An Overview SocialFi and Web3
SocialFi and Torum
SocialFi is a blended variant of web3.0, finance and social tokenizing social power through which users can get incentives and perks. Torum is a firm that is a global leading in the world of SocialFi. SocialFi is a novel phenomenon surfacing from the crypto space. Torum is the earliest SocialFi ecosystem designed specifically for the projects and consumers of cryptocurrency. Its ecosystem is considered as one of the most crypto-friendly social media platforms. It is a farming platform that capitulate NFT marketplace and Avatar NFT.
Torum offers programme with a one-click virtual currency marketing suite which allows marketers to grow their businesses reach to the targeted audience. Moreover, it connects users upon a social media sites, and meet their crypto-focused necessities through the convergence of DeFi, NFT, and consolidated industry data. In the Web 3.0 era, SocialFi is a domain with significant potential development. In this era the Blockchain serves as the Internet’s value layer, returning data authorship to every user thus reintroducing “decentralization” to the Internet. We do have “decentralized finance” (DeFi) that is rooted in traditional financial services and “decentralized game” (GameFi) derived from existing games up to this point. Presumably the next well known sky-rocket project by blockchain is the social media (SocialFi) that we have become so accustomed to.
Torum promotes crypto account holders of all levels of skill by establishing various groups in under their SocialFi ecosystem to aid in mass adoption. The platform lowers the entry barrier for beginners by bridging the gap between account holders and projects. Because the community is entirely made up of crypto participants, the onboarding techniques can help with the production of innovative NFT, and DeFi projects. Their array of cryptocurrency advertising and social methods ensures that new blockchain-related plans continue to have access to their ecosystem.
Decentralized Finance is another cohesive work that harvest cultivating platform for the growers to contend for cashflow incentives against each other on Torum based on social activities.
SocialFi and Metaverse
Metaverse NFTs is a kind of PFP Avatar in the SocialFi Metaverse that reflects the host’s customized personality. SocialFi is a novel way to catalyze socializing, enabling friends to interact and discover much more about cryptocurrency space. Exploring the metaverse, which was created by combining social media and finance, allows users to discover a brand creative direction of interacting with the community and new blockchain endeavors. Through a socially charged society that promotes blockchain and related projects, SocialFi helps new users to unlock an intimidating space.
As a result of the growth of NFT, the latest buzzword is “metaverse,” which is acquiring highly dynamic networks and viewership.
SomniLife is one of the examples of SocialFi Metaverse ecosystem that connects individuals to hunt their dreams in high definition. One of the most serious issues with cryptocurrency is the multitude of fraudsters that happen. Newbies to the digital world perceives threaten and insecurity which has squelched the movement toward mass adoption. Many people fallen prey to the industry’s enormous scammers because they lack adequate understanding of the company, which can be bulky and complex. With even channels such as Reddit and Telegram offering extra data to aid visitors in making investments, still can have a large probability of potential fraud.
Industry leaders and program managers were persuaded to choose between keeping the focus on their current vertical trajectory into the truly innovative Wild West in an effort to capture the hype train.
In any case, it’s clear that there’s a lot of potential in this uncharted territory. However, it is impossible to predict when the metaverse will become a reality.
Torum has taken the wheel and launch Torum Avatar NFTs, the world’s first social-integrated PFP NFTs, to create a one-stop Social Metaverse.
How Torum is revolutionizing the SocialFi Crypto Space
Torum is a cryptocurrency social media platform. People can upload insights, gain knowledge from one another, and form new relationships. The programme has already attracted more than 180,000 users and is rapidly expanding. If it continues to grow at this percentage, it surely will become the world’s most influential and prominent cryptocurrency community. Torum’s team is leading this just a notch further by expanding it more into metaverse.
Torum is attempting to address one of the most serious issues in the cryptocurrency industry that is scamming. Although much of the marketplace has ascertained its credibility but scammers continue to thrive.
Torum’s solution is a SocialFi ecosystem that both novice and highly experienced crypto investors can rely on. Various community needs are satisfied in a centralized location by this ecosystem. An internal NFT marketplace, for example, will enable crypto creators to advertise their work to a group that is actively seeking for them.
Torum encourages NFTs to link to Avatar NFTs that shall unlock a new persona in the Metaverse. Moreover, Torum Finance shall enable users to trade in gamification and liquidity farming. With so many crypto fans in one location, blockchain networks can locate their ideal audience, benefiting both; users and themselves. It’s a kind of win-win situation for everyone.
With the SocialFi industry still in its early stages, there are hundreds of different applications. SocialFi may become a vital piece of society in the future, with small communities allowing content producers to prosper.
Finance was perceived by social media users in various forums to be a subject for selected individuals or groups who are either specialists or devoted artists in the field.
That’s where Torum enters the picture. Torum is a first-of-its-kind SocialFi, crypto-focused metaverse platform backed by Huobi Ventures. Finance is not really “tedious” or “secluded” to only certain user groups. Torum breathes new life into the concept of finance by creating a community centered on the notion of cryptos — the prospect of financial services. It accomplishes this in a variety of ways. To begin, users can share their opinions, reports, emoticons, clips, and other artistic expressions on their portfolio so others can see. Second, there are countless opportunities for consumers to join clans that specialize in specific topics within the empire of crypto. Consequently, there are activities that consumers can attend to learn more about NFTs and crypto. All such activities are completely backed and filtered by members of the Torum community. Last but not least, Torum does have its own cryptocurrency (XTM) which is used in a variety of ways, such as giving rewards to a “good” post or staking cryptocurrency. Users can earn significantly XTM by accomplishing “missions” that are meant to stimulate constructive contributions to society via multiple methods such as publishing high quality content and assisting other people’s posts. Torum has created a unique acceptance culture. Post anything you want about cryptocurrency on a regular basis, and your post will get the due importance.
There is no need to exude to act like a celebrity, or to seek out followers.
Even the most well-known Torum users promote newcomers and start to concentrate their content so that new comers to the forum can comprehend the Torum functionality and, more importantly, the thrilling “art” of crypto. The word ‘art’ is being used here because crypto is more than just putting money into a random cryptocurrency. It is about understanding why you are going to invest in a specific asset, what your predictions are for that asset, and how you would use that capital to obtain the first and most financial and social advantages for the goal of helping the public.
In essence, this is a form of art that anyone can participate in, and it is finest discussed on a SocialFi platform. Torum is paving the way forward with its novel approach to fostering a positive social networking “culture” and boosting user-centered public outreach in crypto-related topics.
The Opportunities and Challenges of SocialFi
Web 3.0 has indeed altered financial services and is obviously causing a gaming revolution. It is reasonable to speculate on how block chain technology will interrupt social networking sites in the coming years, as well as the obstacles it will face.
The monopoly of influence is the first challenge: SocialFi is purely a demonstration of personal value, and this value is visually presented in the form of finances. For early entrants or celebrities with a lot of clout, this shall widen their monopoly on content development, whereas for old or weak influencing users, their content can sometimes be hard to find. Challenge number two is that the enterprise value framework needs to be overhauled. Users can currently earn money on SocialFi by producing content and allow time for followers to reward you. It comes from the illustration of Write-to-Earn, which is close to the notion of Play-to-Earn. In this way earning rewards are achieved by through their talent of writing. This has stringent criteria for the algorithm method and will fail if the platform, such as Monaco Planet, is crafted in an irrational manner.
SocialFi, in particular, addresses some of the inadequacies of conventional social networking:
The issue of data ownership
Traditional social platforms store the customers ’ social information in the form of fields on the operator’s server, and the person belonging to the platform; SocialFi relied heavily on blockchain — based, and the non-tamperable data aspects are excellent for tackling the issues of data access confirmation.
The issue of reward distribution
There is a lack of balance in the sharing of rewards between consumers and systems in based on the flow realization under the computational method of conventional social media platforms, which is not conducive to protecting users’ rights and interests. There is a lack of balance in the sharing of rewards between consumers and systems in based on the flow realisation under the computational method of conventional social media platforms, which is not conducive to protecting users’ rights and interests. SocialFi is a platform for people to received thousands of benefits by financializing their social power. Thus, there are no platform or third-party commission issues.
Concerns about privacy and security
Traditional social networking tends to require the participant’s actual identity information for sign up or account registration. Due to which the data held in the operator’s back-end is vulnerable and easy to flow. SocialFi is centered on blockchain technology, and the pseudonymous existence of user’s identity information aids in the safeguard of confidentiality.
Putting all the above discussion in a nutshell, we can say that Social media is undeniably an important part of our lives, and its evolution over the last decade has been nothing short of revolutionary. Nevertheless, with web 3.0 on the horizon, it is critical to reconsider social media networking platforms and bid farewell to centralized systems. With the rise of futuristic platforms such as Torum, SocialFi and decentralization are expected to become the mainstream in the age of social media. And, provided their obvious advantages, it is only natural that they assume control of the next stage of social media evolution.