SocialFi Statistics 2022: Usage, Adoption & Revenues

 

Social media platforms have been around us for a while, but now it’s the turn of Social Finance.

Decentralized Finance and Social Media practices perfectly blend together to standardize the mass adoption of crypto projects.

Creators are the true rulers of the platforms we use on a daily basis, and the crypto community knows it.

As the world continues to evolve, new users start to realize the power of digital assets and unique crypto ideas.

That’s why decentralised social platforms where users have complete control of their information are now on the rise.

In today’s blog post on our website, we are going to be discussing a new and trendy sector that still has a long way to go.

Keep reading to get more information about:

• SocialFi Statistics in 2022;
• Understanding SocialFi and its benefits for the community;
• Important features and relevant data regarding the boom of these platforms.

Social Media Platforms and Blockchain Technology

A decentralised social platform can be defined as a blockchain social media that aims at changing the way we see the internet.

Web 2.0 has shown not to be very friendly towards NFT projects and crypto tokens (or NFT assets), and the information indicates that a few technology giants are the ones behind the important structure of the Internet as we know it.

Now, decentralised data wants to become the absolute protagonist of our platforms by implementing a world wide web based on underlying blockchain technology.

This provides us with unlimited possibilities, and we can see that reflected in the following data regarding SocialFi:

• SocialFi aims at ending the classic privacy and security issues faced by every social media platform since the beginning of times;
• Each feature on SocialFi platform benefits creators by giving them full control of their economy;
• Although the current state of SocialFi can be defined as “immature”, users and creators are starting to realize the full potential of these projects all over the world.

SocialFi Popularity

Blockchain social media is gaining strength every day that passes.

With blockchain projects and crypto gems appearing every day, content creation about NFT or token assets appears to be a new point of inflection that leads to the standardization of NFT creators.

Decentralized ecosystems, although considered to be in an early stage, are already receiving massive funding to continue decentralised development.

That’s why we see a trend around Social Finance projects:

• Most projects implement numerous user-friendly functions where the community becomes the true owner of the platforms;
• All the features implemented on a paid or free channel are meant to empower crypto or NFT creators;
• With all these benefits, creators can take full advantage of content creation by sharing insights into the current NFT and cryptocurrency market situation (among other types of content).

SocialFi Projects on the Rise

SocialFi Platforms are rising like foam and we can verify this by checking out quick insights provided by Footprint.Network:

• NFTs are already standardized in the community. While certain NFT assets can be found on an NFT Marketplace, such as OpenSea, creators with their own channel need a platform to express their insights;
• DeFi Apps and GameFi projects go along the SocialFi boom, but there’s still a long way to go in this matter;
• In the near future, FootPrint shows that the attention gained by SocialFi projects might overcome some existing DeFi Apps.

SocialFi Personal Tokens Statistics

One of the biggest advantages of SocialFi is the fact that creators can generate their own tokens and share them with a loyal community.

The main platform used for crypto creatives to mint NFT and issue tokens is RALLY:

• More than 200 creators are already taking advantage of RALLY’s updated features;
• According to the organization, the top five creators on Rally’s network each drive an average of $102,000 U.S. in Creator Coin transactions each week.
• Rally’s $57 million was raised in two funding rounds, which is aimed at improving all these unique features that creators are already enjoying;
• Former Patreon and Facebook employees are helping to create an NFT revolution platform on RALLY - best of both worlds combined!

Community-Powered Tokens and NFTs

Besides offering marketing support and ranking system features to creators, community tokens are now available in a wide variety of projects:

• Mirror is a write-to-earn platform where entries and trending posts created by users are automatically minted into NFTs stored on Arweave. Although creators and users are the key centric of Mirror, token trading is not possible within the platform as of today;
• Friends With Benefits is DAO which has its own governance token, FWB. It has slowly become a place where NFT display became possible in a web 3.0 environment for the community to take advantage of;
• Audius wants to integrate features that turn music streaming services into decentralized protocols. Its governance token, AUDIO (ruled by the community), experienced a massive increase after the announcement of the Audius and TikTok partnership.

SocialFi Users

It is safe to mention that decentralized platforms value user privacy above everything.

In fact, getting precise insights about blockchain technology and the mass adoption of SocialFi platforms is not as straightforward as someone might believe due to the early stage of the market.

Nonetheless, it is possible to extrapolate users’ information to craft useful statistics:

• Torum, which is considered the leader of the SocialFi space, just announced that they have over 207k users who have connected their wallet to the platform;
• Boom Platform: The Boom platform presented itself as a decentralized Metaverse SocialFi Platform that offers Influencer NFT Reward, Marketing Support, and many features for KOL (Key Opinion Leader) and Boom contributors with a voice on the field. Although the Boom Website is relatively new (the app was launched on January 2022), users can now enjoy Boom’s benefit by signing in;
• Monaco Planet: Although Monaco is still a young platform, thousands of users have already listed over $400,000 value of digital assets. Money display influencer’s page with top content while providing full ownership directly to the community.
• SocialFi (which picked the most convenient name) defines itself as the first social trading guild for people who want to get started into crypto stack, buying, and trading. More than 250.000 users have joined the waitlist to get started once the platform is up and ready to go at its fullest.

SocialFi Revenues

Benefit distribution has been a real problem in classic social media since the beginning of their mass adoption.

Now, SocialFi implements a model where user-generated revenue is the rule.

Since all the info related to revenue is ruled by decentralized practices, the value generated by platforms is directly proportional to the rewards earned by creators.

For instance, write-to-earn and play-to-earn are very similar in their foundations, but there are serious concerns about the improvements needed in these models.

Personal Tokens Market Cap

Personaltokens.io serves as a platform where users can create their own tokens on the Ethereum blockchain.

The value of the tokens depends on the cryptocurrency market and creator’s influence, which is one of the main points of SocialFi.

As of 2022’s Q1, the total market cap, according to the website, is $25 354 070.28.

Naturally, the data that PersonalTokens is creating align with the overall vision of a decentralized space ruled by creator’s communities.

SocialFi Funding

Some investors are already starting to see the unlimited potential of SocialFi projects on the expansion and adoption of Web 3 environments.

Among the most relevant funding rounds, we have the following:

1. SoFi has raised the astonishing number of $3 billion through 20 founding rounds in the recent years, being the most recent one on January 7, 2021 ($369.8M)
2. The total funding amount of Torum ascends to $2.6 million, being the most recent one on November 2021 and led by KuCoin;
3. The platform Boom is looking for $1 million startup fund in order to support creators on their recent journey;
4. Recently, in October 2021, Monaco completed its latest $3 million fund from Three Arrows Capital and IMO Ventures;

SocialFi in 2022 and Beyond

SocialFi platforms are here to stay. As you can see, this sector is still in diapers - we can expect steady growth during 2022 and beyond, but there’s still a lot to improve.

That being said, projects around SocialFi have already set their ultimate goal: social platforms controlled and truly owned by the community.

This new Web 3 blockchain concept itself is more than just bluff: it’s a chance to lead the Internet into a new path of opportunities.

While the industry continues to evolve, you can check out the SocialFi trending posts we will constantly be bringing to you here, at GrowFollowing.

SocialFi Stats FAQ

What’s the Status of Social Influence Monetization on the Internet?

Influencers on different platforms and niches are already aware of their decision power over the community.

For instance, the latest Substack Statistics show that millions of users already pay for written content that generates value steadily.

Can I Use MetaMask in SocialFi Projects?

SocialFi aims to integrate the most popular Multi-Chain Wallet in the crypto space, including MetaMask.

It depends on the project, but overall, MetaMask has proven to be among the first choice of SocialFi creators.

Learn how to Add NFT to MetaMask by reading our related post.

About the author

Karen

Karen is a senior technical writer and copywriter here at GrowFollowing. Her area of expertize are social media apps and new media.

Steve

Steve specializes in cryptocurrency and finance. As a born researcher, he won’t leave any stone unturned when it comes to topics he covers.

Oliver

Oliver is GrowFollowing founder and covers topics ranging from fintech to Internet.