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DeFi continues to shake up the crypto world. GameFi is revolutionizing traditional gaming. But what about SocialFi?
A combination of social media and decentralized finance (DeFi), SocialFi is the latest Web 3.0 innovation. Short for ‘social finance,’ the approach empowers content creators, influencers, and digital users who want more control over data.
Social media platforms have grown to be one of the largest players in the Web 2.0 world. Research shows about 59% of the globe’s population uses social media. Unsurprisingly, data reveals digital activity rose dramatically amid COVID-19 lockdown periods. User behavior also shifted as people spent more time on social media, messenger services, and mobile apps.
Despite the massive popularity of platforms like Facebook, Twitter, and Instagram, many worries these social media giants have become too centralized.
Concerns are the entities and shareholders reap the rewards of content monetization. In short – worries remain that “if the product is free, you are the product.”
How SocialFi Aims To Break The Power Of Centralized Social Media
The building blocks of SocialFi aim to empower social media users to monetize brand equity, maintain digital data ownership, and foster a decentralized curation process where platforms can not unilaterally pick-and-choose content.
Programmable NFTs are one of SocialFi’s most useful tools. Acting as unique digital identifiers, users can customize their virtual identity and even sell and rent content as NFTs. For example, a SocialFi user could immediately convert an impactful message into an NFT with just the click of a button.
Many artists, creatives, and animators are heralding the arrival of SocialFi. Traditionally, these groups have found it very difficult to keep track of how their work is shared and used online. Digital piracy and manipulation also remain a large issue.
Influencers and creatives also struggle to cultivate their own brand identity on social media platforms and then monetize their brand equity to generate income. Traditional social media platforms have made it hard to translate social credibility into dollars.
With SocialFi, creatives can build brand equity with their own tokens, and even build a mini-economy surrounding it. Users can build subscription models in these tokens to unlock access to premium content.
Designers, painters, and artists who sell their work can easily track where it goes to ensure unscrupulous users are not trying to copy, steal, or manipulate creations.
Storytelling And The Power Of Creativity Within SocialFi
All of these factors help open up new realms of financial autonomy for digital users and cultivate stronger communities. SocialFi platform users can freely collaborate, post, and share information without pressure from higher digital ‘authorities.’
Many argue storytelling will propel SocialFi forward. This type of engaging and dynamic content inspires users to build and share ideas, concepts, and dreams.
Mittaria users collectively co-own the platform, which empowers creatives to share their world, with the option of working with professional animation creators to bring ideas to life.
Along the way, animation enthusiasts can meet, share, converse with each other, and spend time together within the community-first platform.
The Mittaria team remains committed to being one of the SocialFi forerunners by empowering creativity, promoting decentralization of assets and metaverse interoperability, and encouraging artists to produce and directly share content to earn money. Mittaria also plans to launch NFT collections that help users unlock various metaverse ecosystem benefits.
Those interested in Mittaria’s Genesis NFT can follow the project’s website for updates and details about how to mint and price. Keep up with Mittaria news and growth by following the Web 3.0 platform on Twitter and Medium.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.