What’s SocialFi? What You Need to Know

What is socialfi? socialfi projects and coins

Dive into all things SocialFi with Blocto!

What is SocialFi?

Simply put, the relatively new term ‘SocialFi’ combines the principles of social networking and decentralized finance (DeFi). You may have heard this term recently, as Web3 platforms begin to carve out spaces for creating, managing, and owning social media content.

A key feature of SocialFi is its decentralization—meaning users’ privacy and personal assets are better protected compared to more traditional Web2 models of social networking. As they say, “If a product is free, you are the product.” SocialFi is a movement away from simply surrendering our data to the likes of Facebook, Instagram, and Twitter.

With SocialFi, users enjoy more privacy, freedom, and benefits.

What Can You Do with SocialFi?

With SocialFi, we can connect and interact with friends and family in a more secure way. It also opens up more empowering ways to create and own social media content, as well as manage social media presence and identity. Users can have freedom of expression, as well as the opportunity to protect and monetize their content.

SocialFi also allows users to earn income from the content that they create, or from activities like NFT minting or gaming. This is seen by many as an improvement over the current model of social media, in which large organizations monetize users’ data and engagement. That’s not to say SocialFi is without advertising—but ad revenue on SocialFi is distributed more fairly, resulting in content creators receiving more of the share compared to what they would in the Web2 status quo.

What’s Happening in SocialFi

So does SocialFi sound like the next exciting way to connect to your community? Check out some exciting things happening in the space below. 

SocialFi Projects

In terms of the different possibilities that SocialFi opens up, we can simply take a look at these projects that are poised to change the Web3 space.

  • MOUSAI is a Web3 audio streaming app that lets you “discover great music and podcasts and directly support the artists and creators.” It integrates social components with exclusive collectibles and the chance to invest and earn as well—all with no monthly fees or ads.
  • Diamond is a social app, Web3’s decentralized answer to Twitter. Built on the DeSo blockchain, all Diamond posts and social graphs are stored on-chain, and are portable to any other app built on DeSo. This grants users and their followers more control and ownership of their content.
  • Entre is a networking platform for Web3 professionals that empowers “individuals and companies to easily connect and work with the people and resources they need to succeed in the digital world.” Users can connect with each other, monetize content, and discover new opportunities

SocialFi Coins & Tokens

Alongside the above, here are some SocialFi coins and tokens to keep an eye on.

  • APO is a SocialFi token introduced by ApolloFi, a platform that operates on a “social to earn” and based on Ethereum, Polygon and BNB Chain. Creators can generate content and monetize engagement 
  • GARI is a SocialFi token based on the Web3 dApp Chingari—a video content platform that launched in 2018. Similar to TikTok, users can create and share short video clips to their followers and the rest of the world
  • HIVE and HBD (HIVE-backed dollar) are the SocialFi tokens of the Hive blockchain. They feature on platforms such as Ecency, a platform that rewards content creators for engagement with tokens, and PeakD, which rewards users for votes made on their posts

Start Exploring SocialFi with Blocto

Download Blocto Wallet now so you can be ready for the next wave of SocialFi! With easy email sign-up, you’ll just be 30 seconds away from discovering new ways to connect to your social network and create new content the Web3 way.

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