The SocialFi movement has now started to gather steam as social media becomes more integrated into the blockchain. Many investors, including traditional social media firms, are starting to pour money into new Social blockchain projects. Here is why:
The rise of web 3.0 will drive the growth of SocialFi.
SocialFi can address some of the key problems of traditional social media.
Innovative projects in SocialFi are already hitting the market.
Well, while there aren’t many established social media blockchain projects as we speak, we did manage to find a few that should be worth your time. Here they are:
Ultra (UOS) is a social blockchain project that looks to revolutionize how content is shared across various platforms. The platform is hoping to give users the one-stop-shop to share video games, music, and other types of entertainment in a fully decentralized manner.
Data Source: Tradingview
Ultra is relatively new and is just getting started. With a market cap of around $340 million, there is a high chance that it will gain even further in the coming days.
Steemit (STEEM) is not a new social project, but it’s still very exciting. The project has had a fair bit of issues including a recent hack but they are now looking to the future.
Steemit basically allows users to create decentralized blogs and other social media platforms within its ecosystem. You also get an easy way to monetize your content. STEEM has a market cap of $122 million right now.
MediaChain is an upcoming decentralized project that hopes to also provide a network of content creators from around the world. It hopes to also help people monetize data without having to go through third parties.
MediaChain is still under development. We are not sure when it’s coming out, but it is one project you can put on your watchlist.