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In the past two days, there is an out-of-the-group project TwitFi on Twitter. You can earn money by tweeting. It directly explains what SocialFi is, making money while socializing.
How does TwitFi work?
TwitFi’s gameplay is that players bind their wallets and Twitter accounts, hold Bird NFT, and tweet with the hashtag #TwitFi, then they can get TWT and enjoy tweeting to make money. Allow users to benefit from posting and interacting in social interactions, realizing the monetization of content and traffic.
In the TwitFi project, there are different types of NFTs, such as baby, chick, pigeon, and swan, with different attributes, energy and output. The higher the level, the higher the number of TWT obtained by posting the same number of tweets.
In addition, NFT can also be upgraded and MINT, and may be infected by viruses. If the infection exceeds a certain number of times, the NFT may be automatically destroyed. Random gameplay combinations also increase the fun of the game.
In the TwitFi game, players spend a few dollars in gas fees to mint ordinary NFTs for free, or spend 0.163ETH to purchase rare egg NFTs. The probability of hatching bird NFT from different eggs varies.
After you have NFT, you can tweet and earn money.
Chuxiaolian spent about $5 in gas fees, Mint created an Egg NFT, opened a Baby NFT, sent 2 tweets with the hashtag #TwitFI, and got 10 TWT.
50% of the obtained TWT can be withdrawn, and 50% needs to be locked for a month. The current price of TWT is 0.16 US dollars, which has fallen from the high point of 1 US dollar, and the price continues to fluctuate.
If it is another type of NFT, you can get more TWT, but you need to buy NFT first.
The current floor price of Chick NFT is 0.034ETH, which is about $40, and chick NFT can get 50 TWT for a tweet.
What is SocialFi?
SocialFi is a social finance product that combines social social and financial finance. Individual influence in the community is tokenized and turned into real income through social activities, content creation, entertainment, games, etc.
Tweeting is not only to express sharing and accumulate fans, but also to turn income through social networking.
At present, individual creators, KOLs, and people who like to share are SocialFi’s content sharers, and they have no good monetization methods. If SocialFi can turn content sharing into income, it will greatly solve the needs of these users.
But at present, no SocialFi project can continue to develop, most of them are just a wave of enthusiasm, and there is no sustainability.
From MONACO, which was once a lively SocialFI track last year, it was hard to find an experience code when it was launched. Only players who hold the NFT of the project can experience the closed beta. The NFT floor price of its project has dropped from a few ETHs to 0.0098 ETH, and the official Twitter has stopped updating since October 8.
Users can get MONA by posting, liking, and interacting on the platform, and they can also pledge MONA in the project to get more benefits. The project model is content mining and Share2Earn in social interaction, but it seems that it is no longer in operation.
During this period of time, the social project Lens Protocol also has a certain popularity.
Lens Protocol is a Web3 social graph, allowing users to grasp the connection between themselves and the community, forming a combinable and mobile social graph owned by users.
Users holding Lens Protocol Profiles NFT can move freely among the ecological projects of the Lens protocol, and social data sharing between different projects.
On the chain, users create personal profiles, follow others, create and collect data of different projects, and projects built on the Lens protocol can share user data on the chain to form a win-win situation.
It is said that there are already hundreds of projects built on the Lens protocol, and more than 90,000 NFTs of its projects have been minted. However, whether the project can finally be a social project depends on the number of its ecosystem and the number of users.
Otherwise, it is enough for users to tweet directly, why go to a small platform to post a post, and no one likes it!
SocialFi discussion has been very hot, but no SocialFi project has been enough to go out of the circle and continue to develop.
From defi, gamefi, NFTfi, and various web3, there are representative projects, but it seems that no SocialFi project has become a leader in the track and can get out of the circle of FOMO.
From the perspective of users, there are social needs, and they hope to solve the needs of financial finance, but no SocialFi project really solves this pain point.
Look forward to better SocialFi projects in the future.
The above is just my personal opinion, no investment advice. I’m Chuxiaolian, and I’m paying attention to Metaverse and web3.
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