III.5.1. SocialFi- Market Potential
Last updated
Last updated
According to a research report by Crypto.com in early 2024, the estimated number of cryptocurrency users worldwide increased to 580 million in 2023, a 34% rise from 432 million in January 2023 to 580 million in December 2023.
According to Statista, the number of cryptocurrency users could rise to nearly 833 million in 2024 and reach around 992 million by 2028. The Web3 community predominantly still uses traditional social software such as Twitter, Telegram, and even WeChat.
Web3 SocialFi: Emerged to Address the issues of traditional social media such as Unequal revenue sharing, users lacking ownership rights to their data and content, lack of content tracking mechanisms, etc.
However, Web3 SocialFi still has many limitations in terms of scale and quality. Currently, the market value of leading SocialFi tokens is only $6.2 billion (according to Coingecko), accounting for about 0.22% of the total cryptocurrency market value, significantly lower than mainstream trends such as GameFi and NFTs. At the same time, there is no standout or superior application in the SocialFi field yet, and it is still in its early stages.
Few SocialFi projects have launched tokens and completed the project's business model. Projects with "social tokens" have not yet fully realized the utility of the token to provide financial benefits to users and creators, reducing motivation and encouragement for users. Or the user experience on SocialFi still has many limitations...
Explore "Social WEB3" - a fresh, unique community at AZCoiner, where it's not just a playground for individuals but also a stage for freely sharing memorable moments and vibrant lives. Specifically, AZCoiner is not just an entertainment space; it is a multifunctional SuperApp, opening up a vast world of interaction, where all barriers between you and those around you are eliminated. Connecting with colleagues, learning more about friends, or meeting new people every day becomes more enjoyable and easier than ever.
AZC Social is a decentralized social networking platform for investors, where users can freely express themselves without control or dependence on third parties. By using the Social Graph protocol, similar to Farcaster, combined with blockchain technologies and tools, AZCoiner provides an environment that allows users to interact with various social networks effortlessly.
The goal of AZCoiner is to address the challenge of creating a powerful tool platform for cryptocurrency investors within this social network. Instead of merely exchanging information, images, and messages, users can now quickly execute transactions or connect to DApps in the easiest way possible without needing to use numerous other software or tools. It acts as a bridge between the familiar Web2 world and the promising Web3 world, through a variety of standout AI Agents:
• AI Content Recommender: Based on users' interests and reading behaviors, the AI Agent uses Collaborative Filtering and Content-Based Filtering algorithms to recommend relevant articles. This helps users quickly access content they care about, from market news to in-depth analysis.
• AI Content Generator: Using Generative AI to automatically write summaries, news analyses, or in-depth financial reports based on market data. The AI can reduce content creation time while ensuring accuracy and richness.
• Real-Time Multilingual Translation: AI translates articles into multiple languages with the support of Neural Machine Translation (NMT), allowing AZC Social to reach a global audience.
• Sentiment Analysis: The AI Agent analyzes posts, tweets, and comments on social media to provide reports on cryptocurrency market sentiment, helping users and organizations seize investment opportunities.
• AI Trend Forecasting: Using Time-Series Analysis to predict cryptocurrency price trends or significant market movements based on real-time data.
