The Trend we Didn’t See Coming: SocialFi
4 months, dear reader. 4 Months!!! That’s how long I’ve been away from Medium and been touring the world(digitally, though🙃).
And in these four months, trust me, a lot has happened:
🤗 I made it to 1000 followers on X.
👏 I created a certified content writing mastery course(perfect for beginners).
💯 I have 3000 amazing people connected with me on LinkedIn.
💥And I almost went viral during my birthday🙃.
However, enough about me. Something remarkable is happening in the Web3 space. And you may have tipped it😅- It’s socialfi.
What is SocialFi?
SocialFi is a new and emerging trend that combines social media with finance, leveraging Web3 technology. It allows users to earn cryptocurrency, invest in assets, and trade with others using their social media accounts.
As social media has become an integral part of our lives, we use it to stay connected with friends and family, learn about the world, and be entertained.
Builders thought to themselves: What if we could use social media to do more? What if we could use it to earn money, invest in our future, and build a community?
And that, dear reader, is how SocialFi came on the scene.
I’m not entirely surprised because with Web3 cutting across every industry, it’s not a question of if; it’s a question of when.
But I didn’t think we’d have a socialfi narrative this year.
Look, I even wrote about it:
But we are here. And trust me to come bearing valuable information.
Why Should You Get On The SocialFi Train?
Before you resist, SocialFi is a new and exciting way to interact with the web3 ecosystem. Besides the easy onboarding that it allows newbies into the Web3 space, here are other reasons why you should get into socialfi:
- Ownership: SocialFi platforms give users ownership of their own data and content. This is in stark contrast to traditional social media platforms, which own and control their users’ data.
- Monetization: SocialFi platforms allow users to monetize their content and engagement. This can be done in various ways, such as earning cryptocurrency, selling NFTs, or receiving donations from other users.
- Decentralization: SocialFi platforms are typically decentralized, which means that any single entity does not control them. This makes them more resistant to censorship and manipulation(unlike meta platforms💔).
- The growing popularity of social media: Humor me, dear reader. How do you look at someone who says they are not on WhatsApp? Lol. I know, right! Social media platforms have billions of active users worldwide. This creates a large and engaged audience for SocialFi projects.
- The increasing demand for digital assets: The demand for digital assets like cryptocurrencies and NFTs is growing rapidly. This creates a demand for new ways to earn and use these assets.
If you’re ready to get started, let’s go🚀…
The Big Reveal: Socialfi Platforms To Try Out in 2023
There are many different SocialFi platforms available, and each has its own unique features, but I’ll list 7 top picks for you to try out:
- GamicHQ
GamicHQ is a play-to-earn social media platform that rewards users for their engagement with the platform. Gamic is like an improved Discord where you can chat, stream games, build your community and earn $GG tokens.
💡 You can enjoy private community chats, NFT airdrops, rewards & AI-powered moderation on Gamic🛠️🗨️.
2. Maringo
Maringo is a decentralized social media platform that uses blockchain technology to create a secure and transparent platform where users can share/explore content, connect with friends, and earn rewards.
Maringo also offers various features not available on traditional social media platforms, such as a digital wallet, an E-shop, etc.
3. Tipcoin
Tipcoin is all the rage now. It’s a cryptocurrency that allows users to tip each other for creating and sharing content. Tipcoin is built on the Solana blockchain and is designed to be fast, cheap, and scalable.
Getting started with Tip is very easy. You connect your Twitter account, reply, quote, or tweet out mentioning $tip or #tip, and you will automatically be awarded points!
4. Friend.tech
Friend.tech is a decentralized social media platform focused on privacy and security. Friend.tech uses blockchain technology to create a platform where users can share content with their friends without worrying about their data being collected or sold.
Friend.tech also offers a variety of features that make it easy to connect with friends and to manage their privacy, such as the ability to create private groups and to control who can see their content.
5. Torum
Torum is a decentralized social media platform focusing on cryptocurrency and blockchain communities. It is designed as a space where individuals interested in cryptocurrencies and blockchain technology can connect, share information, discuss topics related to the crypto space, and even earn rewards through various activities on the platform
Torum currently has 239,681 crypto users and counting!
6. Steemit
Steemit is a decentralized social media platform that rewards users for creating and sharing content. Steemit is built on the Steem blockchain and uses a unique token-based reward system.
Steemit users can earn rewards in the form of Steem Power and Steem Dollars, which can be used to vote on content, to earn rewards from curation, and to power up their accounts.
7. Cassava Network
Cassava Network is a decentralized social media platform focused on Africa.
Cassava Network allows you to establish your digital economy, safeguard your intellectual property, and engage with the worldwide market.
How to Earn on Web3 SocialFi Projects
There are different ways to earn on socialfi projects. Some projects offer rewards for creating and sharing content, while others offer rewards for interacting with other users or participating in challenges. Some projects also offer rewards in the form of cryptocurrency or NFTs.
- Create and share content: Many socialfi projects offer rewards for users who create and share content on the platform. This could include blog posts, articles, videos, or even just short social media posts.
- Interact with other users: Some Web3 socialfi projects offer rewards for users who interact with others on the platform. This could include liking and commenting on other users’ posts, following others, or participating in discussions.
- Participate in challenges: When thread contests, meme contests and referral contests come up, don’t sleep on it. Take an active part!
Testing the Waters: How to get started with SocialFi
Knowledge is not power, dear reader. Knowledge APPLIED is power. So, I encourage you to:
- Choose a platform: The first step is to choose a SocialFi platform that’s right for you. Consider the important features to you, such as the type of cryptocurrency you want to earn, the types of investments you want to make, and the community you want to be a part of.
- Create an account: Once you’ve chosen a platform, you must create an account. This could involve providing your email address, social account or wallet ID and creating a password.
- Start engaging: Once you have an account, you can engage with the platform. Write often, upvote content, invest in assets, or trade with others.
- Earn rewards: As you engage with the platform, you will start to earn rewards. These rewards could be in the form of cryptocurrency, tokens, or other assets.
Conclusion
Dear reader, you made it to the end of this excellent piece and boy! Am I proud of you!
Take it a step further, connect with me on socials(see links below) and feel free to send an email for collaborations, features, or promotions (onyekaekwemozor@gmail.com).
