At this point, it’s pretty safe to say that we are all familiar with major social media platforms out there, but you might not have heard of social finance yet.
Social finance is the blending of social media and decentralized finance, to be able to normalize and find a standard for adopting cryptocurrency projects on a mass scale.
The good news is that the creator is the ruler of the platform, and the cryptocurrency community knows it.
As the world of technology presses forward, more and more people are going to start realizing the value of assets online and original cryptocurrency ideas.
That’s why decentralized social platforms where individuals maintain the management of their information are becoming more popular.
In today’s article, we are going to be talking about a completely new sector that has a lot of improvement and development to go.
Keep reading to find out some of the most interesting SocialFi statistics in 2023, understanding what is SocialFi, as well as its benefits to the community, and relevant data and important features around platforms like these.
SocialFi Statistics: What Is SocialFi?
A decentralized social platform is social media that is developed on the blockchain that wants to try and change the way that we perceive the Internet.
Web 2.0 is incredibly friendly towards NFTs, as well as cryptocurrency tokens, and the information implies that a small number of tech corporations are behind how the internet is structured as we know it today.
Now, decentralized data wants to be the protagonist of these platforms, by introducing a World Wide Web that is centered around blockchain technology.
This offers you potential that is unlimited and this can be seen in a specific decentralized platform called SocialFi.
SocialFi aims to end classic security and privacy issues that are faced by all social media platforms out there.
Each feature on the SocialFi platform is an advantage to creators, by allowing them to completely control their economy.
Yes, the current state of SocialFi can be seen as immature, but creators and users are starting to realize the potential of projects like these all around the world.
SocialFi Statistics: SocialFi Popularity
Unless you have been living under a rock, you will know that blockchain social media is becoming more and more popular.
With cryptocurrency gems and blockchain projects popping up all the time, content creation around token assets and NFTS seems to be a new area of popularity that has resulted in NFT creators being standardized.
Decentralized ecosystems, while they are still in their early stages, are already getting massive funding so that they can continue their decentralized development.
This is why we are seeing trends related to social finance projects.
- The majority of projects out there are implementing functions that are user-friendly, where the community ends up becoming the owner of the platform.
- All the features that are implemented on platforms like this whether they are free or paid are designed to empower cryptocurrency or NFT creators.
- With benefits like these, creators are able to make the most of creating content, by sharing inside knowledge into the current crypto market status, and the NFT market situation.
SocialFi Projects Increasing in Popularity
SocialFi platforms are increasing in popularity very quickly.
- NFTS are beginning to get standardized. While specific NFT assets can be discovered on an empty marketplace, creators that manage a channel of their own require a platform in order to relay their insights.
- Decentralized finance apps, as well as game finance projects go hand in hand with the SocialFi explosion, but as we’ve already mentioned, there is still a long way to go.
- In the future, the social finance projects might supersede existing decentralized Finance Apps.
SocialFi Statistics: SocialFi Personal Tokens
One of the biggest benefits of SocialFi is the fact that you can generate your own coin and distribute them to your community.
The biggest platform that is used for cryptocurrency creatives to issue tokens is called Rally.
- Over 200 creators are already making the most of Rally’s updated features.
- According to the company, the five biggest creators on the network are each responsible for of 100,000 U.S. dollars in creator coin transactions on average, every week.
- Rally raised $57 million in two rounds of funding, which they’re going to spend on improving all their unique features.
- Former Facebook and Patreon employees are creating an NFT revolution platform with Rally, which means that you get the best of both worlds.
SocialFi Statistics: Community-Powered NFTs and Tokens
As well as offering support around marketing, and features associated with ranking system, community coins can now be used for a broad range of projects.
- Mirror is a platform where you can write to earn, where trending posts and entries automatically turn into NFTs. Although users and creators are the key component of Mirror, token trading isn’t viable currently within the platform right now.
- Friends with Benefits is DAO which incorporates its own token, and this has gradually been developed into somewhere where NFT display is viable in a web 3.0 environment.
- Audius wants to be able to align features to transform music streaming services and turn them into protocols that are decentralized.
We think that it is safe to say that user privacy is a massive priority as far as decentralized platforms are concerned.
In fact, gaining information related to blockchain tech, as well as SocialFi platforms’ adoption isn’t as simple as you might think, as a result of us still being in the early stages of the market.
- Torum is thought to be the on the top rung of the ladder as far as SocialFi is concerned, and it recently said that they have more than 200,000 users that are using a wallet with their platform.
- The Boom platform is seen as a SocialFi platform that is decentralized that offers marketing support, NFT rewards, and many other features. The Boom website is pretty new, but you can sign up for it.
- Monaco Planet is another platform that is still really young, but thousands of people have already listed more than $400,000 in digital assets.
- SocialFi says that it is the first guild in social trading for individuals who want a headstart in the world of cryptocurrency by trading, buying, and stacking. Over 250,000 people have signed up for the wait list to start using this platform, once it is up and running.
One real issue that conventional social media has come across has been benefit distribution. Now, SocialFi has a user-generated model where revenue is made by the user.
Since all the information linked to revenue is controlled by decentralized methods, the value that is generated by these platforms is directly linked to the rewards that are made by content creators.
As an example, play-to-earn, and write-to-earn are similar when it comes to their foundations, but they still have a long way to go when it comes to improvements needed.
Market Cap of Personal Tokens
Personal Tokens is a platform where you can create your own tokens through the Ethereum blockchain.
The value of these tokens is going to depend on the currency market, as well as the influence of the creator.
As of quarter one of 2023, the overall market cap was $25,354,070.28.
There are some investors out there that are already seeing the possibilities of SocialFi projects on the adoption and expansion of web three environments.
- SocialFi has raised $3 billion through 20 rounds of funding in recent years, with their most recent one being in the beginning of 2021.
- Torum’s total funding amount is more than $2.6 million.
- Boom is attempting to raise $1,000,000 to support creators.
SocialFi Statistics: SocialFi in 2023 and in the Future in General
As you can see from these SocialFi statistics, SocialFi platforms have solidified themselves. This industry is still in the early stages but we can prepare ourselves to see steady growth for this industry during 2023, and beyond, and we still think that there is a lot to improve on.
This being said, SocialFi projects have begun to set a goal: social platforms that are truly owned and controlled by the individuals who use them.
It is an opportunity to lead the Internet into new opportunities.
Where is Social Influencer Monetization Right Now?
Influencers in different niches and platforms already know that they have decision power when it comes to their community.
Am I Able to Use Meta Mask in SocialFi Projects?
SocialFi is aiming to link up the most popular wallets in the cryptocurrency space, including MetaMask.
It of course is dependent on the project, but MetaMask is slated to be one of the first.
As you can see from these SocialFi statistics for 2023, the world of SocialFis as platforms and communities that are controlled by the people who participate in their features is not far off, but just like with anything else, they’re currently going through the teething stage of the process, so signing up for and watching this space is the best way forward.