the paradigm in terms of user data control and sovereignty.

II. The Evolution of Social Media: From Web 2.0 to Web 3.0

The Web 2.0 era empowered users to interact with web pages more freely, giving rise to social media channels such as Facebook, Twitter, and Instagram. However, it came with a flaw - the lack of true data control by users.

Web 3.0 revolutionizes the web experience while restoring user control over personal data. It deploys decentralized networks, effectively eliminating the need for centralized servers that previously stored and controlled user data.

III. Understanding the Impact of Blockchain on Social Media

Blockchain, a cornerstone technology of the web3 model, is designed to create decentralized networks. It eliminates trust issues and offers complete transparency through its immutable public ledger function.

The blockchain-based social media model is diametrically opposite to traditional ones. It seats users at the helm, handing them control over their data while monetizing their interactions - a feature distinct in its true sense from the conventional models.

IV. Web3 Social Media: User Control Over Data

In terms of data control, Web3 social media radically reflects a human-centric design. Users possess unhindered control over their data - be it sharing, storing, or deleting. Coming to light are unique concepts like 'self-sovereign identity' which allow users to manage their digital footprints.

Smart contracts add another layer of security and automation. They permit users to interact and conduct transactions safely without the need for central intermediaries.

V. The Benefits of Web3 Social Media

The touted advantages of web3 social media are significantly tied to the enhanced control users derive over their data.

• It upholds user privacy and secures fundamental freedoms, rescinding the chance of data misuse prevalent in traditional platforms.
• It paves the way for users to monetize their data or received value from being active participants.
• Unlike traditional models that gather user information for targeted advertising, this new model compliments the fair principle - reward where it is due.

These potentials point in the direction of a decentralized future, potentially subverting monopolistic dominance in the digital space.

VI. Case Studies: Existing Web3 Social Media Platforms

The vision of web3 social media is not just theoretical; it's unfolding in platforms like Steemit and Minds. Steemit users are rewarded in cryptocurrencies for creating and curating content, a significant departure from traditional models.

Minds take a similar approach, rewarding users with tokens that can be used to boost their content or be cashed out after reaching a certain threshold.

VII. Future Perspectives: Web3 and Cryptocurrencies

An interesting intersection to discuss here is that of web3 social media and cryptocurrency. As these platforms increasingly reward users in cryptocurrencies, this trend could stimulate mass adoption.

Over time, it can change public perception of cryptocurrencies from speculative assets to actual rewards for their online activities.

VIII. Conclusion

In this digital age, data control is an unsettled issue, rife with debate and controversy. Web3 social media paves an untraveled path, promising to reshape the landscape of user data control. It's a long road ahead, interspersed with countless challenges and possibilities.

In the face of this potentially game-changing transition, will we see a shift in the power dynamics of web giants soon? Or will web3 social media remain nascent for some time before it can truly challenge the established order? Time will tell.

IX. References

1. Ho, Michael 'Big Tech's data exploitation is a wake-up call to digitally revamp Web 2.0' https://thehill.com/opinion/technology/404982-big-techs-data-exploitation-is-a-wake-up-call-to-digitally-revamp-web-20
2. Singh, Harpreet 'Web 3.0 Revisited — Part One : Coinmonks' https://medium.com/coinmonks/web-3-0-revisited-part-one-coinmonks-acbf45a566ef
3. Steemit https://steemit.com/
4. Minds https://www.minds.com/