Socialfi is coming.
I smell a bull run around the corner.
We had altcoins.
We had nft's.
Then defi.
I remember playtoearn.
Then came the memecoins.
Now it's going to be socialfi. Who ever thought that a combination of crypto, defi and social media could be a good idea???
Turns out that people are mad to get involved. That they want to monetize their social media. To earn from their activity.
Somebody should have though of this years ago.
Oh wait. We've been doing this for seven years now....
But now they are popping up left, right and center.
The good news is that some of these projects, like nft's, memes, defi will make some people a lot of money. Usually the early adopters and bigger names in the space.
The bad news is that they will cost a lot of people a lot of money as well. Most of these projects are being shilled by paid influencers. Some are copy and paste efforts of other social sites and very few of them will still be here and profitable in two years time.
Like all of the lates trends people will get hyped up. Throw money at it. Pump somebodies bags and then watch as it fails spectacularly wondering why this thrown together project build in a basement with no business plan, revenue model or management has fallen apart?
I'm going to take a look at a few of them during the week and see if there is a profit to be made. All the while stacking my hive and waiting for others to discover a real project.
It would fit nicely on these socialfi charts in terms of transactions and value but I think that we need to stop counting hive as a social site. Hive is a blockchain that other social media sites can be built on.
Real social sites like PeakD, Leofinance, Ecency and 3speak.
These apps and sites should all be standing on their own two feet with their own tokens and business plan. It's great that we can use all of them but if we want the hive eco-system to grown then each team should be building their own business on hive with revenue, long term plans and growth objectives.
This would be the big winner for Hive and all of it's other apps.
Posted Using LeoFinance Alpha
I wonder will this be the theme of the next bull run. I just hope as they all come falling down they don't leave a bad taste in the mouth for what has been built on Hive.
We should be OK as hive has real substance and a community behind it.
These apps are full of people looking for the next get rich quick scheme and will be gone just as fast.
Hopefully hive can become even stronger by outlasting all of these projects and people see socialfi has a real future.
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It’s concerning to see the influence that paid promoters have in hyping up projects without substantial value or potential. Investors should conduct thorough research and due diligence before putting money into any project, no matter how popular it appears on social media.
Great post @niallon11, I am your new follower here =D
Always great to have new followers. I saw you joined hive recently so welcome to the community.
This is the same boom and bust cycle that we have seen repeated so many times over the years.
Unless the project has a real use case and business model it won't be here in a few years time.
I appreciate the warm welcome of the community =D