Crypto:
30336
Bitcoin:
$65.134
% 0.20
BTC Dominance:
%54.2
% 0.09
Market Cap:
$2.37 T
% 0.16
Fear & Greed:
60 / 100
Bitcoin:
$ 65.134
BTC Dominance:
% 54.2
Market Cap:
$2.37 T

The Rise of SocialFi: Exploring Fantasy Top, Blast, and Sanko GameCorp

Social Finance (Socialfi)

The growing industry of Social Finance (SocialFi) is the next exciting opportunity for crypto enthusiasts. The analysts at K33 Research noted that SocialFi is gaining traction despite the fact that the system is under what they term as “perverse incentives.”

K33 DeFi analyst David Zimmerman had recently reported on a SocialFi game, Fantasy Top, that operates on the Ethereum layer-2 network Blast. The unique selling point of the platform was emphasized by Zimmerman, by means of which the users had possibility to trade virtual trading cards associated with X accounts of crypto, and compete in tournaments to win rewards.

Zimmerman pointed that currently, a pack of trading cards at Fantasy costs approximately 0.39 ETH and the equivalent of $1,200 on the prevailing rate. This highlights the high investment potential within the platform.

Over the course of the day, though, Zimmerman also warned of the dangers within the SocialFi space, with the main issue being the cash grabs and influencers pushing platforms for their own personal gain.

Influencers are paid to push the platform earning a 1. 5% fee of the trading volume for their card on top of 10% of the pack sales,” Zimmerman specified, revealing the convoluted dynamics behind these platforms.

Blast: Holding Relevancy Amidst Ethereum Layer-2 Launches

Despite the big influx of other layer-2 networks on Ethereum, Blast has remained relevant, mainly due to the aggressive airdrop program, as Zimmerman said.

READ:  Pump.fun Ensures Full Recovery After $1.9M Insider Exploit

“When Ether (ETH) price fell for 17% in April, Blast’s Total Value Locked (TVL) remains high in USD terms,” Zimmerman reflected, highlighting the strength of the platform during market swings.

Friend.tech’s Airdrop Fiasco and the Fallout

The air-drop that everybody was anticipating from Friend. Tech on May 3 got bad rap due to technical hitches that left many users frustrated as they could not access or dispose of their tokens fast.

“The outcry of criticism was aggravated by large accounts that dumped considerable amounts of the FRIEND token before its availability to many users,” Zimmerman stated adding that the price of the token fell from an impressive $28 down to a mere $1.90 as of the time of publication.

The Emergence of Sanko GameCorp

Outside the territories of Pal. Amongst the crypto-native users, Sanko GameCorp with its gaming and streaming platforms is catching up to Tech and Fantasy Top. Zimmerman views Sanko GameCorp’s fair launch approach as an idea with potential and expects it to become a meme-coin playground of anti-VC fervor.

Consequently, with Sanko GameCorp about to launch its own L3 since it is a social gambling platform about to enter SocialFi scene, it could become a major player in the emerging SocialFi landscape, Zimmerman concluded.

Rate this post

Leave a Reply

Your email address will not be published. Required fields are marked *