The introduction of social media into blockchain technology has been an amazing development as this open huge opportunities and immerse growth potential in the world of cryptocurrency especially in the promising field of SocialFi.
Are you new to SocialFi?
SocialFi is simply a fusion of three key features in one application. The three key features are, social media, blockchain technology and decentralized finance. This is a representation of a decentralized Web3 solution which enables users to create, manage and own their account on social media and even their content. Decentralized Web3 solution is all about ownership and this lead to an important aspect of the solution. Follow closely!
SocialFi stands out due to its characteristics of users having control over their data, freedom of speech and most exciting things is the monetize based on interaction that SocialFi brought in. User can typically earn income through cryptocurrency attached to the SocialFi platform they are interacting with and some with NFT technology facilitating identity management, ownership of content emerged.
There are many factors that brought about SocialFi but I will limit it to just three.
1. To Address Limitation Around Web2 Social Media: The Web2 social media (Facebook, Twitter and the likes) brings together communities but the feature of transparency and data ownership is lacking. The introduction of SocialFi brought in Social Token & DeFi solution to enhance interaction and motivation between users.
2. The Growth and Saturation In DeFi Market: Since 2020-2022, the DeFi has experienced huge growth and at the moment it becoming saturated. With the emerging of SocialFi, new users can tap into the new development which will expand the market and also attract the newbies in the ecosystem.
3. Development of SocialFi: In 2021, SocialFi was first mentioned however project like Steemit started around 2016 and users already earning cryptocurrency through their content. Until 2021, when the word was mentioned, many are not aware of this solution even though a lot of community and projects/social tokes from this solution, like #Hive that now own its blockchain with a lot of Social token on its chain that users can earn, still there are few people tapping into this opportunity.
The list below is not in any order and its based on my participation on each platform.
1. Project Galxe (Owned Token: GAL)
This is a project that provides community-building solutions for their Web3 projects, allowing open creation of network of credentials through highly connected infrastructure. It also helps Web3 projects connect with great communities by means of mission chains and giveaways thereby connections between the projects and the members made possible and with ease. The GAL (utility token) is used for payment and governance rights within Project Galxe ecosystem.
2. Farcaster
This is a Social Graph protocol that based on multiple decentralized social media applications. Here, all users are represented by Ethereum Name Service and managed by data hubs and communicating with the Optimism and Ethereum chain.
3. DAOLabs
This is a Social Mining at work. The project provide communitie with decentralized jobs on automated platforms to connect with projects and reward users in a fair way based on their engagement and contributions. The project launched in 2021 and through the use of Twitter Program, participants can easily get rewarded based on impressions on the social media contents shared on Twitter. There are Five Hubs aside the project's hub (DAOVERSE) that rewards users on daily basis, through only DAOVERSE rewards in stablecoin (USDT), others rewards in MATIC, TON, AVAX, KAVA, WAXP and NFTs.
To join any: DAOVERSE, AVAX HUB, POLYGON HUB, WAX HUB, KAVA HUB, TON HUB
4. The Open Network (TON)
This is a laye 1 blockchain that uses a proof of stake consensus to improve user experience through transactions processing with low or insignificant fee. This is a project developed by Telegram and with the focus of the team to widespread cryptocurrency adoption a lot of Applications are sitting already on the network. The tapping solution on telegram has cut attention of many after the successful launch of $NOT. Top 4 Free Tapping Bot with Potential Airdrop : Hamster Kombat, TapSwap, Blum, PixelTap
5. Hive
Hive is a DPoS powered blockchain & cryptocurrency. This is a Fast, Scalable, Powerful Blockchain. Hive has a thriving ecosystem of dapps, communities & individuals. On Hive as a content creator, you share your quality content, join different communities and interact. Your interaction is one of the key to success on Hive blockchain. Signup Free Here and enjoy the power of Hive.
Other SocialFi platform rewarding content creators on a daily basis like Hive are: Publish0x, Torum, Solcial and More.
The integration of social media into blockchain technology can not be overemphazied and we will see more of it which will make cryptocurrency adoption reach out everyone.
Disclaimer: I am not a financial advisor, all the information shared here are subject to further research. Should you have any concern you can drop them in the comment section.
