We have all heard a lot about Metaverse, the virtual world of future evolution, for the last few months.
The technologies such as Defi (Staking to Earn, Lending to Earn, Farming to Earn), and GameFi (Play to Earn) have become common among tech enthusiasts.
Now is the time for SocialFi (social application with blockchain money) due to 2 major features
- No third person needed
- Decentralization
SocialFi is the fusion of social, web3.0, and finance that provides rewards and benefits to users by tokenizing social influence.
With the growth and development of blockchain and the digital asset space, many businesses are uncovering new ways to operate, and social media has its own distinct ways.
Here you will find the latest SocialFi statistics of 2024.
Post Contents
- 1 Key SocialFi Statistics 2024
- 2 What is SocialFi?
- 3 Top SocialFi Statistics 2024
- 3.1 1. $100 Million Funding from Solana Ventures for Web3 Social Startups.
- 3.2 2. Paradigm, a Venture Capital Firm, Announced $2.5 Billion in Funding for Web3 and Crypto Startups.
- 3.3 3. 33 Types of Social Tokens Are Added to The Coingecko Platform
- 3.4 4. $1.5 Million Investment Program from Binance Labs for Bulletin Board System (BBS) Network
- 3.5 5. More than 200,000 Crypto Traders Are Connected on Torum.
- 3.6 6. Boom Has Launched a $1 Million Creator Fund to Motivate Content Creators.
- 3.7 7. SoFi Raised $3 Billion Through 20 Rounds
- 3.8 8. 200 Content Creators Have Created Their Tokens Through ROLL
- 4 Conclusion
- 5 Source
Key SocialFi Statistics 2024
- $100 million funding from Solana Ventures for web3 social startups.
- Paradigm, a venture capital firm, announced $2.5 billion in funding for web3 and crypto startups.
- 33 types of Social tokens are added to the Coingecko platform.
- A $500 million investment program from Binance Smart Chain mentioned SocialFi as a major area of interest.
- More than 200,000 crypto traders are connected on Torum.
- The Boom has launched a $1 million creator fund to motivate content creators.
- SoFi raised $3 billion through 20 rounds.
- 200 content creators have created their own tokens through ROLL.
What is SocialFi?
SocialFi stands for “social finance,” representing a unique combination of social networking and decentralized finance (DeFi).
People can partly own the SocialFi platforms manage it, and the community tokens allow users to vote on proposals that will decide the project’s future. It resembles the operation of DAOs(decentralized autonomous organizations).
Experts believe that SocialFi will be the revolutionary step in blockchain-based social media.
SocialFi utilizes all of the blockchain benefits while adding NFTs(non-fungible tokens ) and DeFi services. SocialFi platforms offer financial rewards to users, which is one of the major advantages over traditional social media.
Social media users, Content creators, etc., can generate incentives by posting quality content.
While traditional social media companies store all of the data on a central server, SocialFi spreads the data throughout a network of nodes.
Users earn financial benefits by maintaining its functionality.
It ensures security by minimizing data breaches and related concerns that occur by keeping centralized data.
Top SocialFi Statistics 2024
1. $100 Million Funding from Solana Ventures for Web3 Social Startups.
Solana Ventures announced a $100 million funding for web3 social startups associated with Reddit’s co-founder Alexis Ohanian.
Based on SocialFi statistics, it raised around $335.8 million in total funding and has made eight investments.
That includes participating in a $21 million seed round in BetDex, a blockchain-based sports betting platform.
2. Paradigm, a Venture Capital Firm, Announced $2.5 Billion in Funding for Web3 and Crypto Startups.
According to SocialFi statistics, Investment firm Paradigm announced a $2.5 billion venture fund to invest in the crypto companies and protocols.
Fred Ehrsam and Matt Huang, who co-founded Paradigm in 2018, finished raising $2.5 billion for Paradigm One, their first venture capital fund.
According to them, the fund raised was twice the amount they initially targeted. However, Ehrsam believes that the investment is probably small relative to their future expectations.
3. 33 Types of Social Tokens Are Added to The Coingecko Platform
Social Tokens are “Tokens that are supported by a brand, a person’s reputation, or community.”
SocialFi statistics show that there are around 33 types of Social tokens present in the Coingecko platform and around 18 types of Social tokens on the Zerion platform.
In addition, social tokens are built because their community value will continue to rise, among which distribution, casting, and content capitalization are the mainstream project concepts at present.
Social tokens are mainly based on ERC-20, which extends technology and innovates projects from 4 main directions – asset preservation, distribution mode, token model, and community management.
It can be divided based on function as community tokens, personal tokens, and social platform tokens.
4. $1.5 Million Investment Program from Binance Labs for Bulletin Board System (BBS) Network
Binance Labs( the venture capital and incubation setup of Binance) created a $1.5M seed round for Bulletin Board System (BBS) Network.
BBS is a decentralized user-run Web3.0 public network of online message boards.
SocialFi statistics show that BBS is a SocialFi project that grants content creation and sharing to reward creators and other stakeholders based on its native token.
BBS posts are coined into NFT, enabling better value in the decentralized social network. It also provides a facility for anyone to buy ad space for any post in the network.
BBS has an automated, market-driven setup to transparently generate revenue from the platform.
5. More than 200,000 Crypto Traders Are Connected on Torum.
Torum is a SocialFi Metaverse ecosystem specifically created for cryptocurrency users and projects.
It is developed based on the Web 3.0 ecosystem and is built on various social media platforms at its core.
Torum is coupled with an NFT marketplace for crypto artists, a hub for Defi players, and Avatar NFT for Metaverse lovers.
According to the current SocialFi statistics, 211,352 crypto users are connected on the Torum platform.
The Torum was established on July 1st, 2021, and trading started everywhere, including Ireland, Italy, Switzerland, Portugal, Australia, Singapore, Canada, the US, and Germany.
Torum has a hybrid-decentralized crypto social media setup, serving as the backbone of the entire ecosystem.
The integrations of Torum NFT Marketplace and Torum Finance thrive as complementary additions to connect crypto-related projects.
And users of different interests worldwide can realize the leading SocialFi metaverse.
6. Boom Has Launched a $1 Million Creator Fund to Motivate Content Creators.
The Boom is a decentralized SocialFi platform that offers plenty of features for KOL(Key Opinion Leader), influencer NFT reward, marketing support, etc.
People can use the Boom application to browse news published by KOLs, Whales, or creators can share content either privately or publicly.
Based on the recent changes on the platform, Boom allows users to showcase their NFTs, Tokens as part of the profile. It helps users to verify the authenticity of the article they read.
SocialFi statistics reveal that the application has a $1 million creator fund to motivate content creators.
7. SoFi Raised $3 Billion Through 20 Rounds
SoFi is a finance company that offers lending and wealth management services.
It supports various modern financial services and products that help users save, spend, invest, borrow and protect their money to become financially independent.
Students can avail of loans related to their studies, and people can try plans to save money for a home, retirement plans, etc., using SoFi.
It has currently managed to raise $3 billion from 20 funding rounds and got approval from OCC with the acquisition of Golden Pacific Bancorp for $22.3 million in 2022.
According to Socialfi statistics, it is around 10 percent of SoFi market value, and they expect an additional revenue of $800 million by the end of 2025.
8. 200 Content Creators Have Created Their Tokens Through ROLL
ROLL also provides a storage and trading platform. It is one of the social token issuance platforms.
According to the platform release model, Roll will generate ERC-20 tokens for its users, issuing personal Social tokens to content creators.
SocialFi statistics show that it has a supply of 10 million, of which 2 million will be released directly to platform content creators, 1.2 million shares will go to the Roll platform.
The rest will be unlocked every day for three years. Currently, 200 content creators have issued their tokens through ROLL.
However, in the first half of the year 2022, the event that hackers stole 3000 ETH on the Roll platform caused discussion and, to a large extent, extinguished the enthusiasm of the entire market for Social Tokens.
Conclusion
Drastic changes are occurring in many technologies every day. SocialFi still has a lot to travel in order to achieve the promises it made.
It has shown promise to many ventures and has opened many gateways of possibilities. According to Binance stats, SocialFi was mentioned in a $500 million investment program.
The social media presence among people is increasing each day, and businesses are trying to focus on social media platforms to connect with the people.
Major Social media platforms like Meta, Reddit, Twitter, etc., are experimenting with SocialFi projects to monetize its possibilities.
Experts believe that the SocialFi growth trajectory is soon to be at its peak ensuring customer satisfaction and more exposure towards financial opportunities for content creators on the social media platforms.
It will impact the growth of cryptocurrency, blockchain technology, NFT space, etc.
It can simply overcome the copyright issue that the content creators face and open a new window for them to earn money.
Based on the growth of SocialFi in the Web 3.0 environment, we hope that SocialFi will be more realistic by the next few years.
