The Social Finance (SocialFi) movement is rapidly gaining momentum, and Favoom is one of the projects spearheading its surge.
Eindhoven, The Netherlands, Dec. 11, 2023 (GLOBE NEWSWIRE) -- Favoom has launched the first-ever, fully decentralized, and Web3-integrated social media service, combining digital networking with the benefits of blockchain technology. The platform is built on the BASE Network and aims to provide an alternative to social media giants like Twitter, Telegram, and Facebook by prioritizing privacy and data control and offering lucrative content monetization tools.
The Social Finance (SocialFi) movement is rapidly gaining momentum, and Favoom is one of the projects spearheading its surge. The decentralized platform provides a uniquely empowering space for its growing user base by integrating Web3 with cryptocurrencies. This way, users can access over 2 million digital assets in the crypto market while storing, paying, and transferring both fiat and crypto.
Favoom functions as an all-encompassing, blockchain-based social media service where users can choose their communities based on tokens, topics, and languages. Here, they can interact similarly to how it's possible on mainstream social media channels while also accessing distinct options and features. For example, token holders, investors, and cryptocurrency enthusiasts can rely on Favoom for the latest news on digital assets and crypto trends.
Its fully decentralized nature frees Favoom from the influence of a central authority, which guides popular networks like Twitter and Facebook. Favoom addresses the growing concerns over data privacy by giving users complete control over their data and its use. On this platform, users can post photos, videos, and other content without fearing censorship or bans.
Since Favoom is built on the BASE Network - an Ethereum Layer-2 network developed by Coinbase - its users can interact and engage in numerous transactions on the platform at a minimal cost. Paying smaller fees opens the door to unique content monetization opportunities, potentially unavailable on competing platforms like Friend.tech and Post.tech.
Favoom has a utility token, FAV, which can be used with major implemented products, such as Post-to-Earn (P2E) and Refer-to-Earn (R2E). This allows users to earn tokens by simply using the platform. In just 3 months from their launch, it gained 11.5k verified users.
Favoom is among the leading Social Finance (SocialFi) projects, blending finance with social networking. For example, creators can use Favoom to attract and enhance their audiences and use the platform's tools to monetize their content. NFT artists, music producers, and others can discover new ways to gain from their digital assets.
Chris van Steenbergen, Favoom’s founder, commented on the platform's long-term ambitions:
"At Favoom, our mission is to revolutionize the social media landscape. By integrating cutting-edge Web3 and blockchain technologies, we are not just creating a platform; we are empowering our users. We believe in giving control back to the users - control over their digital assets, data, and online presence. Our vision is to build a decentralized ecosystem where every interaction is secure, transparent, and rewarding for our community."
Favoom is addressing the need for a new paradigm in social media, where the reputation of mainstream platforms is tarnished by controversies, censorship, privacy concerns, and the centralized control of user data. The emerging Web3 era provides the ideal setting for an alternative platform that restores privacy and data control to users and enables them to participate and thrive in a decentralized community.
Favoom has successfully completed auditing and KYC procedures with industry-leading auditor SolidProof. The project has the potential to become a reliable SocialFi platform for anyone looking to explore cryptocurrencies in a social media environment.
CONTACT: Chris van Steenbergen info at favoom.com