SocialFi — The Next Big Thing in Blockchain
Talking of blockchain, it has been booming, but not enough for a complete mass adoption. Although during the last few years, there has been a massive increase in individuals and businesses diverting to blockchain and related tech like digital currencies etc., but the blockchain sector is still far away from a full-fledged regulation, or as you may call it, mass adoption.
There are various reasons, including less government interest, lack of sufficient knowledge etc., for this low acceleration. So, what’s needed is proper motivation, a good reason, and a proper market to convince the mass population to shift from a centralized community to a decentralized one.
For this purpose, social media could play a major role in defining a proper blockchain era and being the next big thing in blockchain
SocialFi — An Intro
For common people like you and us, social media might have just been categorized with simply Facebook, Instagram, Twitter, and platforms like that. But the time for social media evolution is here since SocialFi is going to be the Social Media 2.0.
Blockchain technology is giving birth to a stellar social media evolution, one that’s going to be bigger and better than ever before. Blockchain is going to take the existing social media system and add new wonders and magic to it.
One of the most powerful features SocialFi will accompany is that it will be owned and run by the people itself, not by any third party. This will also be a goodbye to unnecessary censorship, and other negative things like data scams etc.
Social Finance or SocialFi is all about tokenizing social media and getting monetary benefits from it. Eventually, social media integrated with blockchain becomes one of the biggest trends of the century.
Facebook and Twitter
Considering the social media giant Facebook’s rebranding to Meta, this might just be the first big step in taking social media to Web 3.0 and integrating it with blockchain.
Facebook plans to take a big step in the digital world and is working towards the biggest social media metaverse project. When the workings will be completed and finalized, we will get to see the biggest digital universe and more people will get introduced and accessed to the crypto and blockchain world.
Blockchain is the fundamental asset and tech behind metaverse. Everything, from virtual land to avatars to NFTs, everything is tokenized and will define ownership in the metaverse.
Twitter has also stepped foot in this evolution by providing features like Bitcoin tipping. And if we take a look at Facebook’s and Twitter’s users combined, It’s huge progress towards mass adoption. A lot of people, who are not even aware of crypto and blockchain but use social media, might just start gaining more interest in this rising trend.
This might just be the start of a new era. Big firms are also venturing towards SocialFi as it’s slowly becoming a main area of interest. SocialFi could become a major player in blockchain’s mass adoption and regulation since it has all the potential to do that.