SocialFi – Blockchain Adoption May Come From Social Media
Undoubtedly, the world is approaching the era of decentralization, and along with it blockchain adoption is growing exponentially. However, the grassroots of society remain untapped by cryptocurrency and blockchain till today. It is surprising that instead of bringing the global population into the blockchain space, analysts and studies only focus on adoption numbers.
According to analyst Cryptobirb, social media giants are actively participating in the technological shift and inculcating newer digital assets like NFTs into their ecosystem. To be noted, Meta ( previously Facebook) is home to nearly 2.9 billion users while Twitter and Reddit boast over 330 and 430 million users respectively. This totals to 3.65 billion which is almost 50% of the current global population that they host on their platform.
SocialFi Revolution is coming
As social media giants embrace cryptocurrency, they pave the way for their billions of users to gain easy exposure with digital assets. Twitter has become the first major social network to encourage the use of cryptocurrency as a payment method by rolling out bitcoin tips within its platform. In addition to this, the company enabled users to connect their crypto wallets and authenticate the ownership of NFTs they tweet with a special badge. Facebook's corporate rebranding to Meta, including Reddit's rumored NFT marketplace, has also generated significant hype about the Metaverse driving more adoption.
As NFTs and gaming rally, there's another trend – SocialFi that is emerging. At present SocialFi projects may seem like an ordinary part of the growing metaverse, but soon they will become the lifeblood of the ecosystem. This rise of SocialFi has raised a significant amount of attention from major venture capital. Binance Smart Chain’s $500 million Investment Program has listed “SocialFi” as one of its sectors of focus. Reddit Co-Founder and Solana Ventures also announced a $100 million fund to power the next generation of Web3.0 Social Media.
SocialFi growth
The total value locked in the NFT market has soared exponentially during 2021 so has the conceptualization and creation of metaverses. While the upcoming SocialFi revolution was initially sparked by blogging platforms like Steemit, currently newer platforms of the metaverse like Torum are gaining severe traction from enthusiasts.
Torum has emerged as an immersive and interactive SocialFi Metaverse ecosystem, where cryptocurrency users from around the globe can access Social, Decentralized Finance (Defi), Non-fungible tokens (NFT), and Metaverse all in one place. Interestingly, the crypto-focused SocialFi ecosystem is inbuilt with a social media platform with over 190,000 users at its core, integrated with an interactive yield farming platform, an NFT marketplace, and lastly the world’s first PFP Metaverse identity – Torum Avatar NFT. Other than this, Torum’s line of products also includes Torum Lounge (Crypto Clubhouse), Torumgram (Torum + Telegram), and more.
Interestingly, the social aspect of Torum works and integrates with its NFT, DeFi and Metaverse elements perfectly. One of the NFT use cases include enabling crypto artists to list NFT collections on Torum NFT Marketplace and cross-promoting the collectibles to Torum Social Media for the easy exposure and visibility.
With a circulating supply of 51 million XTM, the token is trading at $0.96, per Сoingecko. After a very successful fundraising from KuCoin, Yi Feng Go, CEO, and founder of Torum stated,
“This is a major step towards the upcoming Metaverse revolution. It doesn’t matter if you are a Bitcoin maximalist, DeFi player, altcoin trader, or NFT artist. This SocialFi Metaverse is our promise of creating an open, safe and interconnected world for everyone.”
Looking Ahead
There are many large and small companies currently working to build communities and aspects of the metaverse – however it ends up looking. Some big companies like Meta may have an advantage due to their existing communities, but platforms like Torum are new and have excited members ready to change the world. Social Media changed the world once, now with blockchain technology it may do it again.