What is SocialFi? Unpacking crypto’s answer to social media

SocialFi is having its moment. 

Since launching in August, Friend.tech has seen inflows of more than $420 million, according to a Dune Analytics dashboard. Meanwhile, the Web3 mobile social apps Phaver and RepubliK both announced fundraises last week. 

Hype surrounding crypto-native social media is nothing new, but a fresh crop of Web3 social apps are taking their swing at the entrenched social media giants. And as the incumbent Web2 social titans struggle with content moderation and fair creator payouts, founders and investors say they spy an opportunity.

What is SocialFi?

In short, SocialFi uses blockchain to monetize social interactions. 

SocialFi platforms use avenues built on…

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