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Research has it that over 55% of the world's population spends nothing less than 2 hours on social media platforms everyday. We all started with web2 social media platforms like Facebook, YouTube, and Twitter, where we interacted and shared all sorts of information.
However, there became a need for decentralized platforms, because these bigger web2.0 platforms exercise all their powers by restricting and controlling the activity levels of other users. Sometimes these platforms ban users from expressing their opinions, if it doesn't align with their guidelines.
Another setback for Web2.0 social media platforms was on monetization of smaller users. Everyone was not given equal rights to earn from the data and information they contributed to the platform. This is where web3.0 Social Media Finances comes into play.
SocialFi which in simple terms refers to a combination of (Social Media + Decentralized Finance), has taken the power from these big web2.0 social media platforms, and given it to every other user. This is done by networking a way to secure and privatize every user's data, and it also helps users to directly earn from their content.
We can see SocialFi as the spot where marketing meets the massive world of Web3.0. This system has come to upgrade the way we have been connecting, sharing, and vibing to the digital marketing world. We can equally see it as a new hangout for marketers, creators, and anybody else who seeks to add value to their online presence.
SocialFi is all about giving power back to the people, yeah, making us decide how we wish to play our cards in this crowded market space of innovative technology.
Imagine being able to support our favorite creators directly, without any centralized body taking a cut. Or getting a unique digital artwork only for ourselves, thanks to NFTs. All these were not possible before web3.0 and SocialFi came into the picture.
We saw how web2.0 platforms would flood our news feed with unnecessary ads that wouldn't even benefit us in any way. But thanks to web3.0 and SocialFi, these ads are now experiences that would make every user feel importantly part of something bigger.
Below Are Some of the Ways By Which SocialFi Is Improving The Digital Space:
As we have been seeing in recent years, SocialFi is redefining and revolutionizing the vibe of connecting with friends and customers online. Remember how it used to be right? Companies throw ads at us left, right, and center, hoping something clicks. But, SocialFi ain't playing that game. They are more concerned with making real and genuine connections.
SocialFi builds trust and loyalty in its users by making them feel valuable and part of the journey. It's no longer about another "user" or "click," but a matter of partnership and belonging. That's the connection most web3.0 projects are successfully building on.
Another awesome thing that SocialFi is doing for us is ensuring that creators get their fair share of time, resources, and energy spent on the platform.
Too often, creators are undervalued and underpaid for their work., especially in the big web2 social media platforms. But SocialFi is changing that by giving creators the tools they need to monetize their content and connect with their audience in a meaningful way. It's all about empowering creators to take control of their own success.
It might interest you to know that SocialFi is taking the front lead in the world of NFTs in marketing. NFTs are taking charge of the game when it comes to digital ownership and authenticity.
With NFTs, brands can create unique and valuable digital assets that can be bought, sold, and traded on the blockchain. It's a whole new way of thinking about marketing, and guess what? SocialFi is leading the charge.
There are lots of SocialFi platforms out there, and the Hive project is a very good example to look at. The Hive project has been outstanding thus far, and it is giving us hope for the future of social media.
There are usually many active communities around SocialFi, as we see in Hive. This various communities are aimed at improving connection and interaction in the platform. SocialFi is making some huge waves in the world of Web3 marketing, and it would be great if we all become a part of this journey.
Here's my entry for day 12 of the InLeo monthly prompt, organized by @leo.tasks. You can check out the link here for participation.
