“Given the success of NFTs and GameFi last year, one industry that appears ripe to explode in 2022 is SocialFi, which aims to revolutionise our relationships with social media. ”
What is SocialFi?
Though this crypto niche is still relatively new, emergent SocialFi platforms like Squad X could be pioneering its success. Through the combination of real-time chat groups and innovative blockchain mechanics, they have developed a new social experience that sets them apart from their peers.
What exactly is Squad X?
Aptly space-themed, Squad X’s futuristic architecture provides a platform for users to learn, socialise and earn SXC tokens.
At first glance, Squad X looks like another chat app, but it is actually a fiendishly moreish strategy-infused social platform.
Inspired by GameFi and its successful Play-to Earn model, Squad X has successfully incorporated multiplayer elements that greatly enhance social interaction between its users.
SquadX users play the role of an intrepid space-faring explorer, and their goal is to create a prosperous, galactic civilisation by linking up networks of planets so that each one can thrive and generate resources (SXC).
Users start by minting and upgrading their Space Stations, which enables them to partner with friends so that they can traverse the universe and conquer Planets together.
As users expand their galactic empire, they gain experience points and further benefits linked to Space stations and Planet levels.
This means SquadX users not only earn an increasing amount of SXC tokens, but their income also grows exponentially as they contribute to the growth and popularity of the platform.
To ensure freedom of expression and collaboration, the Squad X ecosystem is deployed on the Binance Smart Chain, allowing their users to own chat groups (Planets) as NFTs.
Rather than simply existing as a JPEG stored in a wallet, Squad X creates genuine utility for NFTs. The worth of a Squad X NFT (Planet) can be directly increased by its owner who can, in turn, trade their assets for profit on the open market.
This cleverly adds another dimension to the image and valuation of NFTs, which are so often labelled and limited to hype.
Chat group ownership comes with several other obvious benefits. Since group owners now own a share in the project this incentivises them to actually create quality and engaging content.
A decentralised model also allows SquadX users to participate safely and anonymously from any part of the world without the fear of being regulated and managed by a central authority.
Content and wallets can be always recovered, and can never be censored, seized or shut down by anyone, not even Squad X.
Squad X software utilizes blockchain technology as a public database and divides data storage into two parts. First user information and messages are split and hashed then stored in a distributed network. Information is then uploaded on-chain with a content-encryption key, and only the sender and receiver who have passed on-chain verification can decrypt and read the message.
An opportunity for early investors
The stars seem to be aligning for Squad X, as the signs point to SocialFi becoming the next hot category of blockchain projects, after DeFi, NFTs and GameFi.
Late last year, at Breakpoint conference, Crypto billionaire and CEO of FTX Bankman-Fried said “I think social media on the blockchain could be absolutely huge. I think it solves a lot of existing pain points, which are really coming to the forefront of society right now.”
While it remains to be seen whether SocialFi can replicate the success of GameFi, with innovative projects like Squad X driving Web 3.0 forwards, a decentralised and user-owned social platform is certainly an exciting prospect and could prove to be a lucrative gem in 2022.
Squad X is currently holding its official airdrop giving away 200,000 SXC.
Investors who get in early could benefit from substantial long-term rewards on their SXC.
To take part in the airdrop and for more information visit:
White paper: https://squadx.gitbook.io/x