What is SocialFi? A comprehensive overview of the emerging concept

In essence, SocialFi is a fusion of social media and decentralized finance (DeFi). SocialFi empowers content creators, influencers and users, greater ownership, privacy and control over their data all the while fostering innovative community and collaboration models. Furthermore, it gives them more control over the content they publish whilst offering an alternative way to monetize their content on-line. Using decentralized blockchain-powered platforms, cryptocurrencies and nonfungible tokens (NFTs) SocialFi is offering new methods of payments and ways for creators and influences to monetize their content.

How SocialFi works

Ownership, privacy and control: in the metaverse, SocialFi platforms harness the potential of blockchain technology to grant users the capability of possessing and capitalizing on their data. Through the application of self-sovereign identity solutions, users gain precise control over their personal information so enabling them to determine when and in what manner i…