# Top 5 SocialFi Projects


**Published by:** [846545.eth](https://paragraph.com/@846545/)
**Published on:** 2022-08-23
**URL:** https://paragraph.com/@846545/top-5-socialfi-projects

## Content

SocialFi stands for “social finance”. It is the fusion of social, web3.0, and finance in a way that rewards and benefits users. It tries to give to creators, by allowing them to completely control their economy. It does so by implementing user-friendly NFTs, currencies, and functions. Over time, I have understood that those who are profitable in the Defi space are those who are capable of positioning themselves to follow the trend. Today, I am going to be reviewing some socialfi projects. Genopets Genopets is a Free-to-Play and Move-to-Earn game imitating Pokemon Go gameplay. It is the first Move2Earn NFT-game on the Solana blockchain. In this game, the more active you are in real life, the more you increase your chances to earn tokens called $KI and the more your creature will progress. The project is linked to real-life since your movements in life will be converted into experience in the game The combat system is not very detailed yet, but there will be a PVM and PVP in the arena. The Genopets is your NFT spirit animal that encodes your personality and fitness data. Just like we have the metaverse, we also have the Genoverse. It is the place where our digital pets (genopets) live and engage in activities. It is driven by two tokens: $Gene $kI $Gene is the native token by which the Genopet is governed. With each step a player takes, the motion is converted into Energy(E). The E is then converted into experience points(XP). This XP will then be converted into $KI (not launched yet) thereby earning passive income. $Gene can also be used to stake to earn $KI and to get VIP access. Those who stake their $Gene tokens are eligible to be airdropped $KI tokens. The $KI can then be used to develop your genopets or sold to other players to boost their genopets. To earn while playing this game you have to get a Genopet habitat. It is an NFT that serves a house that makes you convert your XP to $KI. You can also earn $KI by challenging your friend to battle with your genopets. There’s also something called the Genesis Genopet. When you get a free minted genopet, it starts from level 1 but a Genesis genopet is paid. It automatically allows you to start from level 22. There is 5800 genesis habitat that can be minted. At the moment 5200 genesis habitats are sold out. If you want to make more passive income, you can also do that by renting your Genopet habitat to players who cannot afford to buy. $Gene has a market cap of $50M. The team is Doxxed. They had their first round of financing to the tune of $8.3m and now have partnerships with some well-known names such as Old Fashion Research, Pantera Capital, Konvoy Ventures, GBV Capital, DeFi Alliance, and Raydium. Rally Rally is a platform that empowers a creator with the ability to launch and build their digital economy, connect with their fan communities and benefit from developing personal ideas. Rally allows users to create and launch NFTs with no fees charged. Creators will be able to use NFT to engage with fans through API and webhook integration. It uses a sidechain so as not to burn too much energy. Rally has its token called $RLY. It is the token representing the Rally project. It allows creators to drive fan engagement, incentivizing them to be part of the economy and rewarding active users. RLY token holders also have access to private groups, exclusive content on Rally, and other digital gadgets. The Rally platform will cover the entire NFT issuance process, the social channels, and trading. Creators participating in Rally will be able to create social tokens for themselves for free, those interested in this feature can also visit the website and experience it. STEPN Stepn is a project that seeks to integrate both SocialFi and GameFi. It is built on the Solana ecosystem and tries to give people incentives for doing basic tasks like taking their daily walks, running, and even jogging. It has received a lot of attention from the entire crypto community as it has pioneered the move-to-earn ecosystem where users not only improve their health but also earn money from it. As a project, it identifies the needs of the current community, and does not have too much marketing but still attracts a large number of people participants in the ecosystem. Stepn has two tokens. They are: GMT and GST These tokens act as utility as well as governance tokens respectively. Users can download the Stepn app, buy shoes (NFT) and run to accumulate GMT as rewards. They can also buy/owns two or more sneakers to breed. This is done to create a new NFT Sneakers product. This feature is quite similar to Axie Infinity’s GameFi model but instead of pets, Stepn users breed more shoes. These shoes can then be exchanged for other NFTs or tokens in the Marketplace. AUDIUS Audius is a decentralized music streaming platform with social media features. It is a place for fans to share works and artists to have a “playground” for publishing new products. Audius has partnered with TikTok to allow artists to upload and share works on TikTok’s Sound Kit, and for fans to follow and share via links. It is open-sourced and has its token called AUDIO. Holding the AUDIO token gives users some advantages: It allows users to participate in a diverse community of activities with many Cypher contests. This is to help artists participate in production challenges and receive valuable rewards. It provides the ability to stream with a high speed of 320kbps, the sound will be processed quite smooth and clear when reaching the ears of the fans. Artists will be supported with an unlimited amount of art uploads, all free and with no strings attached from Audius. For fans, you can download any of the original tracks and remixes from Audius. Experience unlimited and free listening to music from different famous groups/artists. When using Audius, you can earn free AUDIO tokens by completing tasks such as completing 3 music uploads, inviting at least 5 friends to join, downloading the Audius mobile app, listening to at least one song a day (for 7 consecutive days), complete profile information, and many other tasks. Weplay WePlay is a platform that integrates SocialFi into its system. It lets users earn income from content creation, participation in DAO governance, NFT minting, communicating with other users, watching entertainment, and gaming. WePlay SocialFi seeks to give expansive tools for crypto influencers looking to make smart money on the blockchain, allowing them to freely construct trading social networks. This allows them to quickly and efficiently shift their influence from the current Web2 to the futuristic Web3 space. In addition, WePlay offers its users the possibility to create various content in their social circle, govern and participate in decision-making in the DAO organization through Social 3.0 DAO. In WePlay’s Social 3.0 DAO, everyone can issue a digital asset. Also, everyone can release a token based on visual, modular smart contracts. Weplay is in partnership with other metaverse projects and games like: Conclusion As with any new field, there’s a lot of price discovery potential if one is early enough. Socialfi presents a massive opportunity and has already spawned a lot of infra companies but while these are exciting to watch, there is still more room for these projects/games to evolve. As an investor in any of these, one must watch out and make sure the founders are building loyal intrinsically driven communities. People that’ll love the project despite the monetary incentives at play. This would guide your step forward, as one must exercise caution when investing in these projects as they have not been battle-tested.

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