Earlier, Xiaobian has introduced SocialFi to you in great detail. With the emergence and development of Web3.0, SocialFi is changing social networks. This is the integration of DeFi, NFT technology and social networks, which allows creators to completely control their content and property, and is not controlled by intermediaries. So, what potential projects does SocialFi have? What opportunities and challenges are it facing now? Next, let's take a look.

What potential projects does SocialFi have?

1、Mirror

Mirror is a decentralized content release platform based on Arweave (decentralized data storage protocol, which can store materials permanently and expandably), and has become more and more popular with the encryption community since its launch last October. On Mirror, everyone can create articles on it and cast it into NFT, or carry out mass fund-raising.

Mirror.xyz was founded by Denis Nazarov, a former a16z partner, and is committed to the freedom of content creation. The goal is to provide writers with a way to publish works confidently and safely, and maintain control over digital copyright.

In the past year, Mirror has created a development space for the idea of web3. Mirror can be used only by connecting the ETH address digital wallet. More and more outstanding blockchain content creators are using a wide range of knowledge to provide vitality to the market, and Mirror has also achieved rapid development.

On May 26, last year, Mirror announced the effect of forging articles into NFT, and also released the article NFT trade ranking list and collector material page, which made the platform more popular with customers.

2、Matters

Matters is a decentralized content creation and public discussion platform using distributed network and digital currency technology. It was founded by Zhang Jieping, a famous Chinese newsman and former editor in chief of Media.

The platform advocates that because the articles published on Matters will be stored to different nodes through IPFS (Interplanetary File System, storage through blockchain), the works of creators can be completely controlled by themselves, without verification or deletion. It also cooperates with LikeCoin, a digital currency, to automatically put clap and assist author keys into posts posted on the Matters platform. Readers can clap their hands to let the author get the LikeCoin allocated by the LikeCoin monthly fund, or directly contribute a certain amount of financial assistance to the author.

At present, there are nearly 80000 creators on the platform, and Matters is also developing different Dapps. For example, Travelloggers can let each creator have an NFT-based log and resell it at will.

3、RSS3

RSS3 is a decentralized content and social protocol. It combines blockchain and RSS to make the process more decentralized and secure, and stores content in distributed custody; The creator can make more decisions about the content of the creation through the private key.

It has raised money on Gitcoin, received more than 400 donations in one day, and has ranked first in the trend of distributed applications. Since then, it has been in the top ten of the platform's data.

4、BitClout

BitClout is a new decentralized social media. Through digital currency, users can speculate based on the influence and reputation of network users. Its original purpose is to serve as a unique blockchain, with a structure similar to BTC, which can solve complex social media data. It has services such as posts, introductions, fans and speculation, and has a larger freight volume and scale.

The platform imitates the structure and style of Twitter, but has a swap currency, namely CLOUT currency, and a loan currency for users, namely creator currency, to promote credit-based speculation.

After adding the platform, customers can purchase CLOUT currency with BTC. For every 1 million CLOUT currencies sold, their prices will double, and the currency will remain rare. Then, users can use CLOUT to purchase and sell creator currency, which essentially represents online personal image. The purchase of creator's currency will push up its price, while the sale will be the opposite, which means that users can use the creator's currency as an investment tool to speculate based on the public's understanding of the personal image.

In addition to the purely speculative role, BitClout also plans to add more original roles to the creator's currency, and improve the communication between bloggers and fans in the form of paid content, sponsored posts, and price sharing.

Before going online, BitClout preloaded the first 15000 famous bloggers on Twitter onto the platform, which means that even if the blogger did not add BitClout himself, customers can buy and sell their creator currency. So far, nearly US $190 million has been locked up according to the purchase of the creator's currency, indicating that the public has a great demand for speculation.

5、LikeCoin

LikeCoin was created by the famous blockchain writer Gao Jian. It tries to provide Web2 creators with access to the Web3 ecosystem. Creators can register in LikeCoin to become CivicLiker, and add LikeCoin plug-ins on traditional Web2 pages or platforms.

Whenever other CivicLikers like your content, they will give you a corresponding number of LikeCoins according to the number of likes. Praising citizens is a movement to make creative work a meal. Through small payments, creators can reduce their dependence on advertising and industry matching and create high-quality creative works.

Just through the plug-in, you can add the praise key on the platform, and turn every click of the reader's like into a substantial benefit to the creator.

Opportunities and challenges of SocialFi

How to socialize in the era of Web 3.0 is a topic that must be considered. Consumer groups expect new social methods to adapt to the metauniverse and deal with the drawbacks of traditional social interaction.

There are also many challenges in the development of SocialFi. If you want to become a star track in the metauniverse, you need to deal with two problems:

Challenge 1: monopoly of popularity

SocialFi is essentially the highlight of self-worth, which is directly expressed in the form of money. This will expand their monopoly on content creation to some extent for celebrities who have entered the runway or become very famous in the early stage, which is very unfavorable for general customers who have entered the stage late or become less famous, and the content they produce is usually undetectable.

Challenge 2: The value acquisition method needs to be improved

At present, there are two main ways for SocialFi customers to gain revenue. One is to wait for rewards for creative content. This depends on the idea of the admirer, commonly known as the heart of everyone. The second is Write to Earn, which has high requirements for the algorithm system. The platform will overturn if it is not careful and scientific in design, such as Monaco Planet.

Having said that, I believe you have a certain understanding of the potential projects of SocialFi, as well as the opportunities and challenges it faces. In general, from Web2.0 to Web3.0, from Social Media to SocialFi, this is the only way for technology development, and also the internal requirement for users to protect their rights and interests. In the future, SocialFi will become an important part of the decentralized metauniverse.