SocialFi’s Most Valuable Currency

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16 Aug 2024

Blockchain Births New Models
Tokenization enables the monetization of social media and content creation. This is the world of SocialFi. A world that is fast becoming a viable alternative to traditional social media and blogging platforms. This model runs and operates on top of a blockchain-based infrastructure. In true WEB3 fashion, content/data is published and stored on-chain. Platforms like Hive, DeSo, and Subsocial/Grill come to mind.
It’s important to note that not all WEB3 platforms are created equal. Many hybrid models incorporate various aspects of WEB3 technology but are more WEB2 in principle, regarding account and data ownership. Blockchain, more specifically WEB3, will transform the traditional digital landscape. Considering AI and other technologies, it’s only logical that existing models will soon be outdated.
Elon Musk is an individual that is for the most part, ahead of the curve. Not long after acquiring Twitter, now X, Elon incorporated the monetization of content being published on X. This model runs via an existing model that is based on ad revenue. Accounts must meet certain criteria to participate and be rewarded for their contributions to the social media giant.
A New Standard
Even though WEB2 currently holds an enormous majority of the market share, Elon understood that the technological advancements of blockchain and AI will eventually cause this to change. This is a move to secure X in the future, not just the present. As outlandish as it may seem to the average global citizen enslaved by Facebook and other legacy models, a new wave is coming.
Currently, a swell is building in the distance. It’s slowly gathering momentum and will eventually break. In many instances, the WEB3 wave is like a tsunami, it will obliterate the existing models in a similar way that a tsunami destroys cities. As outlandish as it may sound, a new standard is being birthed. Eventually, monetization of content will be an expectation rather than a luxury.
Participation in an online world will simultaneously be participation in an online economy. The Creator Economy will no longer be an isolated idea operating within limited infrastructure. Monetization models will be a part of everyday activities and infrastructures. Everyday activities are in the majority of cases, social. Access to various websites is already available via social media giants.
Expect this dynamic to increase and accelerate over time. Right now, WEB3 creators are earning tokens that have monetary value. Easily translated into Bitcoin or even fiat currencies, tokenized earnings are alive! However, the most valuable currency in the WEB3 economy is not the native token of a particular platform, its influence… accuracy, and frequency.
This is where early adopters of WEB3 technology have the upper hand. They are building their brand now! They are building a “life” outside of their current jurisdiction as an insurance. As mentioned, incorporating WEB3 into your existing WEB2 approach is a no-brainer and easily attained.
As I mentioned in a recent article, Solana is currently 35X larger than the SocialFi market cap. This reveals how early we are, especially as SocialFi is an entire sector, while Solana is a single blockchain. Establishing one’s reputation and influence in this new world is smart. As tokenized models experience adoption and growth, additional value is assigned by the market to the underlying token.

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Final Thoughts
The rewards of reputation might appear rather limited. However, reputation is translated into Cryptocurrency, which will increase in value with time. If you can establish a presence within the world of WEB3, you will be well-positioned for what is coming. Perspective is everything! Enjoy your weekend and I will catch you in the next one!

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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.