Three (3) protocols to create socialFi platforms

SocialFi is an integration of social networks and decentralized finance. It is an innovation that makes it possible to build decentralized social networks.

This type of technology comes to solve the current social media problems of the web2, some of which include the lack of control of the content by the users once the content is published, the problems of censorship, as well as the opportunities for monetization of the content.

The role of NFTs in this emerging space supports the latter, creating more opportunities for content creators and users to own and monetize activities on these platforms.

Let’s look at 3 SocialFi protocols that integrate NFTs into their platforms

Lens Protocol

As a decentralized social graph, Lens Protocol is used by dapps to create social experiences that allow users to own their content. It allows SocialFi NFT integration using some features like;

  • If an account is followed, followers of said account could receive an NFT for the follow, issued by the creators. Creators can also integrate additional features.
  • Said NFTS received to follow an account works with elements integrated into DAO which activate certain components like polls and voting systems.
  • Comments, posts and profiles can be minted as NFTs

Some SocialFI applications already built on this protocol are cliptowhich allows users to create NFT videos of their favorite creators, and Pavea socialfi sharing platform to earn.

Developers can use the Lens protocol to create different types of social networks that enable collaboration, content insight, and information transmission. All this would be controlled by the users themselves and not by the social network.

sub-social

sub-social acts as the base layer for building decentralized social networks. He uses the Substrate technology as the core blockchain network.

The social media applications that are built on this network allow its users and creators to sell and rent their curated and created content as NFTs. On the platform, both the renter and the creator of the NFT content earn on the rented content, as the renter earns on each visit to the content and the creator receives royalties.

DeSo;

DeSo is an open-source layer 1 blockchain protocol developed with the aim of scaling social dapps. DeSo allows to create social profiles and social tokens. These tokens can generate profits from the NFTs created by the creators. Profits are made by each user interacting with the NFT created by the creators.

One of the well-known social dapps using this protocol is Bitcloud, a social platform controlled by its users. Another social app is diamond, a social dapp that allows interactions between fans and creators, leading to the creation of a community. Other NFT features allowed on DeSo are; hit NFT airdrops and create your unique social token. This social token functions as a digital identity (DID). You can also check the full list of dapps built on DeSo here

Final Thoughts

Not only do these protocols support social media dapps that have functions similar to current Web2 social media, but they also have additional features that enable a wide range of additional benefits such as direct monetization of content. In the near future, we can expect interactions with the SocialFi space on a higher level.

SocialFi has opened up opportunities for a decentralized, user-controlled social space where content can be monetized and data can be better protected, giving creators ownership of their content and digital identities.

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