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ownership on a SocialFi platform can’t be changed by challenges ahead, including blockchain scalability, user
the platform’s owners due to the utilization of block- adoption, regulatory issues and cryptocurrency market
chain. volatility. Nevertheless, socialfi is off to a promising start.
It’s already clear that the entire social media landscape
A promising start for SocialFi will gradually change due to the advantages provided by
Once used only for ensuring social interactions, social me- Web3 elements and socialfi concepts.
dia is believed to have become an important part of busi-
nesses’ revenue generation. The emergence of socialfi rep- Connecting consumers and fintech enterprises works to
resents a fascinating new chapter and is off to an extreme- the advantage of both. Socialfi provides numerous ben-
ly promising start. There are currently several examples of efits to communities and individuals, enabling enhanced
socialfi that are enjoying success, including KangaMoon, user engagement, decentralization, transparency and low-
a new social-fi project with the stated aim of creating "one er transaction costs. In the coming years, we can expect to
of the most vibrant defi communities in the world, con- see Web3 and socialfi come into their own. By building a
necting investors and meme enthusiasts in a single ecosys- secure, open and interconnected Web3 social ecosystem,
tem." In February 2024, it attracted more than 2,000 users individuals will enjoy a decentralized approach to data
in a single week. management that will make data more secure and trans-
parent than ever.
Another example is xNinja.Tech, which launched in Feb-
ruary 2024 and offers a unique blend of social media The end-to-end payment platform: PXP Financial provides a single
interaction, gamified elements and cryptocurrency re- unified payments platform to accept payments online, on mobile and at
wards. Since its launch, xNinja.Tech has already witnessed the point of sale. Powered by in-house acquiring, 120+ alternative pay-
significant progress, with more than 79,000 active users ment methods and financial services, PXP processes over EUR 22.7 bil-
joining the platform in its first month. lion annually through its unified gateway. To find out more about PXP
The success of such Web3 social apps will pave the way Financial family of companies, visit: www.pxpfinancial.com. Magda
for others to position themselves as contenders against to- Schmid-Debska is head of marketing and communications for PXP.
day’s social media giants. That’s not to say there are no Contact her via LinkedIn at linkedin.com/in/mdebska.

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