Favoom launched the first-ever, fully decentralized, Web3-integrated social media service, combining digital networking with the benefits of technology blockchain. The platform is built on the BASE network and aims to provide an alternative to social media giants such as Twitter, Telegram and Facebook by prioritizing privacy and data control and offering profitable content monetization tools.
The Social Finance (SocialFi) movement is rapidly gaining momentum and Favoom is one of the projects driving its rise. The decentralized platform offers a unique and empowering space for its growing user base by integrating Web3 with cryptocurrencies. This way, users can access over 2 million digital assets in the cryptocurrency market while storing, paying and transferring both fiat and cryptocurrencies.
Favoom works as an all-encompassing social media service based on blockchain where users can choose their own communities based on tokens, topics and languages. Here, they can interact similarly to how they can on major 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 cryptocurrency trends.
Its completely decentralized nature frees Favoom from the influence of a central authority, which guides popular networks like Twitter and Facebook. Favoom addresses growing data privacy concerns by giving users complete control over their data and its usage. On this platform users can publish photos, videos and other content without fear of 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 minimal cost. Paying lower commissions 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 simply by using the platform. In just 3 months of launch, it has gained 11.5k verified users.
Favoom is among the main Social Finance (SocialFi) projects, which combines finance with social networking. For example, creators can use Favoom to attract and enhance their audience and use the platform's tools to monetize their content. NFT artists, music producers and others can discover new ways to profit from their digital assets.
Chris van Steenbergen, founder of Favoom, commented on the platform's long-term ambitions:
“At Favoom, our mission is to revolutionize the social media landscape. By integrating Web3 technologies and blockchain at the cutting edge, we are not just creating a platform; we are empowering our users. We believe in giving control back to users – control over their digital assets, their data and their online presence. Our vision is to build a decentralized ecosystem where every interaction is secure, transparent and rewarding for our community.”
About Favoom
Favoom is addressing the need for a new paradigm in social media, where the reputations of traditional platforms are tarnished by controversy, censorship, privacy concerns, and centralized control of user data. The emerging Web3 era provides the ideal environment for an alternative platform that restores data privacy and control to users and allows them to participate and thrive in a decentralized community.
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