What is SocialFi?
2021 has been an exciting year for the crypto market. Bitcoin reaching new heights, the rise of NFTs, various GameFi projects popping up… Many wonder what will be the next trend to shake to crypto space in 2022 and we think we know the answer: SocialFi
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 bad 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.
It’s hard to talk about the modern internet without mentioning social networks. You’re likely interacting with one as you’re reading this. Their impact on modern society is never before seen. Cryptocurrency, NFTs, DeFi, GameFi have all gained huge attention in recent years.
This is what makes SocialFi attractive. You’re not working with something completely new, if you know how to use social networks you can immediately join a SocialFi platform. The stable success of social networks and the ascent of blockchain technology lays the foundation for our belief that SocialFi is the next big thing.
Introducing KALA Network
KALA Network is a Web3 SocialFi Platform that allows users to earn $KUDO tokens by socializing with their friends and community. Use $KUDO / $KLNW to buy NFT PENCIL / PEN to increase earnings, level up & mint new NFT PEN.
With built-in GameFi elements, users can have their own strategies to use which NFT PEN / PENCIL
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