SocialFi, short for “Social Finance,” refers to the integration of decentralized finance (DeFi) and social media or community-driven platforms. The concept of these two categories merging together to bring users and have some amazing connections while also monetizing their content is really interesting and is what has attracted users in recent times.
The current social media apps are good and have been massively used by regular users, but imagine platforms where the users have control over their data, and a central organization acting as a mediator, that’s where the SocialFi concept comes in.
SocialFi apps offer several advantages:
- Community Engagement: SocialFi platforms foster strong communities by allowing users to engage directly with each other. This can lead to vibrant discussions, idea-sharing, and collaboration within the ecosystem.
- Incentivized Participation: Many SocialFi apps incentivize user participation through tokens, rewards, and governance tokens. Users can earn cryptocurrency tokens for contributing content, participating in discussions, or supporting the network in various ways.
- Decentralization: SocialFi apps typically operate on decentralized networks, reducing the control of central authorities and promoting censorship resistance.
- Monetization Opportunities: Content creators can monetize their contributions through various mechanisms, such as tips, subscriptions, or NFT sales.
List of Best SocialFi Platforms
In recent times, there have been some amazing SocialFi apps or platforms that got launched on different blockchains, and the ones that are functioning well and are well usable, here’s the list.
This is where the craze began. Friend.tech was launched on the Base blockchain, and it went viral in no time, with content creators and influencers from Crypto Twitter selling their “Keys”, which gives buyers access to private chats and messages. It’s not an app but a bookmarked page that opens an app interface on your phone.
If you want to try friend.tech out, there are invite codes that you need to use because, without them, there is no way you can start using the platform. Here are a few codes for you to try using the app.
On a chain with some pretty good activity and some communities around gaming, Post.tech came in as an exact clone of Twitter, so for someone who wanted an easy switch from the regular platform they use, post.tech would be the best one. Even on Post Tech, you would be able to farm points by just posting content and talking about it on other platforms, but there is a similar option of buying keys and supporting creators.
Being early is one of the bigger advantages of using these social platforms because you get entry into private chats and buy shares of the top personalities for a lesser price. That’s where I’d recommend Overmind Network, where users are only interacting with each other right now and trying out the free spins to win something by spending nothing.
The Key buying and selling feature on the Network is yet to arrive, so this should be a good time for you to enter and network with people, and get ready by building your profile.
UPDATE: The platform seems to have stopped functioning, as the team mentioned that they won’t be launching a token unlike how it was initially planned.
This is a bit twisted and complicated platform with people needing to own a certain number of Cores to post a Cipher, but that’s what makes Cipher.fam interesting for users, and they won’t be restricted to just the regular content from people.
Here on Cipher, you not only are able to buy and sell the shares called “Cores”, but you can also choose to individually boost the posts of people whom you follow or end up seeing on the timeline.
Hub3 is a global social platform where users locate themselves and then the connections happen at a local level. I have personally found a couple of connections already after opening my account there and putting myself on the map. You can always choose to have yourself on the Map or remove yourself from there.
Similar to the other SocialFi apps, hub3 has Keys, the shares that you can buy and sell for the creators you like and want to have chats with. While it is a completely different-looking app, the concept still revolves around being able to buy and sell shares.
Okay, this was a surprisingly well-made app. The concept is very different and fan.tech is also a bookmarking website that you can use without having to install any app. It is on the Mantle network and when you have a good profile, you set a time for your profile to get activated so that prospective fans are all ready to bid on your shares, which decides the price of your share based on the first share auction.
Also, there are apps within fan.tech that you can install and use to make the usage experience better. There is a public feed, a private feed, and I am impressed with the way the app is made, and for you to get a boost to your profile, a Twitter login makes it easy because all the stats from there are pulled in here.
Here are a few fan.tech referral codes for you to get started with the app.
This is a token social experience for creators, with direct messages, private rooms, feeds, and more. This is available as a full-fledged app for both, iOS and Android. The concept is still the basic one, buying and selling Keys.
The major point here is that Tomo is on the Linea network, so if you have used the chain earlier, it is going to be an easy ride for you to start using the app.
Here are some of the Tomo referral codes to get you started.
Some more SocialFi apps that you should check out
These are some of the apps that need some refinement before I can check them out properly and talk more, but they are worth checking out too.
- friendzy.gg on Solana
- gary.club on Solana
- Solmates on Solana
- KeySea on Linea
Stars Arena on Avalanche
StarsArena was probably one of the platforms where users got a sudden interest in things, given that it was on the Avalanche chain, and also because the platform was pretty easy to understand and use. But, there were some issues that the platform had to deal with, and as we speak, it is still down when Stars Arena returns, it will be worth checking because the team is quite well known and has been dealing with things transparently and thus, users have been patiently waiting for all the fixes for issues that were faced early on.
It’s important to note that while SocialFi offers many advantages, it also comes with risks, including smart contract vulnerabilities, regulatory challenges, and market volatility. Always do your own research while trying to connect your accounts to these platforms and also be cautious and check the updates from these projects on social media.