Author: Nancy, PANews

Whether it is the increasing number of users and transaction volumes or the high frequency and high amount of financing activities, the popularity of SocialFi projects such as Friend.tech and Farcaster is driving this track to become a hot topic. At the same time, the long-dormant GameFi track has also ushered in a "small spring" recently, but it is still difficult to break the dilemma of large-scale application.

As the market heat continues to heat up, Soulbound, which recently launched the Galxe Quests event, deserves attention. As a Web3 social platform focusing on games, Soulbound allows gamers to earn income, show their skills and communicate with like-minded people by integrating UGC, NFT derivatives and game distribution into its social network functions.

Combining social and Web3 to innovate gaming experience and value

Currently, the market's interest and participation in GameFi is increasing day by day. According to Google Trends data, GameFi's search popularity has risen by nearly 69.5% since the beginning of this year. At the same time, according to a report released by DappRadar in mid-May, the total investment in blockchain games reached US$288 million in the first quarter of 2024, and the total investment in this field in April reached US$988 million, the highest level since January 2021. At the same time, the number of daily unique active wallets for blockchain games also reached a record high of 2.9 million.

As GameFi is showing strong signs of recovery and growth, Soulbound has launched a Web3 social network for gamers to help the GameFi ecosystem grow better. Soulbound features in-game tasks with partners, where players can earn rewards by completing tasks and track their progress on the leaderboard. Players can also receive rewards in a variety of forms, including exclusive sticker packs, tokens, NFTs, game items (such as weapons, skins, and other game resources), etc.

Among them, Soulbound's gamified task platform tracks players' achievements on and off the chain to create comprehensive gamer profiles. This profile not only serves as a badge of honor to showcase users' achievements and honors, and gives them access to exclusive offers and rewards, but also a way for gamers to show off their skills and connect with users who also love games. And personal profiles on Soulbound are not limited to virtual images in the traditional sense, but also provide a comprehensive portfolio, including displaying users' content, activities, purchases, earnings, and social interactions, etc. Users can also track their growth and influence on the platform through indicators such as followers and creator earnings, thereby creating a personalized space that reflects their own gaming experience.

At the same time, adhering to the principles of fairness and sustainability, Soulbound continues to generate revenue through transaction fees, brand partnerships and premium feature subscriptions, redefining online interactions and empowering gamers and creators while providing them with more monetization opportunities, which also provides more possibilities for the sustainable development of the platform.

In addition, Soulbound has also pioneered a Sticker Store specifically for the community, allowing users, artists and brands to create and sell sticker packs made from NFTs or original images in the market, which will not only provide a new source of income for artists and creators, but also activate the innovation capabilities of the game market. Soulbound promotes cooperation between artists and game brands in the task system, and they can create exclusive sticker sets as part of the game task rewards. While artists are able to reach the game community, top games will also collaborate with these most popular Web3 artists to elevate the art of Web3 games to 3A level.

Of course, Soulbound's homepage will track the trends of popular stickers so that gamers can discover the most popular artists on social platforms. The Sticker Store will also provide comprehensive statistics on sticker popularity and usage, and will become the center of digital expression and commerce. It is worth mentioning that the entire bounty system also provides streaming anchors with additional opportunities to monetize content and integrate seamlessly with their current streaming platforms.

Simply put, Soulbound sets new standards for games by combining social networks, gamification, and NFTs, allowing players to truly own digital identities and achievements while cultivating a community based on fairness, collaboration, and true ownership, thereby providing a new gaming experience and value for gamers, streaming anchors, guilds, artists, etc.

Introducing a dual-token economic model to establish a creator economy

Compared with the business operation model of centralized social platforms, the incentive mechanism is an important innovation of SocialFi and a powerful tool to motivate users to participate. Soulbound is creating project value and increasing player activity through a dual-token economic model and creator economy.

In terms of token economics, since the popularity of Axie Infinity, the dual-token economic model has become the standard for GameFi in recent years, and Soulbound is no exception. The core of Soulbound's dual-token economy is Soulbucks ($SBX), an ERC-20 ecosystem token that serves as the main medium of exchange within the platform and has multiple uses. Users will be able to use $SBX to reward their favorite emoji posts, game clips, Twitch videos and live broadcasts, or buy/give stickers to their Soulmate. The introduction of this token not only provides users with more choices and flexibility, but also makes Soulbound's user experience more attractive and rewarding.

$DRIP is another core token of the Soulbound ecosystem, which is mainly used to reward users for interacting with content, playing games, and completing tasks, but it is not transferable. Users can earn $DRIP points by completing tasks on the Soulbound platform, affixing stickers to favorite posts, and creating and sharing content. Of course, users can also earn more $DRIP by having their content affixed with stickers, recommending friends, and creating communities. The $DRIP score will help quantify the reputation that players have built in Web3 games, and can also unlock rewards and airdrops for the $SBX token and upgrade their account levels, which will also encourage users to participate more actively in platform activities.

In the decentralized context, Soulbound has also established a more interactive creator economy. Timeline Feed is a special feature of Soulbound that provides users with a space to create, share and interact with content. From emoticons to game videos, Timeline Feed showcases user-generated content to deepen and promote connections and conversations between gamers.

At the same time, features such as "stick", "comment" and "share" will also enhance player participation and allow users to interact with content in a meaningful way. It is worth mentioning that Soulbound has recently launched a reward function, where high-quality content can be rewarded in a peer-to-peer manner, which will increase the content monetization method and help motivate users to create higher-quality content.

In summary, Soulbound enhances the engagement and value of game players while promoting the sustainable development and growth potential of the platform by providing rich content creation, diverse interactive functions, and an incentive-rich economic model.

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