Will Social Become a Hot Trend in 2022?

Social media is by far one of the most innovative internet phenomena of our time. Platforms like Facebook, Twitter, Instagram, and others are connecting billions of people around the world. But despite this, traditional social media platforms have suffered many challenges, including continued censorship by state actors, tech companies, and so many others.

However, could social blockchain change all this? How soon will SocialFi become part and parcel of the global blockchain ecosystem? Well, in this post we explore these and other questions surrounding social blockchains and what they have to offer.

What is Social Blockchain (SocialFi)?

To put it in simple terms, social blockchain or SocialFi is an approach to social media designed to leverage the decentralized power of blockchain technology.

SocialFi hopes to address some of the fundamental challenges of traditional social media platforms while giving creators and participants the chance to earn more from their work.

Although this is a fundamentally new concept, it is getting a lot of traction. We have also seen an array of incredible new projects in SocialFi getting funded all over the place.

Why Is Social Blockchain (SocialFi) Crucial?

As noted above, the most important thing about social blockchain is to address the fundamental limitations of traditional social media. In essence, SocialFi is designed to unleash the decentralized nature of blockchain technology towards social media.

So, instead of having platforms like Facebook, Twitter, and others, which are controlled by a single entity, SocialFi will be controlled by the community. This has the potential to reduce the power of big tech in censoring information on social media and dictating debate on these platforms.

It also means that the revenues generated from the monetization of content on social media will benefit creators more instead of enriching these tech monopolies. In addition to this, SocialFi could help people in counties where social media is restricted to access these platforms safely.

Why Social Will Be a Big Trend In 2022?

There are several key reasons why social is going to become huge in 2022. Although the broader crypto market hasn’t started the year with a bang, there is still a lot of time for innovations to come out and disrupt the industry. Well, here are some of the reasons why SocialFi could see more success in 2022:

Increased Funding

A lot of venture capital firms and other investors are starting to see the massive potential of social blockchain. In fact, even traditional social media companies like Twitter and Meta are starting to allocate a lot of money towards the development of social blockchains.

The Binance Smart Chain also announced it will be spending nearly half a billion dollars on SocialFi in 2022. We have also seen several DAOs targeting the social blockchain space. As more money continues to flow into these projects, we are likely to see unprecedented growth over the coming months.

Limitations Of Traditional Social Media

Folks are also getting tired of the limitations of traditional social media. From users to content creators, there seems to be a huge clamor for something new and different in the social media sphere. This could drive demand for decentralized social media platforms in the near term.

For example, we have seen unprecedented censorship in social media in recent years. Much of this censorship is largely done by the tech monopolies that control these platforms. But governments and other state actors have also been involved in limiting free speech on social media.

This creates a need for a truly independent and community-driven social media landscape and SocialFi could take advantage of this in 2022.

The Web 3.0 Movement

Web 3.0 is an ambitious idea to completely transform the world wide web. The goal for web 3.0 is to integrate the blockchain ecosystem into the internet as we know it. While for some years Web3 was more talk and no action, we are now starting to see active movement by leading tech giants towards a web 3.0 reality.

For example, Twitter, one of the leading social media platforms in the world, is looking seriously at web 3.0. Projects in Web 3.0 are also likely to get new funding in 2022. SocialFi is expected to be the social media arm of Web 3.0. As a result, the rise of web 3.0 could also trigger the rise of social media blockchain this year.

Increased Innovations

As we have indicated above, SocialFi is a new industry and there is still so much yet to come. But do not let this fool you. We have seen increased innovations around this area with new projects coming out literally every day.

In 2022, innovations around SocialFi will likely ramp up. With increased funding, media visibility, and strong support from big tech, social blockchain is going to unleash its full innovations in no time.

The Universal Appeal

The main reason why Social blockchain is looking very promising is based on the universal appeal that it offers. Think about it. Social blockchain will be a borderless technology. It will not be limited to any place or city. These platforms will also be fully decentralized.

There will not be a single person who can limit how they are used. This creates an exciting prospect where information can flow freely and people can interact without fear of big tech censorship. There is also the privacy issue. Using traditional social media exposes users to privacy breaches. But SocialFi will change all that.

Exciting Social Blockchain Projects to Watch

Well, the SocialFi sector has seen many new innovative projects that are worth looking at. The following is a list of some of these entities:

Solcial.IO

Solcial.IO is a decentralized social media platform that wants to take away some of the power of big tech. It is a privacy focused platform that allows you to be in full control of your data, and how it’s monetized. Solcial.IO sees itself as a revolutionary Web 3 platform that will build trust, openness, and security on social media. 

The decentralized platform will also allow individuals to commercialize and profit from their data and bring the end of “Surveillance capitalism”. The platform also has an integrated NFT component and allows folks to create their tokens within the same network.

Steemit

Steemit is also another community-driven social media platform that runs without borders. It allows users to engage in a limitless digital ecosystem. The project runs on the Hive Network  and it is also designed to offer blogging, content curations, and so much more. Recently, Tron Foundation is one of backers of Steemit, a sign that could suggest bigger things are coming in the future.

The rise of SocialFi is inevitable. The amount of money that is going towards these projects is simply unprecedented. While we still have a long way to go before social blockchain becomes mainstream, so far, the journey has started. 2022 is likely to be the breakthrough year for SocialFi and after that, there is no knowing how far these projects will go.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.