SocialFi is the confluence of social networks and decentralized finance. As a result of this blend, building decentralized social media applications is possible.

Social media of web2 has severe problems like inadequate data security, lack of user privacy, and censorship issues. Content creators don’t own their work on these platforms, and there are limited direct monetization opportunities. SocialFi can fix these problems.

NFTs’ primary role in this emerging area is to facilitate new ways to monetize content. Let’s look at some SocialFi pioneers to understand how they position NFTs in their initiatives.

Torum: SocialFi metaverse with avatar NFTs
The SocialFi metaverse Torum builds an ecosystem where teams of crypto projects and users meet. It’s built on two elementary components: an NFT marketplace and Torum Finance.

The finance component enables sending and receiving crypto gifts. Thanks to the integrated NFT marketplace, artists can use their profiles as showrooms to display their premium collections to the community. Moreover, NFTs can be shared on social media for greater exposure.

A special feature of Torum is programmable NFTs that function as unique virtual identities. Users can choose from several themes and rare components to customize these avatars by changing the background and different types of accessories. In the future, more NFT-related activities, like forging to create rarer NFTs, will be possible.

Subsocial: Turn your posts into NFTs to make a profit
Subsocial is not a social network but a platform for building social networks by acting as the base layer. It uses Substrate technology as the underlying blockchain framework.

Decentralized social media apps developed on Subsocial enable its content creators to sell and rent content as NFTs. In the case of renting, the renter earns income when other users visit the content, while the creator still owns the NFT and receives royalties. This is a valuable way of using NFT technology, particularly if the NFT gets high traffic.

DeSo: A layer 1 blockchain explicitly built for decentralized social media
The open-source blockchain DeSo was developed from the beginning with the scaling of social media apps in mind. Using DeSo, it’s possible to create apps where each profile has social tokens that earn profits from NFTs that content creators mint.
Source: NFTNewsToday.com

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