SocialFi Is Going To Be The Next Big Thing In Crypto

First of all, wishing all of you a Happy New 'Crypto Filled' Year 2022! Let me know how many new year's resolutions you made and broke already. 😂 I have promised myself to spend more time on Hive & Leo Finance, let's see how it goes!

Coming to the main topic - the year 2021 was all about DeFi, NFTs, and their mix with entertainment known as Play-To-Earn or GameFi. And Metaverse. Facebook changed its name to Meta and increased the hype of crypto-based Metaverse platforms. As we nearing 2022, everyone is asking the question, what's next? For me, 2022 is all about scaling crypto and ultimately Web 3.

Can we cross 1 billion crypto users worldwide? Facebook has 2.89 billion users worldwide and it took them around 17 years to do it. It has a market cap of $941.73 Billion and it is the 7th most valuable company on the planet. The market cap of crypto is bigger than the GDP of 185 countries nearing $2.2 Trillion. So we are definitely bigger than META without proper scaling. Just imagine what happens when we reach a billion users! Facebook is dying in 5-10 years' time and Web 3 is taking over faster than ever replacing all the controlling corps with decentralized social communities. The year 2022 might witness just that in full-blown mode!

This was a term first used by Vitalik. Everyone creating a new blockchain would play around these three areas:

• Decentralization
• Scalability
• Security.

There's a widely held belief that decentralized networks can only provide two of three benefits. This is called Blockchain Trilemma. A perfect blockchain system has all three aspects without any compromises. While 1st and 2nd generation blockchains were not scalable, 3rd generation blockchains are developing to create a perfect ecosystem to give the best of all three worlds. The year 2022 will be the year of scaling with the increase in decentralization and security side by side. Blockchain-based social media platforms will lead the crypto adoption and test the scale of chains they are built on.

As we all know, web 2.0 was driven by three technological innovations - mobile, social, and cloud. In contrast, Web 3.0 will be driven by - Edge computing, Blockchain, and AI. Social media connected the whole world in web 2.0, similarly, with the help of the above technologies a huge Social metaverse is being created which is interoperable, open, and permissionless. Decentralized Social media where Social Media meets DeFi, will be a huge thing where users meet and create great things together. Or simply have fun while hanging out and get paid (in crypto) for the content & activity. This will massively benefit the creator economy where there is no censorship and creators own their content. I see Hive pioneering the SocialFi Metaverse game in the future creating a massive Web 3.0 landscape. In 2022, social fi platforms will go wild. In a few years' time, communities are going to replace the corporations and all of them will be interconnected via Blockchain DApps. Once blockchain trilemma gets resolved, decentralized social networks would witness a spike in the no. of active users and their activity.

Most people will leave Facebook once they realize they can earn doing the same things they do on Facebook or any other Web 2.0 social media platform. This movement might get a great push this year. What are your thoughts? Let me know in the comment section below!

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