In assessing the impact of social media, it is crucial to consider the incentives driving behavior. The traditional simplistic view of whether something is good or bad is inadequate in a complex AI-driven world. Social media, while offering benefits like economic opportunities for creators and connections for cancer survivors and long-lost lovers, also raises concerns. The key lies in examining the incentives guiding these platforms. Social media incentives can lead to addiction, outrage, polarization, narcissism, validation-seeking behavior, and a breakdown of truth and democracy. These negative consequences are directly tied to where the incentives in social media direct users' attention. As attention shapes humanity's choices, the new basis of attention on social media has significant influence on society.