SocialFi combines social networking with finance. It became popular in 2023 but is now facing problems like fewer people using it and technical issues. Despite these problems, people are still interested in SocialFi.
The idea is to help all social media users, not just famous ones, make money. But, SocialFi needs to improve its design and solve technical problems to become more popular.
The key to SocialFi’s success will be making it useful for all creators, not just the big names. It needs to be about fair opportunities for everyone. Also, improving the experience for users, from how they interact with the platform to how they can use digital tokens for real-world benefits, is crucial.
Web2 platforms like OnlyFans and Patreon are still popular because they stick to the traditional ways of making money online. But SocialFi offers a chance to earn in more innovative ways through DeFi (decentralized finance). However, convincing creators to jump ship to a new platform requires showing them clear benefits and making it easy for them.
There are big hopes for SocialFi to change how we use social media, but it’s not doing well right now because it’s hard for regular users to understand and use it.
In short, SocialFi is about more than just making money online. It’s about creating a fair, engaging, and innovative space for creators and their followers. While there are challenges, the future looks promising for those willing to adapt and improve the platform.
