ChainIDE#27 SocialFi - Next generation social network
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SocialFi is actually a combination of Social and Finance. We can gain more benefits by financializing and toicing our Social influence.
There are over 50 million content creators worldwide, and each of them has built a successful brand on social media. SocialFi enables these creators to effectively leverage the power of the brands they have built for real monetary gain. This is a new way for creators to make money directly from their social impact through the integration of social tokens and NFT.
SocialFi is trying to solve two kinds of monopolies: the monopoly that traditional social platform giants have over content creators, who only get a small percentage of the economic revenue, and the monopoly that people with a lot of social influence have over ordinary content creators.
So what does SocialFi bring to social imagination?
1) Social tokens
Social token is a token supported by individual influence, personal reputation and so on. If Musk sends a Musk B, it is a typical social token! Mainstream SocialFi-concept projects such as Whale, Chilliz, Rally, Fyooz, and Zora have emerged. Others have suggested that social mining logic, if simple and feasible, might actually create a buzz!
2) Decentralized social platforms
Many projects in the field of this attempt to scale the traditional large social platform of Internet, the introduction of the token mechanism allows users to gain control of the platform, there are many projects focus on its own niche, the other project belongs to Web3.0 portal tools, encourage unencrypted native media platform by offering social tokens to connect to the mainstream audience, Help platforms and users make a seamless transition from Web2.0 to Web3.0.Discussion
- Do you think SocialFi is next?
- What ecology do you see in SocialFi's future?
Suggested Readings
1.42 projects of SocialFi Track: social, ecological, DAO and governance tools industry
2.What is SocialFi? What's changing?
3.After GameFi, how does SocialFi accomplish value discovery and capture?Welcome to join us for a discussion
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Social networks have revolutionized the way we communicate and interact with each other. They offer a plethora of benefits that have transformed our lives in numerous ways. Social networks have made it easier for us to stay connected with friends and family, regardless of where they are in the world. We can share updates, photos, and videos with them instantly, which has made communication more convenient than ever before.
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This is a very informative blog about ChainIDE and SocialFi. I have heard of ChainIDE before, but I did not know much about SocialFi. It sounds like a promising project that aims to create a next-generation social network based on blockchain technology.
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Social media is a great option for marketing of our business and products and people out there are already working on how to create the online presence and awareness of their products to increase sale. I have came across a product like this named Halal makeup UK that has achieved it's target sales because of social media marketing.
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SocialFi is a promising new paradigm for social media, and ChainIDE is well-positioned to support its development. With its powerful tools and features, ChainIDE can help developers to create innovative SocialFi applications that give users more control over their data and rewards them for their contributions.
