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- Insights
- Cryptocurrencies
- Stocks
- White Papers
- Industry
- Geography
The emergence of SocialFi is suspected to disrupt the social media industry by sticking to Web 3.0 ethos, which is basically the creation of decentralized social media applications. It is focused on solving key design issues around aspects of Web2 social media platforms. SocialFi platforms join the principles of social media and decentralized finance. It offers a Web3 approach to creating, managing, and owning social media platforms and the content generated by its participants. SocialFi platforms are increasingly used by content creators, influencers, and participants who wish to have better control of their data, freedom of speech, and the ability to monetize their social media following and engagement. The monetization of the content happens through cryptocurrencies, while identity management and digital ownership are driven by NFTs. Here, we have listed the top SocialFi platforms that social media enthusiasts should know in 2022.
PeakD is one of the top SocialFi platforms for content creators that offers an immersive blockchain experience and a decentralized content interaction. The platform uses a blockchain key for user security, which is basically a password for accessing a user account. PeakD's reward system generates votes on posts. Users are rewarded in either of the platform's tokens, which are HIVE and HBD (Hive-backed dollar).
Ecency is a social open-source blockchain-based networking platform that provides a user-controlled environment for content creators. The contents are immutable, and uncensored, and reward users for their engagement and content. To get started on this platform, the users must first create an account and access it via usernames, passwords, or active private keys. The accounts are created and guarded by security measures that would help keep the keys encrypted and safe from internet fraud.
ApolloFi is a SocialFi project that advocates social-to-earn. The platform is specially designed for creators based on Polygon, Ethereum, and BNB Chain. ApolloFi also simulates the economic surge of creators with the brand new social-to-earn model, providing simple and convenient social tools for hundreds and thousands of users to build a free and diverse paradise for creators.
Nafter is a social platform that NFT-powers short content. It is quite similar to Instagram, where creators can convert the created post into NFTs and sell for profits, the right to view the post. At the same time, users can also pledge the platform's native NAFT or the content creator's revenue share by staking the personal account of the favorite content creator.
Coinvise is a social token issuance focused on APIs, allowing developers to integrate tokens into their existing platforms. On the platform, creators or communities can mint social tokens and establish incentives on the Ethereum and Polygon networks. At the same time, creators can also use tokens for rewards, airdrops, crowdfunding, access control, NFT, and several others.
The Mask Network is a decentralized encrypted social messaging platform, cryptocurrency, and file-sharing network. Users may use the protocol to encrypt their Facebook and Twitter posts. Users of the popular social media platforms and blockchain startups have worked to develop a method for sending cryptocurrency over social media accessible, and this feature is highly popular in The Mask Network.
Chinagri is basically a short-video sharing platform that was launched in 2018 and has swifty surpassed other competitors. Even though, the application is basically known as the 'Tiktok of India', there are two sides to this ecosystem: The Chingari app, and the GARI network. The Chingari application has been downloaded over 100 million on the app store and Google Play. The platform has over three million daily active users who spend an average of 40 minutes each day.
Mirror cuts in from the perspective of content financialization and provides a platform that allows each article to have NFT and governance attributes, and these contents can be invested, traded, and governed. Creators who meet the requirements can initiate crowdfunding under the article, and users can obtain it when participating in crowdfunding.
The Hive Blog is powered by the Hive Blockchain and its cryptocurrency token HIVE. The social economy offers a platform for rewarding content creation and content engagement. Newly minted Hive tokens are collected in a community pool to reward users' participation and contribution based on votes. Besides, the users who hold a higher quantity of these tokens as Hive power will be given priority in the reward pool distribution.
Rally is a platform that empowers a creator with the ability to launch and build their digital economy, connect with their fan communities and benefit from developing personal ideas. Rally also allows users to create and launch NFTs with no fees charged. Creators will also be able to use NFT to engage with fans through API and webhook integration. It uses a sidechain so as not to burn too much energy.
