The Truth About SocialFi – Is it Worth it?

Crypto is a game of narratives one day Decentralized gambling is hot the next Day it may be a new layer 2 Chain the Latest narrative is called social fi Which is a combination of social media And decentralized finance my name is Trevor here with CMC and let's Dive Right In what is social fine Social fi is a port matu of social media And finance crypto's latest attempt to Monetize social media and social Interactions online the basic idea you Interact with others on social media Platforms that allow your interactions To be monetized for instance you may Want to message and share and also Combine those two with the option to Trade the value of your interactions That is the basic principle of Friend.tech or you could publish and Monetize the value of your Publications Essentially a crypto version of only Fans as you can see there are no limits To what could work is social fi then the Same thing as diesel decentralized Social networks well sort of these two Overlap to a large degree although Decentralized social media like lens Protocol or Noster doesn't emphasize the Financial aspect social file on the Other hand focuses on monetizing Interactions what made social fly Popular The launch of the base layer 2 Chain

Allowed the social fine Trend to take Off in the form of friend.tech the Popular app where you can trade Keys Previously known as shares as profiles And Promises an airdrop down the road Which led to a frenzy of trading on Crypto Twitter keys of crypto Twitter Influencers are all the rage right now The keys have even been issued as rap Tokens that can be traded independently With the platform some of the popular Crypto Twitter influencers are included In the top friend.tech tokens category What are the reactions to social five While the rise of social fi sparked a Heated discussion about whether this is A sustainable new vertical or just the Latest fad does anyone still remember E-scriptions Bitcoin ordinals or brc20 Tokens price berninski former crypto Lead at ARC think social fi is the Latest iteration of the experimental Cycle of crypto but not everyone agrees DFI account defy made here opines that Social Phi is just the latest version of Insiders throwing around the Hot Potato To suck the remaining liquidity out of The market Alex Weiss is highly critical Of the friend.tech model in his opinion It is incomparable to only fans since Only fans incentivizes creators to Deliver new content to keep revenue up Front of tech on the other hand is Similar to nfts early share buyers

Profit at the expense of later ones and Have an incentive to sell when the price Increases so who is right well both Sides have good arguments yes socialfly Is an interesting new experiment and Also has some Innovative elements that Also may stick around however narratives Have been coming going faster recently So you can actually find the best social Fine protocols in coin Market Cap's top Social media token category some of the Most popular social fine protocols Include friend.tech friend.tech allows Users to buy and trade keys of each Other each share is issued along a Bonding curve meaning buying someone's Keys early can be lucrative if the price Rises trading is subject to a tax on Sales and purchases of Keys friend.tech Has been especially popular among crypto Twitter influencers many of whom are Rumored to have investments in a Possible token that could be launched Later and recently friend.tech has been Picking up interest among non-crypto Native craters as well next up is Q Rolly so Q rally is a decentralized Social media protocol that grants users A digital identity that is dynamic and Tradable critters can earn from content With token gated posts limit or monetize Post collecting and decide who interacts With their posts there's also an On-chain referral system to benefit from

Growing one Circle as well as Decentralized chat and also spaces next Is D cell diesel is a decentralized Platform for long-form Content on-chain Private content with end-to-end Encryption and other decentralized use Cases diesel will offer new ways to Monetize content such as diamonds nfts Critter coins and more diesel will offer Secure on-chain end-to-end encrypted DMS Group chats and private content so let's Talk about the future of social files so Is social VI The Fad or the future of Finance well while social Phi Undoubtedly has potential it remains to Be seen if the interests surrounding the Protocols would last while the ideas are No doubt novel The Social fine diesel Space are tackling a number of key Issues with Legacy centralized social Media platforms such as privacy and Security censorship monetization Ownership of one's data and more let me Know your guys's thoughts about these Protocols and also this new narrative in The comments down below anyways guys I've been your host Trevor and we'll see You guys in the next one