Social
In recent years, social projects aimed at utilizing blockchain technology and cryptocurrencies to create positive social impact have been gaining momentum in the crypto space.
One notable trend is the emergence of social tokens, which encourage individuals to work on collaborative projects within a decentralized autonomous organization (DAO). These digital currencies can be exchanged for other cryptocurrencies or used to access exclusive content, voting rights, or other privileges within the community associated with the token. Another aspect of cryptocurrency social projects is the development of decentralized social media platforms. These platforms utilize blockchain technology to provide increased privacy, protection from censorship, and the ability for users to receive and send cryptocurrency directly through the platform. Examples include DeSo, a Tier 1 blockchain designed to decentralize social media, and Farcaster, which combines Web 2.0 strategies with blockchain capabilities to create a decentralized ecosystem controlled by users.
History and evolution of SocialFi
SocialFi - the merging of social media and decentralized finance (DeFi) within the blockchain and cryptocurrency ecosystem - has evolved since its inception in the early 2010s. The term SocialFi represents a transformational shift in the social media landscape, merging the principles of decentralized finance with social media, allowing users to interact with each other on a social media platform where the interaction is monetized. The concept gained significant traction with the advent of Ethereum in 2015, which introduced smart contracts and decentralized applications (dApps) that laid the foundation for SocialFi platforms. However, it wasn't until the advent of non-fungible tokens (NFTs) in 2020 that SocialFi began to truly gain momentum. NFTs provided a new way to represent unique digital assets, including content and social interactions, which further fueled the growth of SocialFi platforms. One of the most notable SocialFi platforms, FriendTech, emerged in 2023, pioneering SocialFi narratives and allowing users to trade keys such as social status and social proof. This platform inspired over 20 others, each of which was a development of originality, demonstrating rapid evolution and experimentation in the SocialFi space.
In 2024, SocialFi platforms continue to evolve, combining social activity with financial incentives and decentralized management. These platforms aim to disrupt the social media industry by adhering to the Web3 ethos, the essence of which is that they are decentralized social applications. They empower users to control their content and directly monetize it, solving key design problems present in traditional social media platforms.
SocialFi's journey from its early days in the early 2010s to its current state as a mature SocialFi platform has been driven by Ethereum and NFT. It turned online social interactions into economic transactions, providing content creators and active users with a new way to earn tokens for their contributions. Despite challenges such as scalability, compliance, privacy and security, SocialFi represents an exciting evolution in how we perceive and participate in online social interactions.
SocialFi Market Today:
The SocialFi market today is going through a transformational phase characterized by significant growth and innovation in the field. Comparison of the total number of unique active wallets interacting with smart contracts across sectors ($12.52 million):
According to recent reports, the SocialFi market size is around $4.5 billion. One of the most prominent platforms in this space is FriendTech, which played a key role in popularizing the concept of funding a user's social activity by attaching a tradable token ("key") to the user.
The number of unique FriendTech users to date:
The launch of FriendTech V2 and other platforms such as FantasyTop has pushed the sector into a new era focused on decentralized social apps that seek to disrupt the social networking industry. However, the market is also becoming more competitive, with lower rewards and a more challenging user experience. This has led to a greater emphasis on research and due diligence before participating in SocialFi projects.
The year 2024 has already solidified itself as the year of SocialFi. Lens and Farcaster have surpassed 350,000 registered users and the growth in daily active users continues.
SocialFi's innovations can be divided into two main categories:
- Social Primitive Substrate - Farcaster provides a basic toolkit for identity, posting, wallet relationships, and common app integration patterns using frames and actions. This breaks the prevailing technology stack associated with social apps and allows anyone to build interconnected apps based on the same basic toolkit and social network, leading to greater efficiency and experimentation.
- Funding - Friend.Tech and FantasyTop attach a tradable component, such as an NFT or token, to familiar social actions and existing profiles. In this way, other users can speculate on the creator's future activity or attention. In turn, creators receive a portion of the speculative trading activity, allowing them to generate a new form of revenue not available on traditional social platforms.
Promising projects
Attention! Make your own DYOR! If you want to see my portfolio see the description below the chart.
Mask Network
Mask Network is a pioneering project in the SocialFi space that aims to bring the benefits of Web3 to existing Web2 social media platforms. Founded in 2018, Mask Network is at the forefront of creating a decentralized social conglomerate that moves users from Web2 to Web3, bridging the gap between traditional social media networks and decentralized financial (DeFi) applications. One of the key features of Mask Network is its ability to enable encrypted messaging and cryptocurrency transactions directly on popular social media platforms such as Twitter and Facebook. This is accomplished through browser extensions and third-party applications, allowing users to interact with each other on a social media platform where the interaction itself is monetized.
The Mask Network also supports the creation and trading of non-functional tokens (NFTs) on social media platforms, giving content creators and active users a new way to earn tokens for their contributions. This is made possible through the use of smart contracts that automatically execute transactions and enforce agreements when predefined conditions are met. Note the presence of large funds as well as the activity of market makers such as DWF Labs, GSR and Wintermute! Be prepared for the asset to be pumped up soon.
Overall, Mask Network is a key player in the SocialFi space, leveraging its technical expertise and strategic partnerships to drive adoption of DeFi's decentralized social networks and applications. The project's vision of a decentralized social conglomerate that empowers users and content creators is set to disrupt the social media industry by providing a fairer, more transparent and user-centric digital social media landscape.
Cyber Connect
Cyber Connect is a pioneering SocialFi project designed to revolutionize social media by giving users and content creators direct ownership and control over digital identity, content and interaction.
The project is built on a decentralized social networking protocol that allows developers to create decentralized social applications (dApps) that empower users with sovereignty and interaction. At the core of Cyber Connect is the CYBER token, a utility and management token that supports various aspects of the platform. These include the purchase of CyberProfiles with premium usernames that allow users to create their digital identities in a unique and personalized way. In addition, the upcoming CyberWallet smart contract wallet provides a seamless entry into the Web3 world, and CYBER tokens serve as a means to pay for gas on various EVM-enabled networks.
Cyber Connect is positioning itself as a leader in decentralized social (DeSoc), challenging the status quo and putting the reins directly in the hands of creators and their communities. The platform introduces innovative features such as CyberAccount, CyberGraph and Cyber L2, enabling seamless collaboration and empowering developers to create a variety of applications across the ecosystem. With a growing user base of 327,000 monthly active users and over 7.3 million transactions conducted, Cyber Connect has demonstrated its appeal and potential to change the social media landscape. The project has a total stock of 100,000,000 CYBER tokens thoughtfully distributed across different segments and has secured the Cyber L2 network. From a blockchain perspective, the picture is as follows:
Overall, Cyber Connect represents a significant step forward in the evolution of social media, offering a dynamic, inclusive and open alternative to traditional social media platforms. Its innovative features and inherent CYBER token empower creators, developers, and users, fostering a self-confident, interoperable, and scalable ecosystem.
Galxe
The GAL project is a cryptocurrency that is part of the Web3 ecosystem. It was launched in April 2022 on the Binance Launchpool platform and offers users the opportunity to participate in building the best products and communities in Web3. GAL is used as a token to manage and reward participants who contribute to the ecosystem.
GAL also offers various features for users, including the ability to create NFT-badge campaigns, integrate their online and offline achievements, and use GAL as a means to pay for using tools in the ecosystem. The GAL project aims to become the leading Web3 infrastructure and digital reputation data network that will help Web3 users and developers use NFT and digital reputation data to build better products and communities. One of the main goals of the GAL project is to empower users to control and manage their digital reputations.
ZTX
The ZTX project is a revolutionary crypto project that aims to eliminate transaction fees in the cryptocurrency space. By eliminating these fees, ZTX offers a solution to one of the biggest problems for users and businesses in the cryptocurrency space. ZTX is built on a decentralized blockchain and is committed to maintaining the highest level of security and privacy for its users. Apart from its main goal of eliminating transaction fees, ZTX is also expanding its ecosystem through various initiatives. One such initiative is the creation of Web3 Stickerly, a global UGC platform for memes and stickers with over 400 million regular users. ZTX plans to bring Stickerly into the Web3 space, allowing for content synergies between ZTX and Web3 Stickerly. This expansion is expected to bring even more value to ZTX owners and the community.
The ZTX team is developing a Web3 version of Stickerly for the near future, and select
ZTX
token holders and ZTX Genesis Homeowners may be eligible to participate in the airdrop of Web3 Stickerly tokens if their wallets meet the airdrop criteria. The move underscores ZTX's commitment to adding value to existing
ZTX
holders and ZTX Genesis Home owners.
The ZTX project is backed by significant investment and has attracted the attention of both enthusiasts and investors in the cryptocurrency space. With a focus on fast and hassle-free transactions, robust security, and partnerships that enhance the utility of the project, ZTX is gaining momentum as a promising project for both regular users and businesses.
Conclusion
The SocialFi sector is experiencing significant growth and development, with a combined market capitalization of over $4.5 billion as of early May 2024 and a 24-hour trading volume of over $300 million. This growth is driven by developments in blockchain infrastructure, such as improved scaling solutions and decentralized governance models that make these platforms more accessible and efficient.
SocialFi platforms are changing the social media landscape by allowing users to take back control of their data and directly monetize their content. This approach is seen as a fairer and more transparent way of managing social media, where users can influence the direction of the platform. The emergence of new segments and niches in the SocialFi market indicates a marked increase in interest from various stakeholders.
The future of the SocialFi sector looks promising, with significant growth and development expected in the coming years. The sector will continue to change the landscape of social media and finance, offering new opportunities for creators, users, and investors alike.
The SocialFi trend will come sooner rather than later. Today there are many projects with good prices that are worth paying attention to and adding to your portfolio, because during the SocialFi hype the entry point will already be missed. If you want to see my portfolio online - follow the link in the description!
Best regards EXCAVO
In recent years, social projects aimed at utilizing blockchain technology and cryptocurrencies to create positive social impact have been gaining momentum in the crypto space.
One notable trend is the emergence of social tokens, which encourage individuals to work on collaborative projects within a decentralized autonomous organization (DAO). These digital currencies can be exchanged for other cryptocurrencies or used to access exclusive content, voting rights, or other privileges within the community associated with the token. Another aspect of cryptocurrency social projects is the development of decentralized social media platforms. These platforms utilize blockchain technology to provide increased privacy, protection from censorship, and the ability for users to receive and send cryptocurrency directly through the platform. Examples include DeSo, a Tier 1 blockchain designed to decentralize social media, and Farcaster, which combines Web 2.0 strategies with blockchain capabilities to create a decentralized ecosystem controlled by users.
History and evolution of SocialFi
SocialFi - the merging of social media and decentralized finance (DeFi) within the blockchain and cryptocurrency ecosystem - has evolved since its inception in the early 2010s. The term SocialFi represents a transformational shift in the social media landscape, merging the principles of decentralized finance with social media, allowing users to interact with each other on a social media platform where the interaction is monetized. The concept gained significant traction with the advent of Ethereum in 2015, which introduced smart contracts and decentralized applications (dApps) that laid the foundation for SocialFi platforms. However, it wasn't until the advent of non-fungible tokens (NFTs) in 2020 that SocialFi began to truly gain momentum. NFTs provided a new way to represent unique digital assets, including content and social interactions, which further fueled the growth of SocialFi platforms. One of the most notable SocialFi platforms, FriendTech, emerged in 2023, pioneering SocialFi narratives and allowing users to trade keys such as social status and social proof. This platform inspired over 20 others, each of which was a development of originality, demonstrating rapid evolution and experimentation in the SocialFi space.
In 2024, SocialFi platforms continue to evolve, combining social activity with financial incentives and decentralized management. These platforms aim to disrupt the social media industry by adhering to the Web3 ethos, the essence of which is that they are decentralized social applications. They empower users to control their content and directly monetize it, solving key design problems present in traditional social media platforms.
SocialFi's journey from its early days in the early 2010s to its current state as a mature SocialFi platform has been driven by Ethereum and NFT. It turned online social interactions into economic transactions, providing content creators and active users with a new way to earn tokens for their contributions. Despite challenges such as scalability, compliance, privacy and security, SocialFi represents an exciting evolution in how we perceive and participate in online social interactions.
SocialFi Market Today:
The SocialFi market today is going through a transformational phase characterized by significant growth and innovation in the field. Comparison of the total number of unique active wallets interacting with smart contracts across sectors ($12.52 million):
According to recent reports, the SocialFi market size is around $4.5 billion. One of the most prominent platforms in this space is FriendTech, which played a key role in popularizing the concept of funding a user's social activity by attaching a tradable token ("key") to the user.
The number of unique FriendTech users to date:
The launch of FriendTech V2 and other platforms such as FantasyTop has pushed the sector into a new era focused on decentralized social apps that seek to disrupt the social networking industry. However, the market is also becoming more competitive, with lower rewards and a more challenging user experience. This has led to a greater emphasis on research and due diligence before participating in SocialFi projects.
The year 2024 has already solidified itself as the year of SocialFi. Lens and Farcaster have surpassed 350,000 registered users and the growth in daily active users continues.
SocialFi's innovations can be divided into two main categories:
- Social Primitive Substrate - Farcaster provides a basic toolkit for identity, posting, wallet relationships, and common app integration patterns using frames and actions. This breaks the prevailing technology stack associated with social apps and allows anyone to build interconnected apps based on the same basic toolkit and social network, leading to greater efficiency and experimentation.
- Funding - Friend.Tech and FantasyTop attach a tradable component, such as an NFT or token, to familiar social actions and existing profiles. In this way, other users can speculate on the creator's future activity or attention. In turn, creators receive a portion of the speculative trading activity, allowing them to generate a new form of revenue not available on traditional social platforms.
Promising projects
Attention! Make your own DYOR! If you want to see my portfolio see the description below the chart.
Mask Network
Mask Network is a pioneering project in the SocialFi space that aims to bring the benefits of Web3 to existing Web2 social media platforms. Founded in 2018, Mask Network is at the forefront of creating a decentralized social conglomerate that moves users from Web2 to Web3, bridging the gap between traditional social media networks and decentralized financial (DeFi) applications. One of the key features of Mask Network is its ability to enable encrypted messaging and cryptocurrency transactions directly on popular social media platforms such as Twitter and Facebook. This is accomplished through browser extensions and third-party applications, allowing users to interact with each other on a social media platform where the interaction itself is monetized.
The Mask Network also supports the creation and trading of non-functional tokens (NFTs) on social media platforms, giving content creators and active users a new way to earn tokens for their contributions. This is made possible through the use of smart contracts that automatically execute transactions and enforce agreements when predefined conditions are met. Note the presence of large funds as well as the activity of market makers such as DWF Labs, GSR and Wintermute! Be prepared for the asset to be pumped up soon.
Overall, Mask Network is a key player in the SocialFi space, leveraging its technical expertise and strategic partnerships to drive adoption of DeFi's decentralized social networks and applications. The project's vision of a decentralized social conglomerate that empowers users and content creators is set to disrupt the social media industry by providing a fairer, more transparent and user-centric digital social media landscape.
Cyber Connect
Cyber Connect is a pioneering SocialFi project designed to revolutionize social media by giving users and content creators direct ownership and control over digital identity, content and interaction.
The project is built on a decentralized social networking protocol that allows developers to create decentralized social applications (dApps) that empower users with sovereignty and interaction. At the core of Cyber Connect is the CYBER token, a utility and management token that supports various aspects of the platform. These include the purchase of CyberProfiles with premium usernames that allow users to create their digital identities in a unique and personalized way. In addition, the upcoming CyberWallet smart contract wallet provides a seamless entry into the Web3 world, and CYBER tokens serve as a means to pay for gas on various EVM-enabled networks.
Cyber Connect is positioning itself as a leader in decentralized social (DeSoc), challenging the status quo and putting the reins directly in the hands of creators and their communities. The platform introduces innovative features such as CyberAccount, CyberGraph and Cyber L2, enabling seamless collaboration and empowering developers to create a variety of applications across the ecosystem. With a growing user base of 327,000 monthly active users and over 7.3 million transactions conducted, Cyber Connect has demonstrated its appeal and potential to change the social media landscape. The project has a total stock of 100,000,000 CYBER tokens thoughtfully distributed across different segments and has secured the Cyber L2 network. From a blockchain perspective, the picture is as follows:
Overall, Cyber Connect represents a significant step forward in the evolution of social media, offering a dynamic, inclusive and open alternative to traditional social media platforms. Its innovative features and inherent CYBER token empower creators, developers, and users, fostering a self-confident, interoperable, and scalable ecosystem.
Galxe
The GAL project is a cryptocurrency that is part of the Web3 ecosystem. It was launched in April 2022 on the Binance Launchpool platform and offers users the opportunity to participate in building the best products and communities in Web3. GAL is used as a token to manage and reward participants who contribute to the ecosystem.
GAL also offers various features for users, including the ability to create NFT-badge campaigns, integrate their online and offline achievements, and use GAL as a means to pay for using tools in the ecosystem. The GAL project aims to become the leading Web3 infrastructure and digital reputation data network that will help Web3 users and developers use NFT and digital reputation data to build better products and communities. One of the main goals of the GAL project is to empower users to control and manage their digital reputations.
ZTX
The ZTX project is a revolutionary crypto project that aims to eliminate transaction fees in the cryptocurrency space. By eliminating these fees, ZTX offers a solution to one of the biggest problems for users and businesses in the cryptocurrency space. ZTX is built on a decentralized blockchain and is committed to maintaining the highest level of security and privacy for its users. Apart from its main goal of eliminating transaction fees, ZTX is also expanding its ecosystem through various initiatives. One such initiative is the creation of Web3 Stickerly, a global UGC platform for memes and stickers with over 400 million regular users. ZTX plans to bring Stickerly into the Web3 space, allowing for content synergies between ZTX and Web3 Stickerly. This expansion is expected to bring even more value to ZTX owners and the community.
The ZTX team is developing a Web3 version of Stickerly for the near future, and select
ZTX
token holders and ZTX Genesis Homeowners may be eligible to participate in the airdrop of Web3 Stickerly tokens if their wallets meet the airdrop criteria. The move underscores ZTX's commitment to adding value to existing
ZTX
holders and ZTX Genesis Home owners. The ZTX project is backed by significant investment and has attracted the attention of both enthusiasts and investors in the cryptocurrency space. With a focus on fast and hassle-free transactions, robust security, and partnerships that enhance the utility of the project, ZTX is gaining momentum as a promising project for both regular users and businesses.
Conclusion
The SocialFi sector is experiencing significant growth and development, with a combined market capitalization of over $4.5 billion as of early May 2024 and a 24-hour trading volume of over $300 million. This growth is driven by developments in blockchain infrastructure, such as improved scaling solutions and decentralized governance models that make these platforms more accessible and efficient.
SocialFi platforms are changing the social media landscape by allowing users to take back control of their data and directly monetize their content. This approach is seen as a fairer and more transparent way of managing social media, where users can influence the direction of the platform. The emergence of new segments and niches in the SocialFi market indicates a marked increase in interest from various stakeholders.
The future of the SocialFi sector looks promising, with significant growth and development expected in the coming years. The sector will continue to change the landscape of social media and finance, offering new opportunities for creators, users, and investors alike.
The SocialFi trend will come sooner rather than later. Today there are many projects with good prices that are worth paying attention to and adding to your portfolio, because during the SocialFi hype the entry point will already be missed. If you want to see my portfolio online - follow the link in the description!
Best regards EXCAVO
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