Another rainy Sunday night. You’re browsing Facebook and Twitter pages—filled with your friend’s newborn pictures, transcribed jokes from poor hard-working comedians, and memes that were definitely funny…when you first saw them four years ago.
Undeterred, keep scrolling. There is a tweet announcing that the hot new cryptocurrency will rise to $1 million, and another claiming that the altcoin itself is destined to drop to zero. You will then see links on the latest developments in the DeFi and NFTs space, and your eyes will light up. Finally – the content you care about!
Existing social networks may allow you to participate in heated discussions about the latest trends in the world of cryptocurrency, but this does not mean that you will be able to experience them in a concrete way. Rising concerns about censorship and privacy could soon pave the way for the next generation of platforms where we can join a community of like-minded and passionate individuals – just as MySpace and Bebo gave way to Facebook and Instagram. As the dawn of Web 3.0 approaches, there is a strong chance that the next great social network will embrace decentralization, tokens, blockchain, and digital identities.
We have already seen early attempts designed to combine cryptocurrency and social media together. Reddit dipped its toe in the water when it tokenized community points across two popular subreddits — and some hard-working users claim they’ve been able to sell these tokens to pay rent. Back in January, the platform announced that it was deepening its ties with the Ethereum Foundation as well, with the goal of “bringing the value and independence of blockchain technology to its millions of editors.”
Although Twitter CEO Jack Dorsey is a huge fan of Bitcoin, there seems little chance that the micro-blogging site will introduce crypto-friendly features anytime soon. And although Facebook caused quite a stir when it announced plans to launch a stablecoin called Libra, its project faltered due to a backlash from central banks and regulators. A quick rebranding to Diem didn’t seem to have helped matters, and now, there are doubts as to whether this project will ever be launched.
You could argue that the best way to offer a social network powered by cryptocurrency is to build a network from the ground up, rather than leaving it to the incumbents. Enthusiastic developers who live and breathe this space might have a better chance of offering a cutting-edge platform that crypto enthusiasts and newcomers will want to use – a place where people not only read about DeFi and NFT, but experience it through cutting-edge features.
But here is the question: Are the existing cryptocurrency social networks suffering from a frenzy of disinformation? Do these platforms place a lot of emphasis on resistance to censorship, freedom of speech, and privacy as their main selling points – features that should come as standard with any blockchain project? What are the drawbacks that prevent people from subscribing to one of these niche platforms, and how can they attract new users?
Creatures of Habit
To understand how a crypto-social network can carve out a very important niche for itself, it’s important to take a look at the platforms that dominate the space – and the value they bring. Facebook is popular because it allows people to connect with long-lost friends. Twitter is valued for being fast, and for having short, 280-character posts that people can eat. Instagram is the home of beautiful photography, while the TikTok domain offers short, viral videos that young users love to watch.
Currently, cryptocurrency users tend not to use a platform designed specifically for them. Crypto Twitter offers insights into the digital assets that people crave, and we’ve already seen how TikTok ended up as an unlikely tool to promote Dogecoin. What’s the point of moving to a new space with fewer users if the content is going to be exactly the same?
Sure, many of us have tried to give our encrypted social networks a go, only to be put off by a poor user interface and poor gameplay. First impressions are very important – and in many cases, users quickly discover that there is no good reason to visit them a second time. Specially generated social media tokens can also be a huge draw to attract visitors. But time and time again, we have seen these altcoins drop in value once they hit the market because they lack utility, alienating the self-community that the token was supposed to serve.
For an encrypted social network to gain widespread use and success, it needs something to specialize in – just like Facebook, Twitter, TikTok and Instagram. And the thing is, this fast-moving industry has many things that cannot be found anywhere else on the planet, including DeFi and NFTs. Now, a project is building a platform that adds real economic value by embracing these innovations at the heart of its product.
It’s time for Torum
Torum uses gamification technology and a modern user interface to allow its community to access DeFi services and non-perishable tokens in a single ecosystem. The developers say this is a clear example of tangible value that stands in stark contrast to many competing projects. As you might expect, its name is a combination of “tokens” and “forum”.
It is building a DeFi product and an NFT marketplace that is saturated with social elements. An automated market maker platform is created that gives liquidity providers a larger share based on how active they are on the site. Meanwhile, the NFT Marketplace allows crypto artists to list their tokens and share them with a vibrant community — and later this year, programmable NFTs will allow Torum members to change their appearance with a range of customization options that unlock depending on how often they visit the site . a program.
The badge system, activity points, and gifting mechanism provide a smooth, friendly and exhilarating social media experience not seen anywhere else. Likes and retweets can be rewarding, but Torum aims to take that to the next level.
The social media project, which also claims to be the first to be built on the Binance Smart Chain, says it has more than 10 different use cases for the original XTM token — such as promoting content, buying gifts, and participating in virtual mining games.
So far, Torum has relied heavily on word-of-mouth marketing, and has become one of the first few social media projects to receive venture capital funding on the back of impressive metrics. More than 15 private investors participated in the $1.5 million round – including AU21 Capital, Consensus Lab and Redline Capital.
Now comfortably in the top 50,000 Alexa-ranked sites, Torum is on a mission to succeed where other social networks have failed – and become the ultimate destination for Bitcoin bulls, Ether enthusiasts and altcoin enthusiasts.