For over a decade, social media have been monetizing off users through a handful of "Platform Monopolies." The users pretty much do most of the work in providing the contents, marketing and stimulating engagements but the giant corporations harvest massive amount of user data to generate ad revenue. Do you not think now it's the time for users to flip the script?
SocialFi (Social Finance) aims to merge social networking with decentralized finance (DeFi) to ensure that value stays where it truly belongs i.e. with the users and creators. It’s a fundamental shift in digital sovereignty that ensures value goes to the users. On SocialFi platforms, your "social graph" i.e. your followers, your posts, and your reputation are truly owned by you, not a server in Silicon Valley. Now, by using decentralized protocols, it's possible to migrate your entire digital life from one app to another.
Let's look at some key factors that would fuel the growth of SocialFi:
SocialFi is basically turning the attention economy into an ownership economy. It’s a world where a "like" isn't just a vanity metric but an actual unit of value. As Web3 grows, the platforms that will win will be those that treat their users more like partners, rather than products.
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