With over half the world currently spending an average of two hours on social media daily, its impact on society is undeniable. For better or worse, social media has permanently changed how we live and interact. It has rewired our minds, so to say. And its potential to benefit companies and people in various ways is why social media dominates today.
However, Web2 behemoths like Meta (formerly Facebook), Twitter, Google, and Tencent dominate the social space. These concentrated players have monopolized the sector, offering services that often don’t serve the user’s best interests.
With Web3’s evolution, though, a new domain emerges to upend the current status quo. SocialFi, promises to liberate users from the limits of traditional social media. This will unlock novel experiences, advantages, and freedoms, from data privacy to censorship resistance. Users will, moreover, have complete control over the sharing and monetization of personal data.
A User-Focused Social Tool
SocialFi or Social Finance combines social networking and decentralized finance (DeFi). It is essentially the next generation of blockchain-based social media, leveraging cryptography and NFTs.
Like Decentralized Autonomous Organizations (DAOs), users can partially own and fully govern platforms in SocialFi. For example, community token holders can vote on proposals and decide the project’s destiny.
Moreover, SocialFi networks distribute the data over a global network instead of storing them on centralized servers like traditional social media. Plus, users receive monetary incentives and rewards for maintaining and securing the network. This improves security overall while mitigating data breaches and eliminating single points of failure.
SocialFi platforms also ensure significant financial benefits over their traditional counterparts. For example, creators can monetize their content directly, as well as tokenize their social influence into tradable assets.
A Decentralized Social Media in the Making
The SocialFi niche is only beginning to fill up. The advent of such projects represents a natural transfer of user engagement into the metaverse paradigm. While many are developing custom solutions, few focus on building comprehensive SocialFi ecosystems from scratch. Superhero NFT Wars is one such platform, building industry-first, layer-0 social tools for Web3.
It is one of the top three SocialFi projects building a unified infrastructure to connect NFT-oriented communities via platform-level social services. Integrating social media, cross-IP engagement, community building, and value creation, the platform envisions an all-in-one and robust social ecosystem. The project, along with linking all NFT communities, also seeks to deliver many services to boost community engagement.
It will host guild and community gatherings for communities to engage with others in the blockchain industry. Furthermore, the platform serves as an aggregator with a 3D virtual environment and distributed DAO-based governance model. Apart from its SocialFi features, the project will also incorporate other components like a staking desk, central IDO marketplace, NFT trading front desk, nightclub ballroom, etc. Moreover, SNW will also have an all-in-one marketplace for users to buy and trade their NFTs.
SocialFi: Key to Crypto’s Mass Adoption?
Mass adoption is easier said than done. Convincing a substantial number of people to accept new technology is challenging. But this is where social media might come in handy because of its global appeal. This is particularly true of innovations like SocialFi.
SocialFi enhances social networking and enables fair revenue streams for creators. These decentralized networks make it easier for users to earn, purchase, and sell NFTs. This will allow businesses and communities to collaborate and monetize fairly.
Lastly, projects like Superhero NFT Wars lay the groundwork for SocialFi; they may further hasten mainstream adoption. And considering all these, it’s safe to say that SocialFi is here to stay. A world of better networking is this upcoming.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice