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    SocialFi and Top SocialFi Projects to Watch Out For

    Play2Earn, Defi, Metaverse, Move2Earn, NFT, Web3.0, and Fan Token – have all been hot trends of the crypto market. So, what will be next in 2023? SocialFi, maybe?

    What is SocialFi?

    SocialFi stands for “Social” and “Finance”, which is a combination of decentralized finance and social platforms. SocialFi is considered the door for users to approach Web 3.0. Facebook or Twitter are Web 2.0 platforms and users have created a lot of content, worth billions of dollars, on them. However, most of the profits go to the owners of these platforms while content creators get very little benefits.

    Web2 social media lacks the ability to provide influencers and creators a direct way to earn from their content, so SocialFi was born as a way to help content creators and even ordinary users control their personal information, data, contents on social platforms and earn money by playing games, taking quizzes, etc as well.

    Prominent SocialFi projects

    Lens Protocol

    Lens Protocol is a Web3 social graph on the Polygon Proof-of-Stake blockchain, developed by the Founder of Aave, one of the leading protocols in the market. Lens is highly appreciated for its operating model, as it is not only a social network, but also allows a variety of other web3 social apps to run on it.

    With Lens, each user has a unique NFT profile, which will be the place to store all their posts, comments, and other information. All your actions on Social apps will be “NFTized” and stored in NFT profile, so you have full control over your data.

    The module is another important concept of Lens Protocol. Modules allow users to introduce custom functionality into the system. Thus, Lens easily cooperates with other social apps to build the Lens ecosystem. Lens can scale up, these Dapps can approach Lens users while users profit by “selling” data to Dapps. Currently, there are 13 Dapps built on Lens and 12 Dapps in cooperation with the ecosystem. Lens Protocols has a lot of potential to become one of the biggest Social Dapps in the crypto space.

    Hooked Protocol (HOOK)

    Hooked Protocol is known as the 29th project on Binance Launchpad. Up to now, Hooked Protocol has tested its first product called Wild Cash with the goal of becoming a Web3 community portal in emerging markets like Brazil or Indonesia. Wild Cash has over 1 million downloads and is dominating the Google Play charts in Indonesia.

    Hooked Protocol offers Quiz-to-Earn and other gamified learning experiences, allowing users to earn money through learning Web3 knowledge. The project is now focusing on Wild Cash with 4 main functions: Quiz-to-Earn, Social Referral, Proof-or-Work mining and Stake & Swap. In the future, Hooked plans to develop more Layer 1 and its own ecosystem.

    Galxe (GAL)

    Galxe, formerly known as Project Galaxy, is probably a familiar project for those who regularly participate in airdrops. Galxe acts as an intermediary between the investor and the power unit. When users complete tasks moderated by Galxe, they will receive NFTs of projects partnered with Galxe. In fact, Galxe’s model is quite complex and these above are only part of a section called Campaign of Galxe. The project aims to build an open, collaborative credential data network, Galxe enables brands and developers to engage communities and build robust products in Web3.

    Mask Network (MASK)

    Mask Network is positioned to become the bridge that connects internet users from Web 2.0 to Web 3.0. Web2 users will log in to their social media account through Mask Network so that they can interact with Dapps through Mask Network or NFTs, etc. Besides Dapps, Mask Network also enables users to access the world of Web 3.0 by seamlessly sending encrypted messages and cryptocurrencies. The fact that Binance has launched Bluebird Index, a cryptocurrency price index that tracks the performance of BNB, DOGE, and MASK, proves Binance is also interested in this coin.

    Audius (AUDIO)

    Audius is a blockchain-based decentralized music streaming platform. Audius’s goal is to give artists and curators more control over their music creations. When artists upload content to Audius, they can produce immutable records for their work, which will be secured by a decentralized network of nodes.

    Audius has partnered with TikTok to allow artists to upload and share their works to TikTok’s Sound Kit, fans can also follow and share via links.

    MovieBloc (MBL)

    MovieBloc is a decentralized movie and content distribution platform. It aims to create a transparent revenue share, audience data, and equal screening opportunity for content creators. With MovieBloc, creators will be free to share their content with audiences and get revenue without intermediaries. Meanwhile, the viewers will have access to various contents, and get rewarded for providing curation and marketing material to the ecosystem. 

    STEEM (STEEM)

    Steem is a social blockchain that incorporates a rewards system to incentivize users for creating and engaging with content on the platform. As users create content, more users might be attracted to the platform while existing users remain engaged. This results in more STEEM crypto being distributed.

    Besides content creators, content curators also play an important role in the Steemit community. Users who support and evaluate content quality are called “curators” on Steemit. They are rewarded on Steemit since they help maintain the content quality.

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