SocialFi invested by Grayscale parent company DCG and Binance: BBS Network

After the popularity of DeFi, GameFi, and NFT, the SocialFi track has begun to attract industry attention.

From DeFi -> GameFi -> SocialFi , if you remove Fi, you will find that it is almost astonishingly consistent with the evolutionary path of the Internet.

This seems to be the inevitable evolutionary route.

SocialFi invested by Grayscale parent company DCG and Binance: BBS Network

In early 2022, Binance CEO Changpeng Zhao commented in the India section of Fortune magazine: DeFi has seen rapid innovation in 2021, and we may see new trends and innovations flourishing in 2022, among which SocialFi and GameFi will become main driving force.

Will SocialFi be the next big thing?

After NFT and GameFi, SocialFi may become a brand new market hotspot.

But I personally think that SocialFi needs to settle for a period of time after a period of hype.

The first generation of DeFi projects, such as aave, KNC, etc., have been hyped from 2017 to the popularity of DeFi in 2020.

The first generation of NFT projects, such as CryptoKitties, declined after the fire in 2017, and by 2021, NFTs will become popular.

GameFi, Axie started in 2018 and exploded in 2021, driving GameFi to explode.

DeFi, NFT, and GameFi seem to have experienced an explosion and silence. In the process of explosion, many of the later leaders are projects that came out of the first generation. For example, aave of DeFi track, CryptoPunk of NFT, axie of GameFi.

If we refer to the laws of DeFi, NFT, and GameFi, it will take a long time for SocialFi to really explode, but the leading projects in the future may be the next hype projects.

The rise of the social track

In the second half of 2021, social tokens such as Whale, Chiliz, and Rally once saw a relatively large increase.

At the end of November 2021, the SocialFi platform Monaco Planet was popular, and it was difficult to find an invitation code.

Since 2021, BitClout, Friends with Benefits, DeSo, Torum, Monaco Planet, BBS network, Mirror.xyz and many other SocialFi projects have received huge investments from well-known investment institutions such as a16z, Binance, Sequoia Capital, and Three Arrows Capital.

What is SocialFi

The definition of SocialFi is socialized finance. As the name suggests, SocialFi is the combination of Social and Finance.

SocialFi attempts to transform the social economy into DeFi, providing a new way for social capital to be realized. SocialFi builds a complete and self-consistent economic system for users, and everyone can benefit by demonstrating their value.

Regarding SocialFi’s market, compare it with games: we can leave the game, but we will never leave the social network circle. From this perspective, SocialFi is more imaginative than GameFi.

SocialFi by Binance Invest –BBS

BBSnetwork is a decentralized electronic forum, invested by Grayscale parent company DCG, Binance LABS, Polychain Capital, and incubated by DAOMaker.

SocialFi invested by Grayscale parent company DCG and Binance: BBS Network

BBSnetwork is conducting LBP on Copper, starting from February 14, 2022 and ending on 17, 2022 for 3 days. The situation at the time of writing is as follows.

SocialFi invested by Grayscale parent company DCG and Binance: BBS Network

What is BBS

BBS (Bulletin Board System) is a message board network similar to Reddit, the difference is that BBS is built on the blockchain and has no central authority.

BBS paves the way for content sharing, video streaming, and blogging in a decentralized way that rewards content creators, curators, and administrators in addition to the web creators common today.

End users are rewarded based on their contributions, weighted by their traditional social media influence, to incentivize influencer migration. Advertising revenue is automatically distributed to post publishers, content curators, and board moderators, financially rewarding contributing members and encouraging healthy community alliances.

A pre-release version of BBS is currently being piloted at bbs.market

BBS tokens can be used to buy advertising space across the network, and can also be used to manage the network. Mining BBS tokens is done by generating verifiable participation on user-created BBS. In a sense, the BBS network can be likened to a “decentralized Reddit,” spread across multiple domains to prevent censorship, while maintaining network effects and openness for anyone to build.

About Decentralized Content Platforms

For the decentralized content platform, there are already many explorers, such as Steemit from abroad, Bihu from China, etc., and they have encountered various problems in the later stage of development.

In the context of the explosion of DeFi, GameFi, and NFT, the infrastructure of the blockchain is becoming more and more abundant, and SocialFi can combine more things.

At the same time, practitioners in the cryptocurrency industry have given higher expectations to Web3.0, expecting it to break the monopoly of traditional Internet giants and create a new free world.

Whether BBS can explore a path will leave time to answer, but SocialFi is worth looking forward to.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/socialfi-invested-by-grayscale-parent-company-dcg-and-binance-bbs-network/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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