DeFi

SocialFi Comes of Age: Solving User Experience, Then DeFi

Published

7 months ago

21 June, 2024

SocialFi Comes of Age: Solving User Experience, Then DeFi

SocialFi platforms can benefit greatly from merging elements of web2 and web3 while integrating DeFi features that are less of a technical barrier and more of complementary resources.

We are rapidly approaching a trillion-dollar economy of creators and freelancers.

Yes, Trillion, with a T.

With advancements in consumer technology products and growing public demand for digital earning opportunities, we are entering an exciting new era. This is the start of the most exciting debut cycle in SocialFi history.

Side hustles, remote work, personal branding and monetizing your passion are nothing new. Traditional social media opened new doors to these opportunities over twenty years ago. However, as the creator and freelance economy now eclipses traditional job sectors in terms of career choice and job demand, social platforms are scrambling to focus more on monetization opportunities.

But Big Tech platforms are not up to the task.

The platform of the future is one that ensures that not only are creators fairly rewarded for their contributions to content, but that participants within the ecosystem are also rewarded: viewers and all those who engage with and support the content itself that allows platforms to thrive. This is where tokenized Web3 platforms have the greatest opportunity.

However, despite the promises of DeFi, most creators and users continue to spend time on traditional social media platforms. The reasons are many: an intuitive user experience, familiar fiat payments, a fulfilling dopamine rush, and a feeling of connection with the glamorous life depicted online.

Unfortunately, Web3’s insistence on a technology-first, experience-second approach misses the mark in attracting the masses and converting Web2 influencers into Web3 users. Web3’s current USP and pitch is the promise of decentralized control of your creations and various monetization opportunities for creators and their subscribers. This sounds good in theory, but most established creators struggle to see the value in this offering, especially given the relatively complicated integration and unfamiliar user experience of most DeFi-enabled social platforms.

Token-controlled access is seen as Web3’s answer to big tech’s control of creator revenues, enabling staking, governance, and the formation of tightly knit communities. While this is a great opportunity for crypto-native users, it is a steep learning curve and a daunting process for everyone else. SocialFi platforms must therefore not only compete with each other, but also with the status quo. The fight for user adoption in this environment can seem daunting, and the next wave of SocialFi will need to flip that equation and put “ease of use” ahead of “breakthrough technology” in order to gain market share with of Big Tech’s current user base.

SocialFi needs to bust myths about bad user experience

At the heart of challenging the traditional status quo is moving away from the rigid thinking that SocialFi must be entirely blockchain-focused, end-to-end. It’s not. The masses don’t care about the technology a platform uses, they care about convenience and experience. They want simplicity, not revolution.

It is true that critical elements of SocialFi, such as the use of tokens, are ultimately on-chain technology. However, from a utility perspective, it is just another means of monetization. Even though infrastructure and technology are evolving rapidly, innovation in how users interact with these platforms is not.

There’s no denying that the lack of interoperability, scalability, and App Store restrictions limit the options of developers building for SocialFi when trying to appeal to the masses. The result is a fragmented ecosystem in which neither creators nor users find products that provide real long-term value. The sudden rise and plateauing of platforms like Friend.Tech strengthens this case.

On the other hand, we are now seeing some Web3 platforms succeed, especially those that move away from overused and tired buzzwords like NFTs, the Metaverse, and GameFi’s speculative elements.

The Farcaster Protocol is a great example of this. Farcaster is a blockchain technology dedicated to decentralized social networks, which focuses on user engagement while stealthily packing crypto features under the hood. Clever. Its Frames feature, which enables interoperable user navigation across on-chain platforms, is akin to the convenience of a cross-platform social commerce experience offered by Web2. Other end-to-end SocialFi Web3 platforms will need to implement their own versions of features that facilitate a seamless and intuitive user experience if they want to appeal to the masses. After all, only after the integration is complete will users care about DeFi functions. Never the other way around.

It’s a natural extension of how our minds work in today’s age of commerce. Creators are always looking for ways to expand their reach and amplify their digital earning potential. Despite Web3’s focus on tokenization and community building, traditional social media continues to lead and win in helping creators break new barriers by expanding their networks, leading to greater opportunities monetization. In this case, we see that ease and familiarity are key to user loyalty and satisfaction.

While big tech’s monetization pitfalls are plain to see, the reality of Web3 user adoption inertia is often hard to ignore unless the benefits are truly worth it. Thus, any move to DeFi platforms will need to ensure significant benefits for creators and users, including an intuitive and familiar user experience and high levels of user engagement and monetization opportunities.

For starters, SocialFi platforms can benefit greatly from merging elements of web2 and web3 while integrating DeFi features (such as tokenization) that are less of a technical barrier and more of a resource complement. This is the key to unlocking the economic value of SocialFi and making these platforms attractive to the general public. Furthermore, the development narrative must seek to express ease of use while seeking to reduce transaction costs and real-time cross-border payments. Otherwise, touting Web3 features alone adds little value from a user perspective.

Like everything about Web3, SocialFi also has the potential to become a bridge between two worlds. The utility of DeFi should be a given here, not an exception, and the focus should remain on creating business flow and a balance between innovative technology and intuitive UX. Tokens and exchanges will then arrive organically, and this time, with greater assurance of success and user loyalty.

Dave Catudal is an international technology and wellness entrepreneur and co-founder of Lyvelya Super Media SocialFi platform.

Fuente

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

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Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

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