DeFi keeps shaking up crypto. GameFi revolutionizes traditional gaming. What about SocialFi?
SocialFi, a combination of decentralized finance (DeFi) and social media, is the latest innovation in Web 3.0. Short for ‘social finance,’ the approach empowers content creators, influencers, and digital users who want more control over data.
The Web 2.0 industry has seen social media platforms grow to become one of the most important players. Research shows about 59% of the globe’s population uses social media. Data shows that digital activity increased dramatically during COVID-19 lockdowns. As people spend more time using social media and messenger services as well as mobile apps, their behavior changes.
Many are concerned that social media platforms such as Instagram and Twitter have grown too centralized despite their huge popularity.
The concern is that content monetization can be lucrative for shareholders as well as entities. In short – worries remain that “if the product is free, you are the product.”
SocialFi Strives to Break the Power of Centralized Social Media
SocialFi’s building blocks are designed to enable social media users with brand equity to maintain digital data ownership and to foster a decentralized curation process that allows platforms to not pick and choose content.
Programmable NFTs are one of SocialFi’s most useful tools. As unique digital identifiers users can create and customize their own virtual identities and sell or rent content using NFTs. SocialFi users could convert an important message to an NFT by clicking a button.
SocialFi is being welcomed by many artists, animators and creatives. These artists, creatives and animators have always struggled with keeping track of the sharing and use of their works online. The problem of digital piracy is also a major concern.
Social media is a challenge for creatives as well as influencers. They must create their own brand and then use that equity to earn income. It has been difficult to convert social credibility on traditional social media platforms into money.
SocialFi allows creatives to build brand equity using their tokens and create a small-scale economy around it. These tokens can be used to create subscription models that allow users to access premium content.
Artists who are designers, artists, and painters can track exactly where their work goes so that they’re not copied, stolen, or modified by unscrupulous people.
Storiestelling and the Power of Creativity within SocialFi
These factors allow digital users to have financial freedom and build stronger communities. SocialFi platform users can freely collaborate, post, and share information without pressure from higher digital ‘authorities.’
SocialFi’s future will depend on storytelling. This kind of interactive and dynamic content motivates people to create and share their ideas, concepts, or dreams.
Mittaria’s users co-own it together, which allows creatives to create and share.
Animation lovers can also meet and share their experiences on this platform.
Mittaria is determined to continue being a SocialFi leader by supporting creativity, metaverse interoperability and decentralization, as well as encouraging creators to create and share content in order to make money. Mittaria plans to also launch NFT collections, which will help users unlock many metaverse ecosystem benefits.
Those interested in Mittaria’s Genesis NFT can follow the project’s website for updates and details about how to mint and price. Follow the Web 3.0 platform to keep up with Mittaria’s news and growth. TwitterMedium.