The launch of Facebook in 2004 will probably go down in history as one of the most significant milestones in mankind’s history. This platform took what was then an extremely fragmented world and connected it over the internet. Not only did Facebook bring a paradigm shift in the way humanity communicated but also became the foundation for the 21st century society. So much so that people today don’t remember what a world without social media looked like.
But it did not stop there. As the internet matured and technology progressed, social media has rapidly evolved. It also branched out into several audio, visual, text centered platforms to cater to the likings of different people across the globe. The rise of such platforms, especially Instagram and YouTube paved the way for the new creator economy. Approximately 50 million people across the world identify themselves as digital content creators and have built successful business around these platforms. Social media today is probably at its peak both in number of users and value.
However, in a world where change is the only constant, the question of what’s next for social media arises. And we think decentralized SocialFi platforms are the way forward.
With the advent of blockchain technology, the world seems to be moving towards decentralization and social media is no exception. Despite all the success over the years, social media platforms have had some major problems. The one that stands out the most is their treatment of platform users. People on social media have become products for social media platforms. These platforms are notorious for extracting user data and serving them with targeted advertisements. The convenience of communication on these platforms is given as a bait to users to extract their data. And users stuck to these platforms mainly because there was no other choice.
Moreover, the community of users is completely left out of important decisions that govern the platform’s future. The architecture of present-day social networks itself is built in a manner where users have no power within the ecosystem. Whether it is algorithm changes, content censorship, or community guidelines, decisions are just forced upon users. This is probably why we need decentralized social media. Built on the blockchain, these platforms are designed to be community-owned and governed. However, the most interesting outcome of decentralized social media is SocialFi.
SocialFi is actually short for social finance and it aims to tokenize the social influence of people. Now, what does this mean?
We’ve mentioned before that there are over 50 million content creators worldwide and each one of them has built a successful brand on social media. SocialFi makes it possible for these creators to be able to effectively leverage the power of the brand that they’ve built for real monetary benefits. This is a new way for creators to earn directly through their social influence with the integration of social tokens and NFTs.
Decentralized social media platforms integrate SocialFi at the heart of their operations. Though this industry is relatively new, the emergent SocialFi platform Torum is pioneering its success. Torum is a decentralized SocialFi Metaverse that is built for and by the crypto community. It aims to connect cryptocurrency users, investors, and developers worldwide on a single platform.
Torum makes it easy for both crypto newbies and veterans to keep up with this ever growing industry and to collaborate for its success. It combines the best of social media, NFTs, and DeFi to create a holistic ecosystem that not only lets users create and communicate but also earn in the process. The ecosystem has extensive NFT marketplaces, NFT launchpads, and Yield Farming opportunities to be able to leverage their social influences and make real monetary benefits. This emergent platform already has over 187,341 users and the impending launch of its mobile application could mark a significant milestone in the future of social media.
Social media is undoubtedly a huge part of our lives and its evolution in the past decade has been ground-breaking to say the least. However, with web 3.0 around the corner, it is important to take a hard look at the social media platforms and bid adieu to the centralized systems. With futuristic platforms like Torum coming to limelight, SocialFi and decentralization are expected to be the new norm in the world of social media. And given their obvious advantages, it is only fitting that they take over the next stage of social media evolution.
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