Imagine a world that brings together the principles of social media and decentralized finance. SocialFi is a new set of applications built with content creators and participants at heart. Check out our guide on the future of social engagements.
has come in leaps and bounds in the last few years, SocialFi infrastructure is able to cope with throughputs required for social media interactions.Every day, over half the world’s population, 58.4%, spend an average of 2 hours and 27 minutes on social media. Yet, the attention, interactions, engagement and data that gets generated is monetized by a few centralized entities and their shareholders.
Can SocialFi save the day? What is SocialFi and how does it work? Let’s deep dive into these questions in the following sections.SocialFi is set to disrupt the social media industry by sticking to Web3 ethos, which, in essence, is simply being decentralized social applications. It is focused on solving key design issues around aspects of Web2 social media platforms as we know them today.
Only those who hold a creator’s social token can engage with their posts. Therefore, in our example, if you want to engage with Elon Musk’s posts, you would need to hold his social token in your wallet. When a user wants to engage with someone’s content, either through a like or a share, it costs them money.
These NFTs are used as Twitter and NFT profile pictures by the holders rather proudly. While many PFP NFT holders are quick flippers, others consider these NFTs as their identity. An emotional connection is created between the holder and these NFTs. Finally, a message that feels like a “once in a lifetime moment,” can be immediately converted to an NFT by clicking on a button. Many of these functionalities do not exist and cannot be implemented so seamlessly on Web2 platforms just because of the nature of the beast and misaligned incentives.All that sounds too good to be true, so what are we missing? Can SocialFi really be the future of social media? The execution of the design principles in SocialFi is not without its headwinds.
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