Hello HODLers!
Today I'll share with you some excerpts from an in-depth study published in the Official Binance Blog about SocialFi industry.
The current model of social media landscape as we know it is inherently extractive. Most major platforms take their users’ data and sell it to serve them increasingly intrusive advertising. However, with the building of Web 3.0 and the metaverse, we collectively witnessed the explosive growth of DeFi and NFTs making headlines internationally. With that said, what more will the future of DeFi hold? This is where SocialFi comes in.
Keep on reading to learn more about SocialFi, why social media giants are interested in this ecosystem and how this all relates back to NFTs.
What is SocialFi?
SocialFi, short for social finance, refers to the combination of social networking and blockchain finance. The SocialFi space lets users earn income from content creation, participation in DAO governance, NFT minting, communicating with other users, watching entertainment and gaming. Unlike the Web 2.0 social networks that we’re familiar with, SocialFi projects provide higher levels of privacy and security for users' personal data, fairly distribute advertising revenues and offer a more valuable user experience.
Why Are Social Media Giants Obsessed With NFTs
NFTs are currently not made, bought or sold on any social media platform. However, the success of an NFT project relies on how well the creator markets their work on social media. And as social media platforms passively shape the future of NFTs, tech conglomerates like Instagram, Twitter and Reddit see this as an opportunity to get directly involved in the space.
Most NFT owners believe that displaying the NFT they purchased on social media adds value to their holdings. Thus, providing crypto-compatible social media companies the chance to reach and retain new NFT-oriented customers. Additionally, the social media companies with the most influence in the NFT space can impact the development of Web 3.0 since this iteration of the web revolves around the concept of storing user data on blockchains.
Link to full article: https://www.binance.com/en/blog/nft/why-are-social-media-platforms-expanding-into-socialfi-and-nfts-421499824684903417
Introduction to Torum – SocialFi Metaverse Pioneer of the Crypto Space
Torum is the world’s largest SocialFi Metaverse ecosystem that is specially designed for cryptocurrency users and projects.
The Web3.0 ecosystem is built on a social media platform, coupled with a yield farming platform for DeFi players, an NFT marketplace for crypto artists and Avatar NFT for Metaverse enthusiasts.
XTM is the multichain (Ethereum + Binance Smart Chain + HECO Chain) utility token of Torum ecosystem and it's now listed on Kucoin, Huobi, Uniswap and Pancakeswap.
Read Torum Whitepaper to discover XTM token utilities and the potential of the ecosystem (Crypto-social platform + DeFi platform + NFT marketplace + Metaverse + Airdrop section + Smartphone App + News & Data aggregator): https://whitepaper.s3.us-east-2.amazonaws.com/torum-whitepaper-V4.0-EN.pdf
✅#SocialFi Metaverse Pioneer
✅Backed by Huobi & Kucoin
✅Big community of 200,000 users
✅Get rewarded daily in XTM for your social engagement
✅Sign up with my referral link and complete identity verification to earn 7,5 XTM airdrop: https://www.torum.com/?referral_code=makeitreal
