SocialFi & The Metaverse
How Influencio is paving the way for SocialFi and integrating into the Metaverse.
In the traditional world of Social Media, social media companies reap most of the benefits with little to no rewards given to users and influencers. Content creation incentives go straight to influencers, and social media companies generate revenue through third-party ad companies and targeted ad campaigns.
In SocialFi, Influencers create content for users, increasing the network effect due to increased users on SocialFi platforms. Whenever SocialFi platforms generate revenue, it is placed back into the treasury where rewards are distributed back to stakers and influencers.
The social token ecosystem is continually expanding and growing as one of the industry's hotspots. The DeFi era begins after 2020. SocialFi has begun the shift from "Social + Finance" to "Social + DeFi" under the impact of open finance ideals and liquid mining methodologies.
After the DeFi period, NFTFi and GameFi flourished one after the other, and the community has great expectations for SocialFi. In fact, several new initiatives based on the SocialFi idea are expected to join this track in 2021.
Influencio is one of the first few platforms leading the SocialFi space. SocialFi is a fusion of a social, decentralized version of the virtual world (web3.0) and finance. It is an innovative way to monetize social interaction that allows friends to connect and learn more about the crypto space.
Through the use of tokens, engagement metrics such as likes and comments can now be monetized, which will add further value between influencers, brands and sponsors. The tokens are supported by personal reputation, brand or community and the value of the token depends on the number of the community.
One of the notable projects within the space that have already succeeded are Chiliz. Chilliz is a common social token in the "fan economy," with an emphasis on the sports world. CHZ is the initial coin of Socios, a blockchain-based sports and entertainment fan reward network. Socios presently works with 48 teams or partners to provide fan tokens, including AC Milan, Manchester City, Arsenal, Barcelona, Paris Saint-Germain, and Juventus.
Fans holding fan tokens can vote on the club's jersey design, stadium music and emblem, friendly matches, charity roster, entrance songs, and so on in this community, and the voting results are final.
You may picture the metaverse as a collection of interconnected virtual environments, similar to the Online World but accessed through VR. That's mostly right, however, there is a basic but slightly more cryptic aspect of the metaverse that will distinguish it from today's internet: the blockchain.
The blockchain enables the ownership of digital assets in a virtual environment. You will not only possess that NFT in the physical world, but also in the virtual world.
Furthermore, the metaverse is not being constructed by a single organization or corporation. Separate organizations will create different virtual worlds, which will eventually be interoperable — establishing the metaverse.
The blockchain will confirm proof of ownership of your digital items in both digital environments if two virtual worlds are compatible. Essentially, you will be able to access your crypto assets as long as you can access your crypto wallet within a virtual environment.
With this exciting mix of influencers, NFTs and blockchain gaming, Influencio is paving the way as one of the latest developments in the Metaverse. The Metaverse is an integration of Augmented Reality and Virtual Reality tools into blockchain technology. It represents an ecosystem of social networking and civilization within the immersive 3-D computer simulation. This has opened up a new ecosystem for next generation players.
The notion of the Metaverse has been gaining traction for some years, but Facebook's move to rename as Meta Platforms has propelled the technology concept into the general awareness. Every media outlet seems to be discussing the Metaverse and how it may affect our lives forever.
However, the Metaverse – this concept of a digital environment that incorporates the internet itself and is accessible via a virtual reality headset – goes well beyond video games and shared web experiences. Meta Platforms is also developing cryptocurrency ideas, since increased integration of the digital world into everyday life will rewrite the script on what it means to buy and own anything.
Influencio welcomes users all over the globe to participate in a decentralized Play-to-Earn (P2E) kart racing game using uniquely and creatively designed Influencio NFTs. Leveraging on GameFi and NFTs, users who buy NFTs will truly own their digital assets, as ownership is verifiable on the blockchain.