Exploring the Buzz Around SocialFi: Key Developments to Watch

SocialFi trends to watch
SocialFi trends to watch

YEREVAN (CoinChapter.com) — Cryptocurrency enthusiasts are increasingly interested in the latest SocialFi applications, with Fantasy Top gaining notable attention. This platform, built on Ethereum’s layer-2 network Blast, allows users to trade virtual cards and participate in tournaments.

According to K33 Research, a starter pack of trading cards is priced at approximately 0.39 ETH, or around $1,200, based on current market values. The platform also offers the potential to earn in-game rewards such as ETH, GOLD tokens, fan points, and additional card packs, which is attracting a growing number of users.

Trading card starter packs are going for a call $1193. Source: Fantasy Top
Trading card starter packs are going for a call of $1,193. Source: Fantasy Top

David Zimmerman, a DeFi analyst at K33, notes that while the platform offers entertainment, it also presents profitable opportunities for some users.

However, he cautions about the inherent challenges in SocialFi, particularly the “perverse incentives” that may emerge. Zimmerman points out the dual rewards system for influencers, who benefit from both increased trading volumes of their cards and sales of the packs. This situation could potentially lead to conflicts of interest, he warns.

Insights on SocialFi Evolution by David Zimmerman, DeFi Analyst"

Source: K33 Research
Insights on SocialFi Evolution by David Zimmerman, DeFi Analyst. Source: K33 Research

Friend.tech’s Airdrop Woes and Community Backlash

The launch of the Friend.tech airdrop on May 3 quickly turned sour as users faced significant technical issues. These problems prevented many from accessing or selling their tokens promptly, leading to widespread frustration.

According to Luke Martin, when some managed to sell their tokens, the price of FRIEND plummeted by approximately 90% from its peak of $28 to just $1.93. The community’s reaction was one of deep disappointment, voiced loudly across social platforms.

Frustration Over Airdrop Glitches - Source:  Luke Martin
Frustration Over Airdrop Glitches. Source: Luke Martin

Zimmerman adds that the outcry was not just about technical glitches but also about fairness in token distribution. This incident highlights a critical aspect of cryptocurrency offerings—transparency and equitable access are paramount to maintaining user trust and platform integrity.

Emerging SocialFi Platforms

Sanko GameCorp, while less well-known than some of its competitors, offers a gaming platform called Sanko Dream Machine and a streaming service similar to Twitch known as SankoTV. It plans to differentiate itself by launching its own Layer 3 network and emphasizing a fair launch strategy, which could make it a notable entity in the anti-VC, meme-driven cryptocurrency landscape.

David Zimmerman observes that the landscape is shifting, with increasing resistance to traditional venture capital’s influence. This change in sentiment could benefit platforms like Sanko GameCorp, which aims to capitalize on community-driven growth and decentralized models.

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