As cryptocurrency and blockchain technology becomes more and more present in different sectors of the market, there is a lot of talk about decentralized finance or DeFi. Now imagine the intersection of the social network concept and decentralized finance.
A place where influencers and content producers can most effectively monetize their products or content, as well as a place where everyone owns their data, including users. No middlemen or biased algorithms, it’s all in the world of SocialFi.
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What is SocialFi
As the name suggests, it is the union between Social and DeFi. SocialFi Platforms offers a fully decentralized Web3 approach to creating, managing, and owning social media platforms and the content generated by their participants to provide greater inclusion for people; Bringing tools to enhance the daily activities of communities and users.
At the heart of SocialFi, the apps are content creators, influencers, and participants who want better control over their data, freedom of expression, and the ability to monetize their social media followers and engagement. Monetization is typically done in cryptocurrencies, while identity management and digital ownership are handled by non-fungible tokens (NFTs).
These platforms are organized as decentralized autonomous organizations (DAOs) that are best suited to avoid central oversight decisions. As blockchain technology has advanced by leaps and bounds in recent years, the SocialFi infrastructure is capable of handling the throughput required for social networking interactions.
The SocialFi movement is now starting to gain traction as the social network becomes more integrated with the blockchain. Many investors, including traditional companies, are starting to invest in new social blockchain projects.
However, many projects are still in their early stages, but they have bold plans for the future, focusing on how best to use Web 3 to benefit their activities and the lives of users. We have been able to find some projects that aim to change our online interactions.
torum
A shining example of a successful SocialFi venture. It is a protocol created specifically for the crypto community that integrates social media with an NFT market, decentralized finance (DeFi), and an NFT avatar for metaverse fans. Turum stands out from its competitors with more than 200 thousand subscribers.
Steemit (STEEM)
It is one of the oldest SocialFi platforms in the cryptocurrency market and although it has come under attack recently, the platform is still generating a lot of interest from users who are paid in their native cryptocurrency, STEEM, to create and qualify content just like other social platforms from news like Reddit.
Through the emergence of channel / community management, the project allows users to connect with other people who share the same interests, which facilitates the exchange of information and enhances the possibility of monetization.
Ultra (UOS)
A social blockchain project that aims to revolutionize the way content is shared across multiple platforms. The platform hopes to offer users a one-stop-shop for sharing video games, music and other types of entertainment in a completely decentralized way.
Calla Network
It’s at an early stage but focused on providing a way to encourage users to create content. The proposal is aimed at nearly 5 billion social media users, where creators can create an NFT pen to increase their earnings and thus monetize their activities.
It is not necessary to invest in the pen NFT to earn the tokens, but with the Pencil Pen the user earns more tokens which he will have to spend periodically to maintain the equipment or sell it for profit.
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