How Squad X and SocialFi will Shape the future of Social Media and the Metaverse

“Given the success of NFTs and GameFi over the past year, SocialFi is an industry that seems ripe for an explosion in 2022, aimed at revolutionizing our relationships with social media. ”

What is SocialFi?

While this crypto niche is still relatively new, emerging SocialFi platforms like Squad X could be pioneers. By combining real-time chat groups and innovative blockchain mechanisms, they have developed a new social experience that sets them apart from their competitors.

What exactly is Squad X?

Squad X’s futuristic architecture, befitting the space theme, provides a platform for users to learn, socialize and earn SXC tokens.

At first glance, Squad X looks like another chat app, but it’s actually a fiendishly dour, strategy-infused social platform.

Inspired by GameFi and its successful play-to-earn model, Squad X has successfully incorporated multiplayer elements that greatly enhance the social interaction between its users.

SquadX users play the role of an intrepid space explorer, and their goal is to create a prosperous, galactic civilization by connecting networks of planets so each can thrive and generate resources (SXC).

Users begin by imprinting and upgrading their space stations, allowing them to work together with friends to traverse the universe and conquer planets together.

As users expand their galactic empire, they earn experience points and other benefits associated with space stations and planetary levels.

This means that SquadX users are not only earning an increasing amount of SXC tokens, but their income is growing exponentially as they contribute to the growth and popularity of the platform.

NFT property

To ensure freedom of expression and collaboration, the Squad X ecosystem is deployed on the Binance Smart Chain, allowing its users to own chat groups (Planets) as NFTs.

Rather than simply existing as a JPEG stored in a wallet, Squad X creates real utility for NFTs. The value of a Squad X NFT (Planet) can be increased directly by its owner, who in turn can trade its assets profitably on the open market.

This cleverly adds another dimension to the image and valuation of NFTs, which are so often labeled hype and constrained.

Owning a chat group comes with several other obvious benefits. Since group owners now own a stake in the project, this gives them an incentive to actually create quality and engaging content.

A decentralized model also allows SquadX users to participate securely and anonymously from anywhere in the world without fear of being regulated and managed by a central authority.

Content and wallets can always be recovered and can never be censored, confiscated or taken down by anyone, not even Squad X.

The Squad X software uses blockchain technology as a public database and divides the data storage into two parts. First, user information and messages are split and hashed, and then stored on a distributed network. The information is then uploaded onto the chain with a content encryption key, and only the sender and recipient who pass verification on the chain can decrypt and read the message.

An opportunity for early investors

The stars seem to line up for Squad X as signs suggest that SocialFi will become the next hot category of blockchain projects after DeFi, NFTs and GameFi.

Late last year, crypto billionaire and CEO of FTX Bankman-Fried said at the Breakpoint conference, “I think social media could be absolutely huge on the blockchain. I think it solves a lot of existing pain points that are really coming to the fore in society right now.”

While it remains to be seen if SocialFi can replicate the success of GameFi, with innovative projects like Squad X pushing Web 3.0, a decentralized and user-owned social platform is certainly an exciting prospect and could prove to be a lucrative gem in 2022.