Social+DeFi = SocialFi ...

Since 2020, DeFi has started to develop in the cryptocurrency markets. Then, with the start of Metaverse, “Social+DeFi”, which refers to the combination of social networking and finance in the blockchain, was born SocialFi….

SocialFi has a special feature that is decentralized, open and user-controlled.

After the DeFi craze, Non-Fungible Token Finance (NFTFi) and Game Finance (GameFi) flourished. SocialFi has started to be widely adopted by the communities. In fact, even before the end of a year, many new projects started to appear with the SocialFi concept.

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Before SocialFi, social network operators control the data of social network users. They use basic social data for profit, with little benefit to users. This is where SocialFi comes into play, aiming to liberate users.

Web 2.0 ( Past and Present )

Social media platforms collect and store as much user data as legally possible through their platform networks and from third parties, which is then their own. SocialFi uses blockchain technology to make the collection of user data transparent and inimitable.

Social media platforms make money by selling ads based on user traffic. The platform benefits from more traffic and engagement in the form of billions in ad revenue, while users benefit from simply using the platform. Unlike SocialFi, the control is on the user.

Web 3.0 ( Future )

Traditional social networks require that all user records be stored. For this reason, there is a possibility of passing to third parties. SocialFi is based on blockchain technology and the anonymous nature of user-identifying information ensures that privacy and security are maintained. A company that is a leader in the field of SocialFi is Torum. Torum is the first SocialFi ecosystem created for crypto users. Their ecosystem includes a crypto-friendly social media platform, NFT marketplace, yield farming platform, and Avatar NFT.

I would like to briefly talk about Torum, the pioneer of SocialFi Metaverse in blockchain.

Torum advocates for crypto users of all experience levels by creating diverse communities in SocialFi ecosystems to help drive mass adoption. Bridging the gap between users and projects, the platform provides a secure entry point to the domain, lowering the barrier to entry for new users. Besides creating a user-friendly social platform, Torum also offers NFT, Metaverse and DeFi feature.

My last words; SocialFi has high potential and is growing strongly with web 3.0. With the positions SocialFi currently holds, supporters believe it's a big breakthrough in the tech world and also a good way for users to self-interest in the virtual space. It is very likely that SocialFi will become an important part of the decentralized Metaverse ecosystem in the near future.

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