Imagine waking up in the morning to check your Favebook notifications. Somebody just bought your selfie last night titled “Instant noodles are good for health!” for 98 FaveTokens (FTS). You have also been rewarded with 50 more FTS for signups on your profile, so that they can access your private FaveTube channel, where you publish videos of all the different ways you can cook instant noodles. All the FTS in your account can be used to buy digital products from artists, real stuff from other Favebook users, or useful apps to help you grow and track your FTS investments.
Welcome to the future of SocialFi. Oh, Favebook and Favetube don’t exist though. Well, at least not yet, but the great news is, you can help create it.
SOCIAL MEDIA NETWORKS POWERED BY BLOCKCHAIN TECHNOLOGIES
SocialFi combines social media and decentralized finance, powered by blockchain technologies, and made secure by cryptology. Put in simple terms, it’s like if all of Favebook’s users own the platform equally (bye bye Mark), every user gets to show whatever they want without censorship from the Big Brother, and we can sell our digital or physical products with cryptocurrency without paying commissions to credit card companies, banks, or Favebook itself. How much you sell something for is how much you’d get. Transaction fees on Favebook are merely “electricity bills” you pay to make the transaction happen (no third party benefits from this).
Here are the quick advantages of the possibilities of a decentralized SocialFi:
- Nobody owns your data, hence, nobody can sell it
- Highly secure Blockchain technology prevents your data from being accessed by others or hacked
- Monetize whatever you want - your profile, your rules
- No censorship (comes with some scary areas too)
Sounds like a dream come true? Let’s scroll down Favebook a little more.
NOBODY HAS THE RIGHT TO SELL YOUR DATA (UNLESS YOU LET THEM)
How SocialFi is different from conventional social media platforms like Facebook and Instagram is that no one actually owns the platform. If you don’t already know, Meta and many other social media platforms sell your data to advertisers and give us very little choice to opt out as a user (simply because we all know nobody reads the user agreements before clicking “I agree”).
With SocialFi, your data is stored on blockchains and lives in the cloud, heavily encrypted and very, very difficult to hack into. This means only you have access to your data, and only you can decide what you want to do with it, or who to share what with.
The social media platforms today are free to sign up. So they make money by selling your data to advertisers and other third parties, and make you the product. In SocialFi, you decide what you want to do with your data. You own it. So if you want to sell it to somebody on the network, say, an advertising company on the network, they will pay you for it, directly.
SELL WITHOUT PAYING SOMEONE COMMISSION
Today, all international payments made online by credit cards, payment platforms such as PayPal, or transfer platforms such as WISE, all come with a fee, no matter how nominal they advertise it to be.
With SocialFi, through the use of cryptocurrencies, the money you sell something for is the money you’ll get, minus transaction costs (money to make the transaction happen, see it as “gas fee” of the transportation of this money, and it’s not paid to any company or third-party).
You can sell NFTs, or non-fungible tokens - digital artworks or products that are securely encrypted to indicate that you are the original creator - or trade in them. You can also sell tokens to access membership areas similar to Only Fans for your private content (not just the sexy ones), which could be courses, classes, or exclusive music releases.
A SAFER, MORE PROTECTED SOCIAL MEDIA
With SocialFi, users can earn social tokens by liking pictures, commenting, or buying stuff - so the more tokens you have, the more likely you are to be a “real” person. With a well-developed system to check for profile authenticity, you can make sure that fake spam profiles would not be adding you as a friend. Users can simply hit a setting that makes sure that any other user must have a certain number of social tokens before they can send you a message, or a friend request.
We know this sounds complicated and probably needs to be refined. Of course, it’s just our ideas and they have not been implemented yet. But the beauty of SocialFi is that this is very possible.
MAKE SOCIAL MEDIA GREAT AGAIN
SocialFi is still a fairly new concept and it is in its developmental stages. But as we have outlined above, the possibilities for greater privacy, greater freedom, greater flexibility, and greater autonomy are definitely something we could expect from these Blockchain-based social networks.
Torum is a first mover in this game, and we are sending our writers to try it out. We’ll probably give you a lowdown of the platform in the next few weeks.
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