SocialFi & NFTs: What This Means For Creators
October 04 2022 - 12:26AM
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DeFi continues to shake up the crypto world. GameFi is
revolutionizing traditional gaming. But what about SocialFi? A
combination of social media and decentralized finance (DeFi),
SocialFi is the latest Web 3.0 innovation. Short for ‘social
finance,’ the approach empowers content creators, influencers, and
digital users who want more control over data. Social media
platforms have grown to be one of the largest players in the Web
2.0 world. Research shows about 59% of the globe’s population uses
social media. Unsurprisingly, data reveals digital activity rose
dramatically amid COVID-19 lockdown periods. User behavior also
shifted as people spent more time on social media, messenger
services, and mobile apps. Despite the massive popularity of
platforms like Facebook, Twitter, and Instagram, many worries these
social media giants have become too centralized. Concerns are the
entities and shareholders reap the rewards of content monetization.
In short – worries remain that “if the product is free, you are the
product.” How SocialFi Aims To Break The Power Of Centralized
Social Media The building blocks of SocialFi aim to empower social
media users to monetize brand equity, maintain digital data
ownership, and foster a decentralized curation process where
platforms can not unilaterally pick-and-choose content.
Programmable NFTs are one of SocialFi’s most useful tools. Acting
as unique digital identifiers, users can customize their virtual
identity and even sell and rent content as NFTs. For example, a
SocialFi user could immediately convert an impactful message into
an NFT with just the click of a button. Many artists, creatives,
and animators are heralding the arrival of SocialFi. Traditionally,
these groups have found it very difficult to keep track of how
their work is shared and used online. Digital piracy and
manipulation also remain a large issue. Influencers and creatives
also struggle to cultivate their own brand identity on social media
platforms and then monetize their brand equity to generate income.
Traditional social media platforms have made it hard to translate
social credibility into dollars. With SocialFi, creatives can build
brand equity with their own tokens, and even build a mini-economy
surrounding it. Users can build subscription models in these tokens
to unlock access to premium content. Designers, painters, and
artists who sell their work can easily track where it goes to
ensure unscrupulous users are not trying to copy, steal, or
manipulate creations. Storytelling And The Power Of Creativity
Within SocialFi All of these factors help open up new realms of
financial autonomy for digital users and cultivate stronger
communities. SocialFi platform users can freely collaborate, post,
and share information without pressure from higher digital
‘authorities.’ Many argue storytelling will propel SocialFi
forward. This type of engaging and dynamic content inspires users
to build and share ideas, concepts, and dreams. Mittaria users
collectively co-own the platform, which empowers creatives to share
their world, with the option of working with professional animation
creators to bring ideas to life. Along the way, animation
enthusiasts can meet, share, converse with each other, and spend
time together within the community-first platform. The Mittaria
team remains committed to being one of the SocialFi forerunners by
empowering creativity, promoting decentralization of assets and
metaverse interoperability, and encouraging artists to produce and
directly share content to earn money. Mittaria also plans to launch
NFT collections that help users unlock various metaverse ecosystem
benefits. Those interested in Mittaria’s Genesis NFT can follow the
project’s website for updates and details about how to mint and
price. Keep up with Mittaria news and growth by following the Web
3.0 platform on Twitter and Medium.
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