SocialFi’s Potential & Projects to Check Out

socialfi projects and potentials

Ready to interact with social media the Web3 way? Learn more below and start with these SocialFi projects! 

What is SocialFi?

Recently, you may have started seeing or hearing the term ‘SocialFi’ more and more. As Web3 platforms begin to carve out spaces for creating, managing, and owning social media content, the excitement and momentum for SocialFi, which combines the principles of social networking and decentralized finance (DeFi), likewise begins to build. Learn more about SocialFi in our previous article!

What’s happening now?

As of recent estimates, there are about 14 million users that are registered on SocialFi projects right now. Of these 14 million, around 5 million are active users. Aside from this impressive (and growing!) user base, there are currently more than 400 SocialFi projects to choose from today, with most of those having launched in the period between 2018 and 2021.

As you can see, even though SocialFi is a relatively new development in the Web3 landscape, it’s already attracted quite a number of developers and users. Sources place the current market size of SocialFi is anywhere between $2 to $20 billion, and it’s projected to grow even more in the coming years as both interest and investment keep growing.

SocialFi projects to keep an eye on

Lens Protocol is a “permissionless, non-custodial social media profile” built on Polygon that the developers tout as the last handle you’ll ever have to create. It’s a decentralized social graph that’s owned by the users. Any application can plug into these graphs; users can mint a profile, follow other profiles, and create publications—all on-chain. 

ApolloFi is a decentralizing social network project advocating “social to earn” built on Polygon, Ethereum, and BNB Chain. Users are free to create and publish their own content and mint it as an NFT. As for the ‘earn’ aspect, users can get rewards by publishing content and increasing the number of their social interactions (likes, comments, friends invited, even the number of fans). Of course, the more interactions the more rewards, too.

Knoknok is a “social gaming metaverse” combining SocialFi and GameFi, Aptos, Polygon, and BNB Chain. Users can play games and chat with other users, all while earning rewards and tokens. The Knoknok team aims to build the SocialFi and GameFi platform with the largest number of users; as of the latest, they have 1.5 million app downloads already.

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