SocialFi, Revolutionizing Social Media

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SocialFi is getting a lot of traction lately because it has allowed content creators to monetize their content and also benefit from the several financial services powered by the blockchain such as Defi and NFT.

Social media websites are currently seeking ways to counter the threat of these SocialFi projects by venturing into NFTs and Metaverse. Currently, Facebook, presently known as Meta is working towards adopting the Metaverse to create a powerful social media. The fact remains that the era of centralized social media networks has ended, because Social Finance (SocialFi) in addition to giving people the opportunity to monetize their content and grow their finances, also gives them full control over their data which is not feasible in the old social media platforms we grew up with. In SocialFi projects, users have total control of their accounts and do not depend on any third party for carrying out any financial transaction with their accounts.

What is SocialFi About?

SocialFi has brought Defi, NFTs, and Social media together to form a very powerful ecosystem where non-creative users can benefit from social media and Defi while the creative ones will be able to benefit from the three aspects that make up SocialFi (Defi, NFTs, and Social Media). The benefit is that SocialFi is built on the blockchain. This makes it secure for people to transact freely, and without being answerable to any authority.

Presently we have many SocialFi projects such as Torum, Mirror, Like, etc which have offered privacy, security, and monetization to contents. For example, Mirror presents a platform that allows each article to have NFT and Governance attributes attached to the article. Of course, there are certain requirements for an article to get such a privilege, but creators who meet up to the requirement have the privilege to start crowdfunding under the article, and people who are interested in the article can obtain the article by participating in the crowdfunding source. This gives the creator value for his content and also protects it from unauthorized usage.

When this method of content creation and accessing takes over the internet, plagiarism will reduce, content creation will be rewarding and the quality of information improved because people will want to have quality contents that will attract readers and reward them hugely. For those of us who are already on Blurt, we can consider ourselves lucky for being among the early adopters of the new social media, SocialFi. What we need to do is to build a skill that will help us benefit well from SocialFi.
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