Based on artificial intelligence (AI), deepfake technology enables its users to alter and manipulate audiovisual content in a way that has never been done before. With the help of the technology, users can portray a person in any situation imaginable, saying anything and everything. As a result, audiences’ perceptions of truth and falsity are being challenged. This development poses various risks for democratic discourse but simultaneously harbors possibilities for beneficial use, such as deepfake applications for media or the entertainment industry. Focusing on the impacts of deepfakes on a micro, meso, and macro level, this article discusses current examples, future potentials, and theoretical considerations of deepfake applications to assess their innovative potentials.