SocialFi Web 3: Social + Decentralized Finance + Web 3.0 future trends
SocialFi is a combination of social and finance, where users are empowered with the ability to monetize their interactions and influence while participating in the platform.
What is SocialFi?
SocialFi stands for "Social Finance", which is a term that represents the merger of social networking (Social) and decentralized finance (Defi).
Essentially, SocialFi is the next evolutionary step in blockchain-based social media. It leverages all the benefits of blockchain while adding non-fungible tokens (NFTs) services DeFi such as trading or lending.
The SocialFi platform can be partly owned and managed by its users, as community tokens allow people to vote on proposals and decide the future of the project, similar to self-organizations. decentralized value (DAO).
In contrast to traditional social media, where companies keep all their data on a central server, the SocialFi network transmits data across a web of nodes and everyone who helps maintain it. Functional maintenance is rewarded financially. As a result, overall security is improved as data breaches are minimized and single points of failure are eliminated.
Financial rewards are also one of the main advantages that the SocialFi platform offers over traditional social media. Users and content creators can derive direct economic benefits from publishing and sharing content. Social influence is encrypted, which means users are provided with valuable incentives to post quality content that will generate traction.
To better understand what SocialFi is and how it could become mainstream in 2022, we need to look at current issues affecting social networks and the potential for blockchain solutions.
Potential Markets and Investment Opportunities
With more than half of the world already spending an average of two hours on social media platforms every day, the industry's impact on society has become undeniable. Social media has forever revolutionized the way we live and communicate. It has permanently changed our culture and even changed our habits in ways that make it better or worse.
The social networking space is currently dominated by Web 2.0 giants such as Meta (formerly Facebook), Twitter, Google, and Tencent (China). These centralized giants have monopolized the success of the industry, resulting in services that do not always serve the best interests of users.
Could a new trend called SocialFi threaten the status quo of the big boys?
Driven by a vision of decentralization brought about by the advent of Web 3.0, SocialFi promises to free users from the constraints of traditional social media, allowing them to enjoy the benefits and freedoms of using social media. New features range from data privacy and censorship resistance to full control over sharing and monetization if any of their personal data.
SocialFi Metaverse is one of the grand visions that the major Social Networking tech giants of the world are building for crypto users. They are Meta (Facebook, Instagram, Whatsapp), Reddit, Twitter, etc. They act as influencers and market leaders. It will be completely open, allowing anyone, including projects, influencers, investors, and private businesses to join SocialFi Metaverse together.
How do you profit from this trend?
So how can newbies and investors take advantage of this huge trend and profit from it? Just a few steps to join the Social-Fi project, so what will be the newest and most promising future project up to now?
Many of the top reputable reviewers in the NFTs and Crypto communities have shared some confidential information about the recent upcoming project: BitCityZ. This is the first blockchain social network project in Vietnam funded by the million-dollar investment fund Onebit.