What is SocialFi?
SocialFi is short for Social Finance. It’s the combination between social network and decentralized finance.
A SocialFi platform works similarly to popular social networks like Facebook or Twitter. It has all your favorite social features: friends, groups, chat, comments, like… but also adds the benefits of a blockchain-based platform.
SocialFi platform provides various DeFi services like social trading, staking, yield farming, NFTs marketplace, and many more. These services allow participants to invest and earn from activities on the platform.
Unlike the average social network where one big company can take hold of all the data, SocialFi networks spread the data throughout a web of nodes, and everyone who helps maintain functionality is financially rewarded. Security and privacy are improved, data breaches are minimized and single points of failure are eliminated.
What is Creator Economy?
Simply put, the creator economy is what you are probably thinking it sounds like – an economy created by creators. The Creator economy is a software-facilitated economy that allows creators to earn revenue from their creations. Examples of creator economy software platforms include YouTube, TikTok, Instagram, Facebook, Twitch, Spotify, Substack, OnlyFans, and Patreon.
The creator economy has three main aspects that work together in creating this thriving industry:
- Creators that build their own businesses around a unique skill, concept, passion, or goal.
- Digital platforms that allow creators to host their content and products so they can grow their business and communities.
- Consumers buy the content and services that creators produce.
Top 5 Web3 SocialFi Creator Economy Projects
Only1 is a Web 3.0 social platform where users earn by engaging and can launch Memberpass NFTs and post exclusive content for members. Only1 offers a Web 3.0 solution to creator economy and fan engagement, decentralisation is coming to social media. Only1 features:
- Create to Earn: Create content and engage on the platform to earn income. SocialFi is where the platform shares revenue with users.
- Connect through NFTs: Connect with your fans on Web 3.0. Mint memberpass NFTs for sale and post exclusive content to your members.
- Find your Superfan: Each creator has 1 superfan NFT for sale, the holder will display as the creator’s superfan and earn as the creator earns.
- NFT Launchpad: NFT launchpad for creators and other projects, get featured and put a spotlight on your collection for more exposure.
➡️ Check out Only1 ⬅️
Audius is a blockchain protocol that acts as a digital streaming service in a decentralized manner. It is a fully community-owned and artist-controlled music-sharing protocol. It works by directly connecting fans to artists so that one has access to exclusive new music. As such, it provides an alternative to the existing streaming services in the world such as Spotify, YouTube music, etc. Its mission is to give everyone the freedom to share, monetize and listen to songs they love. Therefore, Audius believes in helping artists publish, monetize and directly distribute their songs to their fans.
The Audius ecosystem is powered by the AUDIO token along with some third-party stablecoins and artist tokens. Not just that, the platform has its own decentralized storage solutions and a ledger for sharing audio and metadata. The platform also uses a strong track encryption scheme that unlocks if you are authenticated to access some content. It also boasts of an efficient discovery protocol to query metadata.
➡️ Check out Audius ⬅️
Corite CO is a decentralized music distribution platform, developed on BNB Chain. Corite CO allows musicians to generate funds, receive fan support, and in return, share their revenues from major streaming platforms such as Spotify, Apple Music, YouTube, and TikTok.
With Corite, artists have full control and ownership over their content, while fans can enjoy the music and communicate directly with their favorite artists. Corite’s business model is similar to Play to Earn, where artists and fans are rewarded with CO tokens, badges, NFTs, etc. when contributing their parts.
Corite CO can be seen as the blockchain version of Spotify. On June 6, 2022, Corite was awarded as one of the featured projects on BNB Chain.
➡️ Check out Corite CO ⬅️
Pianity is a music NFT platform – built on environmentally-conscious Arweave technology — where musicians and their community gather to create, sell, buy and collect songs in limited editions. Pianity’s pioneering approach, which includes free listening for all, enables deeper connections between artists and their audiences.
Because Pianity treats music as fine art, artists gain a new source of independent revenue while simultaneously enabling fans to grow and showcase their music collections.
Pianity is privately held and headquartered in Paris, France.
➡️ Check out Pianity ⬅️
KALA Network is a Web3 SocialFi Platform that allows users to earn $KUDO token by socializing with their friends and community. Users can buy PEN NFTs to increase earnings, level up & mint new PEN NFTs. KALA Network features:
- Social Mining: On KALA Network, users can earn $KUDO from socializing/doing social tasks on the platform. This process is called Social Mining. Social tasks are designed to be quick and easy to complete, just the act of login into your KALA account, posting, liking, and commenting can increase your hashrate.
- PEN NFTs: PEN and PENCIL are KALA Network’s exclusive NFTs that can help boost your $KUDO earnings from social mining if they are in your possession. We have applied our own GameFi elements for this mechanism, each PEN NFT has many tiers and upgrades, they also wear out over time and need to be repaired for further use. Each tier and upgrade will have a positive effect to increase your hashrate as well as the NFT’s own attributes.
- KALA DAO: Verified accounts can create their own DAO and mint your own NFTs to use as proof of membership. Join a DAO to participate in the decision-making process, decide when and where to invest your DAO funds, and also use NFTs as proof of investment.
➡️ Check out KALA Network ⬅️