What is SocialFi?
SocialFi is short for Social Finance. It’s the combination between social network and decentralized finance.
A SocialFi platform works similarly to popular social networks like Facebook or Twitter. It has all your favorite social features: friends, groups, chat, comments, like… but also adds the benefits of a blockchain-based platform.
SocialFi platform provides various DeFi services like social trading, staking, yield farming, NFTs marketplace, and many more. These services allow participants to invest and earn from activities on the platform.
Unlike the average social network where one big company can take hold of all the data, SocialFi networks spread the data throughout a web of nodes, and everyone who helps maintain functionality is financially rewarded. Security and privacy are improved, data breaches are minimized and single points of failure are eliminated.
Top 5 Most Promising SocialFi Projects
Torum is a revolutionary SocialFi Metaverse ecosystem designed to connect worldwide cryptocurrency users. They empower projects with a one-stop crypto marketing suite that enables them to expand their market reach to the right audience, while connecting users through a social media platform and fulfilling their crypto-focused needs through the integration of NFT, DeFi, and aggregated industry data (market cap & news). Torum features:
- Social Media Platform: Serving as the powerhouse of the entire SocialFi ecosystem to connect worldwide crypto projects and users.
- Decentralized Finance: Incorporating a yield farming platform with various social elements and realizing a sustainable SocialFi ecosystem
- NFT Marketplace: A SocialFi integrated NFT Marketplace that allows everyone to showcase their NFTs with a metaverse identity and brings NFT community building to a whole new level.
- Avatar NFT: Pioneering the world’s first-ever tokenized SocialFi metaverse with PFP Avatar NFTs and allowing everyone to own proof of their unique virtual identity.
➡️ Check out Torum ⬅️
Solcial is a permissionless social network on the Solana blockchain. Solcial allows anyone to share content in an open way and rewards users and content creators in a fair manner. Social features:
- Censorship-Resistant Platform: Permissionless with the mission to promote freedom of speech
- Earn Money from Your Content: Every user is rewarded fairly for what they bring to their followers
- Fast & Scalable Network: The platform can handle hundreds of millions of users, all on-chain
➡️ Check out Solcial ⬅️
Taki is a global social network where anyone can earn social crypto tokens simply by participating within the community. Users can earn $TAKI, the basic social crypto token on the Taki App, by engaging and creating content — such as writing posts or commenting.
A key feature of Taki is enabling users to create and trade user coins. These coins represent the influence and contribution a user makes to the Taki community. In the Taki App, user coins will be tradable for $TAKI. The price of user coins will rise as more are purchased, and vice-versa.
Owning user coins grants you a cut of all Gold Taki that the user receives. More functionality is planned, including contests, leaderboards, and moving user coins on-chain to the larger Solana ecosystem.
➡️ Check out Taki ⬅️
Monaco Planet rewards users for writing and engaging on its social platform, bringing a fresh perspective to the concept of social media. With the advent of web 3.0, Monaco’s “write-to-earn” approach appears to be the right way to build the next generation of social media platforms. The world has seen how blockchain technology has transformed the gaming industry, and Monaco Planet plans to replicate this success in the social media industry. Monaca features:
- Wallet login: Users log in with wallets such as MetaMask. Users can showcase their NFT collections on their profile pages, bringing another level of trust in social relationships. Users who publish and show their activities can follow each other throughout the community. The platform also ranks users by influence and net worth of their NFTs.
- Content mining /write-to-earn model: Active content creators and discussion participants on Monaco Planet continuously reap the benefits in the form of their native token MONA. The vast majority of native tokens will be distributed to users who generate content, creating a form of mining that is sustainable, inclusive, and genuinely productive.
➡️ Check out Monaco ⬅️
KALA Network is a Web3 SocialFi Platform that allows users to earn $KUDO token by socializing with their friends and community. Users can buy PEN NFTs to increase earnings, level up & mint new PEN NFTs. KALA Network features:
- Social Mining: On KALA Network, users can earn $KUDO from socializing/doing social tasks on the platform. This process is called Social Mining. Social tasks are designed to be quick and easy to complete, just the act of login into your KALA account, posting, liking, and commenting can increase your hashrate.
- PEN NFTs: PEN and PENCIL are KALA Network’s exclusive NFTs that can help boost your $KUDO earnings from social mining if they are in your possession. We have applied our own GameFi elements for this mechanism, each PEN or PENCIL NFT has many tiers and upgrades, they also wear out over time and need to be repaired for further use. Each tier and upgrade will have a positive effect to increase your hashrate as well as the NFT’s own attributes.
- KALA DAO: Verified accounts can create their own DAO and mint your own NFTs to use as proof of membership. Join a DAO to participate in the decision-making process, decide when and where to invest your DAO funds, and also use NFTs as proof of investment.
➡️ Check out KALA Network ⬅️