The transition from Web 2.0 to Web 3.0 signifies a shift in social media, moving from centralized control to decentralized governance. Traditional social media platforms, while fostering unprecedented levels of user-generated content, are criticized for centralized decision-making, data privacy issues, algorithmic bias, and inequitable revenue distribution. Blockchain-enabled social media (BSM) emerges as an innovative alternative, leveraging blockchain technology, smart contracts, and token-based incentives to empower users with greater control over content creation, data ownership, and monetization. This chapter explores the evolution from Web 1.0 to Web 3.0, highlighting the limitations of Web 2.0 social media and how BSM addresses these challenges. By examining real-world cases such as Steemit, Sphinx Chat, and Odysee, the chapter illustrates how decentralized governance models can enhance transparency, privacy, and financial incentives for users. However, the adoption of BSM also raises concerns regarding governance efficiency, cryptocurrency volatility, and content moderation. The chapter concludes with an analysis of future opportunities and research directions for optimizing BSM’s incentive mechanisms, governance structures, and user engagement strategies. This discussion contributes to the broader discourse on digital transformation, offering insights into the potential and challenges of blockchain-based social media in the Web 3.0 era.