Something like this has come up recently in our house too.
It started when all of the other kids at school were talking about some show on tv and my daughter could not contribute to the conversation b/c we don't have cable. She felt left out.
Another day, all the kids were talking about that Mindcraft game. Well, again, we don't have an Xbox or any kind of videogame system, so she felt left out.
Then there was mention of her friend's slightly older siblings having Facebook accounts. They are only 8, but, we know it's coming soon.
We made the decision to send out kids to public school now we have to deal with some of the 'negative' aspects of it, like TV, Videogames, and Social media.
We've learned to compromise.
For the TV situation, we asked her to find out the name of the show all the other kids are watching and we let her watch some episodes on You Tube. Now she knows the characters, the general story of the show, and will not be left out.
As for the Mindcraft thing. I did some research and looks like it's a somewhat 'educational' game (no point of view shooting one) as long as you don't go online where the other people say mean and nasty things. We have a screen time limit for each kid, so, again they'll be familiar with the game and feel like part of the crowd.
As for the social media thing. Our strategy is to hold off as long as possible and when we let her (and the other kids at some point) have a Facebook account we will be her 'Friend' on it and will keep close tabs on her. We also will only have the one laptop set up in our living room. She will not be getting a smart phone.
You hear a lot of scary stories about kids and social media, but, you know your kids and you'll know when they are mature enough to have something like a Facebook account. It's a new world out there, and I know I like socializing on the web, so I can see the attraction in it. I'm not worried about my daughter, but, my middle son eek! he might need a bit more guidance and supervision.