What is SocialFi? Latest cryptocurrency information!
đ What is #SocialFi ?
SocialFi is a fusion of social media and finance â the cryptocurrency's latest attempt to monetize social media and online social interactions . The basic idea: you interact with others on a social media platform that allows you to earn money from your interactions.
For example, you might want to text, share and combine the two with your interaction value exchange preferences â that's the basic principle of #friend.tech  . Or you can publish and monetize the value of your publications â essentially a version of #OnlyFans . As you can see, there is no limit to what can work for SocialFi.
Something like that. These two overlap to a large extent, although decentralized social media like Lens Protocol or Nostr do not emphasize the financial aspect. On the other hand, SocialFi focuses on monetizing interactions.
đ What makes SocialFi so popular?
The launch of the Base L2 chain allowed the SocialFi trend to explode in the form of friend.tech. The popular app, where you can trade âkeysâ to records, promised a future sale, leading to a trading frenzy on Twitter. The âkeyâ influencers on #Twitter are booming at the time of writing.
âKeysâ are even issued as wrapped tokens that can be traded independently of the platform.Several popular CT influencers are included in the top friend.tech token category.
đ What is the user reaction to SocialFi?
The rise of SocialFi has sparked a heated discussion about whether this is a sustainable new vertical or just a passing fad. Does anyone remember Ethscriptions, Bitcoin Ordinals or BRC-20 tokens ?
Christ Burniske, former Cryptocurrency Lead at ARK, sees SocialFi as the latest iteration of the cryptocurrency experimentation cycle.
