Hello and Everyone
Social media is an important part of our lives because we use these platforms and mediums to connect with people across the world. Now we are not dependent on phone calls to connect with people because all this can be done through the Internet and it is quite easy and offers a fantastic experience. We can see what they are doing on social media and they can also see the update we are sharing on such open platforms. Over time we have seen how social media has grown and it has now become a source of business promotion as well. Many companies are trying to promote their products and services on social media and this is how they are trying to get the desired audience.
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What is Social media
It's like social media is not just limited to individuals for their personal information or updates instead it is more business-centric. While this is good some things are not good because people share their information and content on social media which is being used by the companies running these social media platforms. For example, we have seen how Facebook has been accused many times that the company is selling the data. It is free to use but technically it is not free to use. There is a saying that when something comes to us for free then we are the product and in the case of social media it is quite true. It is true because we don't pay any money for using social media websites but we share a lot of information that is being used by the companies for various purposes.
SocialFi is the future
SocialFi is a short word for social finance. It means social media where we can monetize the content or we can say that it is the web three Internet where we get more power as content creators. SocialFi is the new face of social media. It allows us to monetize the content and give the creators more control over it. This is needed because content is now important, and creators should have the power to control it the way they want, not like the web two companies have been dealing with it for decades.
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Things are changing now and with this change content creators also want more transparency and ownership of the account and the data. Why are the companies on Web 2 trying to make money through the user base and their information but things are completely different in Web 3 and that is where socialfi brings the change.
Hive- The best example for SocialFi
Hive is the best example of socialFi to understand it better. It is a platform where we can get rewarded which means our content is monetized by default and we don't need to rely on certain criteria and rules to follow. Generally, there are certain rules and criteria to follow for the content creators. At Hive we don't have content censorship and it is decentralized means we have the power to control the content and the account. We own our account and nobody can have access to the funds lying in our wallet. It is driving Web 3 to the next level where a new phase of the Internet can be experienced by creating content on different dApps and earning layer 1 and layer 2 tokens.
Many people might not be familiar with the word 'SocialFi' as of now but this is the future and they learn surely. Web 3 is in the early stage but the transition is happening faster which means more people are getting on board Web 3 and they are making a move. It is expected that in the next few years, we are going to have more people accessing the Web 3 platforms and they will stop using the Web 2 applications. This is because more people are interested in decentralization and they do not want to lose control over their content which is only possible on Web 3 and not on traditional social media.
This is my participation post for Initiative: April Monthly Prompt
Thank you so much
Stay Safe