After the advent of the DeFi era, NFT and GameFi have exploded one after another, and SocialFi has high hopes from the encryption community. In recent years, many new projects have added the concept of SocialFi. SocialFi is increasingly popular as a revolutionary way to combine social media and finance, so what is SocialFi? How does the emergence of SocialFi affect existing social media?
What is SocialFi
SocialFi is “Social Finance”, which comes from the merger of “Social” and “Financial” Finance. In its original sense, SocialFi is the next evolution of social media based on blockchain, allowing users to earn income through content creation, participation in DAO governance, NFT minting, communicating with other users, and watching entertainment and games.
SocialFI emphasizes that the network is not controlled by intermediaries, which means that it can better protect the privacy of users and their assets. SocialFi utilizes the Web3 decentralized approach to create, manage and own social media, and the structure of the platform is a decentralized autonomous organization “Dao”, which prevents centralized review of decision-making and achieves a decentralized effect.
User’s personal information is more secure
In traditional social media such as Facebook and Twitter, the companies behind them control customer information. As a result, privacy and security breaches have also been reported in the past. Compared with traditional social media, SocialFi can save all data on a central server, and use the entire blockchain node network to effectively disseminate data, so that everyone who helps the network maintains its functions will receive economic returns. Overall security is improved as instances of data breaches and single failures are reduced.
Greater user freedom
SocialFi is changing the social media world, creating a new way of networking that takes control of users’ privacy and security and gives them more control over the content they post, SocialFi allows users to earn income from the content they create. Taking it a step further, SocialFi allows users to earn income in decentralized activities such as NFT minting, GameFi games, and communicating with other users. When it comes to ad revenue, ads on SocialFi are fairly distributed and content creators earn more by using ads on the SocialFi network.
How does SocialFi affect existing social media?
With the emergence and popularity of SocialFi, social media platforms have begun to introduce different functions related to encryption applications or transform into metaverse enterprises.
In the era of Web 2.0, traditional social media models such as Twitter and Facebook used a large amount of information content created by users to attract traffic and earn high advertising fees. Users become laborers of their platforms, contributing a lot of time and energy to management, but need to pay platform fees and other additional fees and fail to get corresponding returns.
However, SocialFi is a solution to the problem of benefit distribution and data ownership, allowing users to transform from workers to owners. SocialFi tokenizes and financialized the influence of the community so that everyone can benefit from outputting content.
Compared with traditional social networks, SocialFi solves the most important issues of benefit distribution and data rights to attract traditional social platform users to join the SocialFi market.
Source: Kyros Ventures
As of 2021, Facebook has more than 2.89 billion users. Meta CEO Mark Zuckerberg (Mark Zuckerberg) renames the company, and we can learn about Zuckerberg’s ambition to develop the Metaverse. In addition, Meta also plans to launch virtual currency and lending services in its social applications, named after Zuckerberg, tentatively called Zuck Bucks.
In the last year, social media such as Twitter and Facebook have introduced several decentralized finance applications that allow users to buy and sell tokens. Additionally, Twitter has introduced a new feature that allows users of their Twitter Blue account to display their NFT as a profile picture.
YouTube
YouTube has begun to consider NFT as an alternative source of income for its creators and announced that creators will be able to monetize the video content they create and sell it as NFT, allowing fans to own NFT virtual content minted by creators, and borrow This shows support to the creator.
Similarly, Reddit also launched the NFT profile avatar picture function following Twitter and plans to create an NFT market to explore the conversion of users’ existing Karma points into encrypted tokens.
Expect the SocialFi industry to grow as it attracts content creators and puts the power back in the hands of users. Users can directly monetize their social media activity through comments and likes without worrying about their privacy being violated or profits being taken away.
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