SocialFi Platforms
leading socialfi and distributed social media platforms
Multiple SocialFi platforms are developing on the market in response to resolving Web 2.0's social media challenges. Let's examine those that have had an impact since their launch:
deso:
Decentralized social (DeSo) is a layer-1 blockchain designed from scratch to grow SocialFi applications that can support one billion members (so they claim!). Participants on DeSo will not only be able to monetise and own their data, but they will also be able to protect its privacy and security.
mousai:
Mousai is rethinking the monetisation of audio and video content delivered via streaming. Creators can be discovered, supported, and connected with by Mousai users. It provides the ability to earn through social tips, NFTs, and the creation of one's own currency.
entre:
Entre is a decentralized web3 professional community that includes AI introductions, matchmaking, meetings, livestreams, and the ability to earn rewards for activity, among other features. It can serve as your platform of choice for instantaneous access to connect with other web3 professionals and monetise your knowledge and material.
torum:
Torum is one of the most-discussed SocialFi projects, abbreviated as XTM. It has built itself as an innovative SocialFi metaverse ecosystem that strives to link crypto users and communities worldwide.
diamond:
The Diamond membership level is a very recent addition to the SocialFi club. It is a distributed version of Twitter. The platform enables users to own content and receive compensation for any post or engagement on the network.
socialfi's future
SocialFi has emerged as a new ray of hope for the preservation of free speech and data sovereignty.
Blockchain is bringing decentralization to the majority of industries. With web 3.0, SocialFi systems could include the following features:
- On a blockchain, since data is immutable, nothing can be changed or deleted. This empowers users to produce and upload material without fear of being censored or removed from the platform.
- The elimination of intermediaries and the improvement of transparency will enable content creators to earn a fair share of earnings.
- Users are in charge of deciding whether or not to sell their data and to whom. Users will be able to select the types of products and services for which they wish to see advertisements on such sites.
- In addition, the power of NFTs and tokens, as well as DeFi alternatives such as yield farming, lending, and more, will make these platforms more engaging and alluring to users.
conclusion
We agree that SocialFi networks are still in their infancy, but a handful of ventures have demonstrated enormous potential to attract users.
Projects like DeSo have been able to garner over $200 million in funding, while others like Torum have already infiltrated the market with their versions of the program. Torum is a successful SocialFi initiative because it has reached 200,000 users.
Overall, SocialFi can have a positive effect on how users connect with social media. Users are compensated for displaying advertisements, content providers receive a fair amount of revenue, and information is freely shared without the intervention of a central authority.
SocialFi is capable of bringing about a comparable explosion to the sector as DeFi did in the summer of 2020. It has all the potential and can operate as a new wave of developing highly interactive and decentralized platforms, hence boosting its acceptance by the public.
If successful, many Web 2.0 users who are dissatisfied with social platforms such as Facebook and Twitter will embrace SocialFi's departure from this age.