When the principles of social media and decentralized finance merge, it is called SocialFi (Social Media +Finance).
The development, management, and control of platforms for social media and the content produced by their subscribers are done using SocialFi platforms, which use a Web3 (decentralized) method.Content creators, influencers, and users are at the heart of SocialFi applications because they want greater control of their data, free speech, and the opportunity to monetize their social media engagement and following.
The idea is similar to GameFi
Computer Game + Blockchain Technology = Play to Earn Games
Social Media + Blockchain Technology = Post to Earn
But...
It's not that easy...
Your content must be great for it to acquire value.
Low-Quality Content will not prosper in SocialFi
Social Media Compared to SocialFi
Social Media
Ownership -You don't own your content - The administrator can easily delete your content if they want to.
monetization. You need to reach a certain number of followers and views to be monetized. Not only that, but you also need to ask for the platform's approval to monetize your content, or else you won't earn anything, even if you have lots of followers.
Network - Only your friends and followers can see your post, being suggested to other user's feed is hard. Sometimes, not even all of your friends can see your post because views still depend on their engagement towards your account.
SocialFi
Ownership - You own all of your content, Only you can edit or remove your content. Even if a SocialFi Platform removes you from their Platform, your content will still be visible on other SocialFi Platforms.
Monetization - Every content you make is eligible to earn money. No need to reach a number of followers and there is no need to apply for monetization.
Network - All of your followers can see your post even if they are not actively engaging with your content as long as they are following you. All users of the platform have a chance to see your content as long as you are using the right tags.
What SocialFi Platforms are available to use right now?
There are many SocialFI Platforms right now but the best Platforms to use are those platforms leveraging on Hive Network
- Hive Blog - for general topic content
- PeakD - for general topic content
- Ecency - for general topic content
- DBuzz - for micro blogging; general topic content
- Liketu - for photo blogging
- 3Speak - for video blogs
- Leo Finance - for finance related blogs
How to Subscribe to Hive Network SocialFi Platforms
To Subscribe to a SocialFi Platform under Hive Network You will need a Hive User Name that you can use to log-in to all of these SocialFi Platforms.
You will also need a Hive Keychain Extension to Verify all your Transaction in the Blockchain.
Click Here to Register
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