What is SocialFi?

SocialFi brings together the principles of social media and decentralized finance (DeFi). SocialFi platforms offer a Web3 (decentralized) approach to creating, managing and owning social media platforms and the content generated by its participants.

At the heart of SocialFi, applications are content creators, influencers and participants who want better control of their data, freedom of speech and the ability to monetize their social media following and engagement. Monetization typically happens in cryptocurrencies, while identity management and digital ownership are driven by nonfungible tokens (NFTs).

These platforms are structured as decentralized autonomous organizations (DAOs) that are better suited to prevent centralized censorship decisions. As blockchain technology has come in leaps and bounds in the last few years, SocialFi infrastructure can cope with throughputs required for social media interactions.

Advantages of SocialFi

SocialFi are built so we can have a lot of extra features on our already existing Social Media. Remember that the problem of Centralized Authority includes Speech Censorship amongst other restrictions and this led to the advent of Blockchain Technology with its Decentralized structure.

SocialFi gives us the opportunity to have complete Freedom of speech while being in total control of our data.

SocialFi is set to disrupt the social media industry by sticking to Web3 ethos, which, in essence, is simply being decentralized social applications. It is focused on solving key design issues around aspects of Web2 social media platforms as we know them today.

Some SocialFi projects worth mentioning are the following:

SocialFi AIRDROPS

So this month has been a frenzy of activity in the Web3 world with a lot of SocialFi Airdrops dropping out of the air.

We saw the arrival of Nibiru, which promised the masses a whole lot of revenue just for connecting their Twitter account and liking, reposting and commenting on Twitter posts. Regardless, Elon Musk was active in banning a lot of accounts during this Interaction session.

Next up, we saw GMRX, Literally took a lot of people by surprise because, well them been no share update. We just woke up one morning to hear about people making some cool thousands of dollars off of something we didn’t even hear about.

No losses though, it's airdrops, literally free money. But then following the dawn of GMRX, Twitter has been buzzing with “Farm $PARAM and Don’t $BLOCK it”.

You might ask, what is $PARAM and $BLOCK?

Well, they are new potential SocialFi projects which only require you to interact with their social tasks on Twitter to stand a chance of being airdropped their native tokens on launch.

PS: They use a points-based system.

Unrelated but a popular person in the Twitter crypto space dropped a meme yesterday calling April the month of “Massive Airdrops” so to all Airdrop farmers, OGs and E-beggers out there, let's keep doing what we know how to do best!