Why SocialFi is the Next Big Thing in Crypto
Social networks are one of the most prominent pillars of the modern internet. Connecting people around the world to intermingle digitally.
Many influential personalities use social media to profit through sponsorships, which are gained based on their engagement rates.
Thanks to the advent of blockchain and the digital asset space, many industries are discovering new ways to operate, and social media is no different.
A new concept that is emerging from the crypto space is SocialFi. SocialFi is a fusion of social, web3.0 and finance that provides rewards and benefits to users by tokenizing social influence.
One company that is a leader in the SocialFi space is Torum. Torum is the first SocialFi ecosystem created for crypto users. Their ecosystem includes a crypto-friendly social media platform, NFT marketplace, yield farming platform and Avatar NFT.
Torum – the SocialFi Metaverse Pioneer of the Crypto Space
One of crypto’s most significant issues is the number of scams that occur. Newcomers to the space feel threatened and insecure, an issue that has greatly stifled the move towards mass adoption. Without sufficient knowledge of the industry, which can be cumbersome and dense, many fall victim to the overwhelming scammers that plague the industry. Even with platforms like Reddit and Telegram providing additional info to help users invest, there is still a high risk of fraudulent activity.
Torum advocates for crypto users of all experience levels by creating different communities within their SocialFi ecosystem to help promote mass adoption. By bridging the gap between users and projects, the platform reduces the barrier of entry for new users by promoting a safe entry point to the space.
On top of creating a user-friendly social platform, Torum also provides several other NFT, Metaverse and DeFi features.
Due to the community being made up entirely of crypto users, the onboarding tools can facilitate the marketing of new crypto, NFT, and DeFi projects. Their range of crypto marketing and community-building tools ensures that new blockchain-related projects flock to their ecosystem.
Their intuitive marketing tools combat the low survival rate of blockchain startups by removing the costs associated with marketing in vain.
While a number of crypto-centric social platforms have existed before Torum, they fall short of the expectations of the crypto-community, when they over-focus on censorship resistance, free speech, and data privacy.
Torum’s NFT, DeFi & Metaverse Features
In addition to the main social feature, Torum’s SocialFi ecosystem is integrated with an NFT marketplace, a yield farming platform, and Metaverse Avatars which are powered by their token XTM. These integrations enables Torum to attract communities of different verticals, and build the world’s first SocialFi ecosystem, including:
NFT Marketplace – A marketplace for crypto artists to mint and sell their NFT collections to the users on Torum. The social integration enables every user to turn their Torum accounts into their personal NFT showrooms to display their precious NFT collectibles.
Decentralized Finance – A social-integrated yield farming platform for farmers to compete for the liquidity reward against one another with social activeness on Torum.
Metaverse NFTs – A type of PFP Avatars that represent the owner’s personalized identity in the SocialFi Metaverse
SocialFi is an inventive new way to monetize social interaction and allows friends to connect and learn more about the crypto space. Users can unlock a brand new way of interacting with the community and new blockchain projects by exploring the metaverse created by combining social media and finance. SocialFi makes it easier for newcomers to enter an otherwise intimidating space through a socially charged community that advocates blockchain and blockchain-related projects.
Read more: https://coinquora.com/why-socialfi-is-the-next-big-thing-in-crypto/
Text source: News – CoinQuora – Latest Cryptocurrency and Block
