Over the years, the crypto space has witnessed a lot of innovation. One of these are the socialFi projects. SocialFi projects are one of these innovations which have been gaining a lot of traction lately. This article examines three of these projects which have their market cap lower than $10 Million.
Only1 is the first NFT-powered social platform built on the Solana network. Only1 is the combination of a social media, an NFT marketplace and a scalable blockchain with $LIKE as its native token. Only1 offers its fans a unique way of connecting with creators on the platform. On Only1, users can invest, access, and earn from the limited content created by the influencers and celebrities.
On Only1, as soon as creators come on board, a Genesis NFT is minted and with this, creators will be able to mint their own content NFTs for their fans and receive $LIKE tokens as a reward for engagement. Users can also stake their $LIKE on their favorite creators and in return, the owner of the Genesis NFT and the creator will both earn a split of the staking reward. Creators on Only1 can also make their content exclusive by posting them as NFTs. And for users to access this content, they have to bid for the NFT on Only1 NFT marketplace using the $LIKE token. When this is done, a part of the $LIKE token gets burnt. Users can also unlock content with the $LIKE token. Each unlock gives the user a lottery ticket which can be used for the weekly draw for airdrops.
At the time of this writing, $LIKE has a total market cap of US$3.915M with a total supply of 500M LIKE tokens and a circulating supply of 112M LIKE tokens.
Torum is a metaverse web3 crypto-centric social media platform that is designed to form a connected and comprehensive one-stop ecosystem for cryptocurrency users and projects. As a Web 3.0 ecosystem, Torum is created based on a social media platform integrated with a yield farming hub for Defi players. It is also an NFT marketplace for crypto artists and Avatar NFT for Metaverse enthusiasts. Torum as a crypto-based social media platform rewards its users with its native token, $XTM.
TORUM provides an avenue for cryptocurrency enthusiasts to enjoy socializing with rewards and at the same time gain access to all their daily crypto needs all in one place, such as rapid information exchange, community building and cryptocurrency trading.
TORUM’s ecosystem is designed in a manner that maximizes the utility of $XTM. And with this, there is a constant demand to support the token’s value. $XTM is always used as the only medium of exchange across the ecosystem to back the utility value of the token. $XTM is used to buy and sell in the TORUM NFT marketplace, it is also used to gain access to Defi-related services in Torum finance. $XTM is used to buy and sell on the animated Emote complex and even vote for a new favorite coin initiative.
At the time of this writing. Torum has a market cap of US$3.084M with a total supply of 800M XTM tokens and 80.711M XTM tokens in circulation.
Fyooz is a platform where stars, celebrities, idols and more can be tokenized. On Fyooz, tokens are issued and traded. To operate the marketplace for the trading of Star Tokens, Urknall AG, the parent company of Fyooz issued its own payment token called the Fyooz Coin ($FYZ), and ERC-20 token.
Fyooz gives its users who are fans, followers, and supporters of these celebrities and stars the opportunity to participate in the emotional value of the attention economy and also accompany their favorite stars on their journey. These stars in return can bind their fans, followers, and supporters closer to themselves, generating more attention, raising money, and potentially increasing their market value on the Fyooz marketplace. Stars can be individuals, organizations or brands of any aspect of the attention economy.
The Fyooz Coin (FYZ) enables trading on the Fyooz Marketplace. Fyooz Coins are used to buy and sell Star Tokens. At the time of this writing, $FYZ has a total market cap of US$11.759M with a total supply of 50M FYZ tokens and 6.472M FYZ tokens in circulation.
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