SocialFi - Find Your Five Smooth Pebbles

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5 Oct 2024

The Future Is Uncertain
The only certainty regarding the future is that it is uncertain. However, uncertainty has its benefits. It causes us to think and plan. Sometimes our efforts are sufficient, while other times, even our greatest efforts are insufficient in shielding us from the storms of life. WEB3 has gifted us with amazing opportunities. SocialFi rewards us for our content and engagement, providing an additional income source for those who excel.
Many will argue about its value when spending hours a day on Facebook and Instagram. A WEB3 user who spends hours a day on SocialFi platforms will generate income, while the former squander their time void of any monetization. This is the reality that evades the average Facebook user and why early adopters of SocialFi are uniquely positioned for the future of social media. The future arrives whether you are prepared or not.
Many platforms operate as circular economies with ambitions far greater than their present reality. However, only some platforms are guaranteed a seat at the table. Many will either fall away or continue to offer an average user experience with modest rewards. However, some will succeed and onboard millions of users. It’s still too early to tell and like David, you need a handful of pebbles.
David & Goliath
I am sure everyone is familiar with the story of David and Goliath. It took a single pebble and a slingshot to defeat Goliath, the giant. However, David chose 5 pebbles at a nearby stream. Even though it only required a single shot he came prepared if his first attempt was unsuccessful. Similarly, there is no guarantee that your number one SocialFi platform of choice will succeed.
Have multiple pebbles in your shepherd’s bag. That’s why I focus on a handful of SocialFi platforms. I am primarily on Hive and Subsocial. However, I have a finger in many pies. In many cases, I am maintaining engagement and growth. If I see signs of a stronger life, I can build on the foundation I have built over time. That’s the important part. Consistency eventually produces rewards.
Much of one’s efforts should be focused on ventures that produce rewards and have the best prospects. Regarding SocialFi, engagement, and active users are paramount. Without this, there is no hope. An average product everyone uses is better than a great product that nobody uses. This is particularly true of SoFi. Engaged users should be the first point of investigation.
The second point is one that many believe to be unimportant. However, it is crucial for longevity and growing success. The quality of content is more significant than many new projects would have you believe. Data is not just data… there are grades of data as are there grades of gold and other valuable commodities and assets. There will always be low-quality content. However, it needs to be minimal.

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Final Thoughts
Finding a handful of projects to focus on is an important way of diversifying and having skin in the SocialFi game. I can name numerous SoFi projects that have come and gone. Many of them had large user bases. However, in most cases, the low caliber of the content and other critical mistakes led to their death. Find the leaders with strong communities and high-quality engagement. That’s the way! See you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.