03/02/2023
SOCIALFI: Evolution of Social Media Platforms
We are all too familiar with the term GameFi, even though not many people really understand it. But one thing cannot be denied, its influence in the period of 2021, the boom period of GameFi is undeniable. However until now,
Data shows that 60% of Game-fi projects die within 30 days of being active, and most games go from launch to act quickly but donโt stay active for long.
And the wave of the decline of Game-fi projects has partly highlighted the usurpation of Social-fi recently.
The potential SocialFi trend carries the ambition of integrating social networks with DeFi and NFT, which is expected to be a new "wave" pulling the market up in 2023.
But, what exactly is SocialFi.
SocialFi stands for Social Finance, a combination of the two fields of decentralized finance and social networking. Features such as the ability to decentralize, extend, and ensure user privacy and ownership rights.
The SocialFi platform is based on blockchain technology. The blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. With the blockchain, SocialFi can offer users a more secure and efficient way to create, manage, and own social media content.
SocialFi is also built on the principle of decentralization. Decentralization is the process of distributing power or authority away from a central location or person.
The SocialFi platform offers a variety of features that make it unique from other social media platforms. With SocialFi, users can connect with friends, family, and others who share their interests. SocialFi also allows users to create and share content, as well as manage their online identity.
Enabled by blockchain, SocialFi is seen to possess tremendous potential to mold digitization in a new shape and bring a myriad of benefits for users as well as organizations. Many companies have already penetrated the concept and have started to combine it with DeFi, NFTs, and Metaverse to see the results.
๐ One of Pando Infinity's typical SocialFi projects is G*T - an ideal place for users to interact, engage and connect with other book lovers through various social activities.
๐Learn more about G*T: https://gatbook.org
๐ Click to download
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