Over the years, most of the information generated, knowledge created and intellectual capital of institutions are now in digital form. Due to this fact, libraries need to find innovative ways to preserve this knowledge for the current and future generation of users. Within this framework, the term digital curation (DC) is increasingly being used as new trend for the libraries to give value addition to their users in maintaining these digital assets. The creation, organisation, access and use of such digital assets are of increasing importance for a wide range of activities. The term digital curation was first used in 2001 as a title for a seminar on digital archives, libraries and Science in which various communities came together to discuss the urgent challenges of improving the long-term management of, and preservation of access to, digital information. Digital curation is the selection, preservation, maintenance, collection and archiving of digital assets. It establishes, maintains and adds value to repositories of digital data for present and future use. This is often accomplished by archivists, librarians, scientists, historians, and scholars. Digital curation tools can be used for long term preservation of content and help to reduce the digital obsolescence. With the proper use of social technologies, organization can yield productivity and collaborate effectively among user communities. Its applications among library or KM communities can benefit the organization to a large extent. They can surely change the culture of knowledge sharing among the communities of similar interests. This article delineates the benefits of collaboration between the concepts of Social Networking using various social media technologies in particular to digital curation. Finally, it narrates the new trends and challenges that library professionals should cope-up.