Web2 platforms have been used for years as a means for creators to share their work, but they’ve had a critical flaw in not providing sufficient value to content creators. However, with the emergence of SocialFi, a new era has begun.
SocialFi not only allows users to generate content that traditional Web2 platforms couldn’t provide while offering incentives to users for creating revenue, but it also features various functionalities such as enabling users to express their opinions freely without digital ownership or censorship, garnering attention as a new blockchain trend in 2024.
While there are numerous SocialFi projects, today let’s explore the three most promising ones for 2024.
What does SocialFi mean?
An abbreviation for Social Finance, SocialFi represents a new approach to financial systems. It aims to democratize finance by combining the principles of DeFi with the influence of social media platforms. This fusion combines the advantages of decentralized finance with the interconnectivity and user participation of social networks.
Three SocialFi Tokens to Watch in 2024
Here are the three most promising SocialFi tokens. Among them, Fandomdao stands out as it is on the verge of token release, making it highly promising and has garnered attention with the commencement of an airdrop event on February 2nd.
CyberConnect(CYBER) is a decentralized social graph protocol built on blockchain technology. Its main objective is to challenge and transform the traditional Web2 social model, aiming to resolve issues like user data monopolies and the interoperability of data and IDs across various platforms.
$CYBER surged over 600% in August to reach a record high of $15.79. It then dropped to $4.9 after rumors of team market manipulation spread on social media. The team denied the rumors, and the price stabilized afterward.
Galxe(GAL) is a Web3 credential data network that supports developers in creating enhanced products and fostering communities within the Web3 ecosystem. GAL is the primary governance token of the Galxe protocol, playing a significant role in governance and decision-making processes within the Galxe network.
The team’s main goal is to create an “open and collaborative credential data network” where user data can be safely and fairly utilized, unlike on Web 2 social media platforms. They recently partnered with METABORA SINGAPORE, a subsidiary of the gaming giant Kakao Games, to embark on a new journey of merging gaming and blockchain technology with a strategic partnership with the BORA network.
Fandomdao(FAND) is an innovative Web3.0 social platform for global fandoms. Fandomdao possesses an ideal structure where all acts of communication generate economic value, as global fandoms gather to communicate freely, create, and share content such as clubs, feeds, and events.
Moreover, even Web2 users who haven’t experienced Web3 can easily access Web3 services through Account Abstraction (AA), as they can quickly and effortlessly set up a wallet with just a social account.
Currently, ahead of its official service launch on February 20th, the <Squid Game 2> voting event is ongoing. Following the tremendous success of the Netflix series ‘Squid Game Season 1’, the new ‘Squid Game Season 2’ will be introduced, featuring a fandom challenge where participants vote for the last survivor in the game. A certain amount of donations will be automatically accrued based on the final 1st place vote ratio, serving as emergency relief funds for impoverished children worldwide. Additionally, first-place voters will receive FAND tokens through a free airdrop. This event is scheduled to run until 7am on February 19th.