'SocialFi and How it Empowers the Social Media User in the Web 3.0 Landscape' web3 oct_network
Since Tim Berners-Lee created the Internet in the 1990s some 30 years ago and democratized its use ; it has since evolved significantly in the last three decades.
, the market leading SocialFi Metaverse, wants to take Web 3.0 by storm to show that blockchain technology can transform social media, just as it similarly has happened with gaming and finance .SocialFi, short for social finance, is basically the combination of social media and decentralized finance on the blockchain. In other simpler terms, SocialFi is social media on the blockchain.
Therefore, logic indicates that these social networks have powerful control, and even a monopoly on the sale of private data in an environment of absolute surveillance for users that has ended in worrying derivations about indiscriminate management for commercial purposes without consent of the data users interacting on its platforms.
With SocialFi, user-generated content takes on special importance in these ecosystems, where a decentralized Internet allows each of the actors involved to solve the pain point of the poor transmission of value caused by the "centralization of social networks" of Web 2.0. Unlike the centralized social platforms we are used to based on Web 2.0, Torum provides a higher level of privacy and security for users' personal data, while distributing revenues fairly and offering the user a better and more valuable experience.
More interestingly, Web 3.0 has proven to be the ideal path to personal financial empowerment for the millions of users who believe in decentralization. Thanks to the fact that the Torum community is largely made up of users of the crypto ecosystem, projects find in Torum an ideal place and target audience for their promotion and commercialization in the NFT, DeFi and crypto sectors in general.
As traditional companies like Meta and Twitter push NFTs forward and find new ways to showcase their use cases, content creators are increasingly aware that SocialFi platforms like Torum are the natural evolution from the centralized platform status quo. Although the user is now able to create content and not only consume it as happened in the early days of the World Wide Web, the social web has also shown that the user must once again be the main actor in the network of networks, a principle that aligns with the Berners-Lee vision.
How? Simple, much of this market is within the social networks themselves. For this reason, users are the main manufacturers of data for these large corporations, many of which sell data without the consent of the common user. More interestingly, these users do not receive anything in return from these platforms that sell this private data on the market “on their behalf”.
By pioneering the construction of a SocialFi Metaverse, Torum allows users on its platform to control the creative content generated by them, and manage it through a token economy in which all participants benefit from the decentralization of the transmission of value on the platform. In the Torum ecosystem, an NFT avatar can represent the identity of the owner both in the crypto world and in the futuristic metaverse. This has served as an example for other traditional social platforms such as Twitter Blue, which now allows you to use your NFT as a profile picture.But Torum doesn't just bring the NFT Avatar to the social media ecosystem.
Without sufficient knowledge of the industry, which can be cumbersome and dense, many fall victim to the overwhelming number of scam artists that plague the industry. Even with platforms like Reddit and Telegram providing additional information to help users invest, there is still a high risk of fraudulent activity.
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