Overview
SocialFi is social platforms built on blockchain where users own their content and connections. It combines social media with token incentives. It aims to give users control over their social graph.
How It Works
Social platforms store identity, posts, and graphs on-chain or in user-owned data. Users can monetize content and own their followers. Protocols like Lens and Farcaster are leading examples.
Why It Matters
SocialFi challenges the walled-garden model of social media, giving users ownership and portability. It creates new incentive models for creators. It is a major Web3 growth area.
Related Concepts
SocialFi relates to Web3 Social, Decentralized Identity, and User-Owned data. It is a leading Web3 application.