The internet and social media have undergone monumental changes since the blow-up of cryptocurrencies. Especially since the rise of DeFi with the introduction of the Metaverse, NFT, and altcoins. This market transformation has been advantageous to top cryptocurrencies like Bitcoin and Ethereum. However, the market has become more diversified than ever with the continuous emergence of new projects and numerous altcoins.
Coincidentally, there has been a negative aspect to the expansion of the market, with the presence of excessive offers increasing the chance of investors getting into rug pulls and shady projects. Despite being a risky enterprise, DeFi is growing fast and looks like it is here to stay for good. In typical fashion, the ever-changing market seems ready for the next game-changing blockchain trend, and social media giants are already looking toward the promising SocialFi as the prime candidate for that.
What is SocialFi?
Abbreviation for Social Finance, SocialFi is an innovative ecosystem that combines the power of social media and blockchain decentralized finance technology. In simpler terms, creators can now directly convert their content and interactions(which include likes, follows, comments…) to digital money without centralized monopolies or overzealous intermediaries.
With SocialFi, you can own and directly make money from simple interactions online, minting NFTs, streaming/watching entertainment, gaming, creating content relevant to a target audience, and partaking in governance DAOs (Decentralized Autonomous Organization).
Benefits of SocialFi
Unlike legacy social media platforms, you can expect better security for your private information with the new SocialFi. Different platforms are also working on providing a better user experience and systems that will fairly distribute revenue.
SocialFi projects will remove monopolies seen on popular social media platforms where upcoming content creators are overwhelmed by regulatory and upper management demands. Also, SocialFi will ease creators into the crypto space and offer a safety net from scams.
While there is still a lot to figure out about this innovation, SocialFi promises to change our social lives and bring about wider adoption of cryptocurrencies and blockchain technology. Alongside Facebook/Meta, Fragma metaverse, Audius, and other developing SocialFi platforms already investing millions of dollars in the project, Mylivn is another impressive social media project committed to rewarding content creators for their passion.
Mylivn as a SocialFi project
If SocialFi projects are the next wave in social media, then Mylivn is at the forefront of that trend. Mylivn takes video-sharing a step further with top-notch algorithms and recommendation engines, allowing content creators to connect easily with their target audience.
Mylivn PRO option is a game-changer that gives creators 100% ownership over their content. Also, it provides a reliable crypto coin ($MLVC) which enables you to earn revenue through blockchain technology. This PRO program is an example of everything that SocialFi stands for because users can combine the thrill of social media with the revenue-earning ability of blockchain finance.
Mylivn integrates blockchain technology to help creators generate revenue through affiliate links, subscription services, contributions, merchandise sales, and premium content. As a PRO user, you can spend your Mylivn crypto coins ($MLVC) on the platform’s marketplace or withdraw in whatever currency you prefer. Besides, the platform awards 70% of the proceeds from their simplified Create2earn and Engage2earn features to their PRO`s and 5% to the users.
NFTs will become more accessible to the public than ever before, with SocialFi projects planning to eliminate the tiresome switching between social media and dedicated wallets holding their NFTs. In this regard, Mylivn plays its role as a SocialFi system because artists and content creators on the platform can easily create and sell NFTs directly without hassles on its NFT marketplace integrated into the network.
In sum
With the SocialFi industry in its early stages, there is still room for development and improvement. In the future, Mylivn has the potential to be a leading part of this growing movement, with small communities in the virtual space empowering creators for their passion.
