SocialFi projects is a fusion of social networks and decentralized finance (DeFi).

These projects use blockchain technology to create platforms where users can connect, engage, and monetize their social media activity.

E.g, users can earn rewards for creating content, referring friends, advertising, NFT minting or completing tasks.

Unlike traditional social media platforms, SocialFi focuses on decentralizing payments and financial management within a social ecosystem.

Some notable socialfi projects topping the list in 2023 are;

1. Friend tech: www.friend.tech

Friend.tech is a socialfi app built on coinbase's base layer 2 network which is branded as "the marketplace for your friend."

Here users tokenize their presence by selling their "shares" or "keys" to access private chat groups.

This application is tailored for crypto influencers, creators and web 3 enthusiasts.

Friend Tech aims to incentivize participation through multiple streams including;

• Allowing users to buy and sell keys to join exclusive chat groups with top crypto influencers and creators.

• Creators can earn fees each time new users buy keys to join their chat room.

• Friend Tech also enables sending tips to creators or other users one interacts with.

• Also through social engagement like inviting new users, you can earn points towards airdrop rewards.

Friend.tech usually requires users to have an invite code from other users in order to sign up.

2. Qrolli: https://qrolli.com

Qrolli is a Web3 social platform founded in 2023 which is built on the Polygon Proof-of-Stake blockchain that empowers creators to own and control the links between themselves and their community. The platform features a modular architecture that allows for new features to be added while ensuring immutable user-owned content and social relationships.

What makes it unique is that Qrolli differentiates itself from other social networks by giving creators more control over their content, audience, and livelihood.This is accomplished through a user-owned, open ecosystem that applications can integrate with. In addition, Qrolli features a reputation system, customizable posts, and dynamic NFTs, which allow creators to establish their brands on the decentralized web.

The team first launched the Qrolli Protocol, a modular, user-owned social graph on the Polygon Network, followed by the Qrolli Social Platform, a decentralized content creation and curation platform that connects creators with their audience.

"Its native token, "Qrolli" is used to incentivize engagement and facilitate transactions within the Qrolli platform."

Qrolli token is also used in:

• accessing premium features,

• content creation and monetisation,

• advertising,

• marketplace transactions,

• social impact, gaming, and tipping other users.

3. DeSo: www.deso.com

DeSo is on a mission to reimagine the world of social.

It is a layer-1 blockchain built to decentralize social media and scale storage-heavy apps to billions of users.

The DeSo platform seeks to address the problems of content gatekeeping and censorship by using blockchain technology to store social media content.

By decentralizing the storage of this data, DeSo aims to create a more democratic social media environment, where users have more control over their content.

The platform also seeks to compete with large social media companies by leveraging the scale and efficiency of blockchain technology.

DeSo seeks to address the lack of collaboration and incentive among independent publishers by providing them with a shared pool where they can post their content.

This pool is not controlled by any one company, and it cannot be censored by any entity.

The DeSo system has been designed to enable low-cost and fast social interactions, which makes it a viable alternative to the centralized social media platforms currently in use.

DeSo’s social blockchain treats media content as a public utility, making it 100% open-source (meaning that anyone can access and use the content without restrictions). The platform also gives users full control over their own profiles, providing a high level of privacy and security.

Additionally, the DeSo blockchain is completely open source, allowing anyone to access and interact with the data. In fact, anyone with a large following can even create their own social network on the chain.

Three products explains how DeSo users monetize their content:

• social tipping,

• social tokens and

• social NFTS.

Every DeSo profile has its own coin, which anyone can buy and trade. These coins are known as “creator coins,” and you can get yours by creating a profile. These tokens generate cash flows through NFT sales.

DeSo ties tipping with content posting and monetization in ways that no other social networking solution does.

It works via a mechanism called “diamonds.” Diamonds are similar to likes you get on traditional social media platforms, except that it allows users to give random amounts of money for each like a creator receives. This earnings can range from a few cents to thousands of dollars in diamonds.

DeSo stores everything on-chain. "The DeSo blockchain currently hosts over a hundred projects, none of which is possible without DeSo’s commitment to putting everything on-chain."

For example, DeSo can store user profiles, likes, follows, comments, posts, social token activity, NFT activity, private messages between users, all $DESO transactions, and more.

DeSo currently runs a hybrid proof-of-work model but plans to move to a proof of stake consensus mechanism in the near future.

Also notably, DeSo gives creators the freedom to invent features they feel will benefit their users. The DeSo ecosystem lets you develop features that may be unavailable, such as voice messaging, dark mode, etc., and run your node back to it.

You can also build apps on the DeSo blockchain.

Currently existing apps include apps for hosting live events exclusive to coin holders, sharing your location, setting up an avatar for your social profiles, and more.

4. Cassava Network: www.cassava.network

Cassava Network is a tokenized rewards platform built on solana which is committed to improving the lives of people in Africa and around the world through blockchain and Web3 adoption.

Cassava is a project that seeks to introduce blockchain-based rewards systems to existing Web2 applications. Rather than requiring users to migrate to a new application, Cassava's $CB token can be integrated into existing applications, allowing users to earn rewards without leaving the platforms they're familiar with. This system could potentially appeal to users who are interested in blockchain-based rewards but not willing to switch to a new platform.

Basically cassava networks $CB token is used to reward users' social engagement such as inviting new users, following and liking posts etc.

"Users earn $CB towards airdrop rewards."

Cassava's ID system allows users' behavior across multiple content platforms to be tracked and recorded. This data is then gamified through Cassava's On-Chain Achievement Tokens (OATs), which are awarded for certain behaviors and achievements. This system has the potential to incentivize positive behavior and encourage users to engage with multiple content platforms.

Cassava's OATs can be linked to a specific wallet, which allows for the creation of a user identification system that the user themselves controls. This control over the data, as well as the potential to profit from it, could be a major incentive for users to participate in the system.

Staking $CB tokens confers DAO voting rights, entitles the holder to revenue sharing, unlocks extra benefits and can even be traded on any NFT marketplace.

Cassava has so far raised $8 million to expand its microinsurance digital platform.

5. Cypher fan: www.Cypher.fan

Cipher.fan is a social media platform that is similar to friend.tech, but built on the Arbitrum blockchain. Users can buy and sell shares of other users' accounts, called Cores, which are similar to the Keys used on friend.tech. This platform was recently launched and is already being supported by the official Arbitrum X account.

By using cipher.fan, users can receive points to be eligible for a $CIPHER airdrop scheduled on October 28th 2023. A total of 100 million $CIPHER tokens will be airdropped which is equivalent to 10% of the total supply.

Also check out

Torum: intro.torum.com

Steemit: www.steemit.com

Cyberconnect Hq: www.cyberconnect.me

Rese: www.rese.social

Pins Network: www.pins.network

Sylo: www.sylo.com

Maringo App: www.maringo.io

In conclusion, socialfi could transform the way people interact with and monetize their content online. The ability to control your own data, create your own currency, and benefit from the value of your social following could have a significant impact on the future of content creation and social media platforms.

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