Before now, Social Media were mostly a place of networking and entertainment. Users are not able to get value for the time they spend on the various social media platforms available. Monetization in a few Social media platforms was mostly for celebrities and companies because of the high traffic they bring to the platform.

With the Coming of Blockchain and the entrance of SocialFi, the Social media World was revolutionized. We saw a new Social media world where users can monetize their content irrespective of their fan base.

What is SocialFi?

SocialFi steps up social media experience and usage by integrating decentralized finance, thus the name, SocialFi ( Social Media + Finance ).

With this integration of decentralized finance, users can monetize their content and retain full control of their content as against the traditional centralized nature of social media.

This revolution of social media has created both earning and job opportunities for many Blockchain enthusiasts. Before now, people shared valuable information on social media without getting any form of incentives for their efforts. Today, with SocialFi, every content, be it infographics, blogs, or videos is monetized.

SocialFi platforms like Hive and Blurt use the upvotes scheme as a way to reward users for their efforts. Other SocialFi platforms allow content to be locked and only accessed through subscriptions. The advent of SocialFi has forced traditional Social media like Facebook and Twitter into integrating monetization features in their platforms. However, they can't still be considered SocialFi, at least to me. Their centralized nature and exclusivity when it comes to monetization don't qualify them as SocialFi.

Furthermore, SocialFi platforms go beyond monetization of users' content to offering various DEFI opportunities such as staking, gaming, etc. Users are thus allowed to either generate money for themselves through content creation or through engaging in the available DEFI opportunities. Here, the user has full control of his content and account.

It is thus surprising to see young people spend much time on Facebook and other Social Media platforms where their efforts are not rewarded. Again, considering that these Social Media platforms are not privacy-conserving should be another reason to tread with caution. SocialFi promotes the anonymity of the users. Mostly, users are not required to upload any identity card nor provide personal details during sign-up.

With SocialFi, we have seen a new way of monetizing our work while having fun, and sharing what we love. Students who are leveraging the financial opportunities offered by SocialFi can help themselves financially. If you are considering checking out some SocialFi platforms, you should consider Hive, Blurt, and Torum.