Latest news with #SocialFi
Yahoo
01-08-2025
- Business
- Yahoo
SocialFi project fantasy.top ditches Blast for Coinbase's Base after fee revenues drop over 90%
a SocialFi project built on the Ethereum layer 2 Blast, is leaving the blockchain after its revenue from monthly fees dropped 93% since its May 2024 debut to about $200,000 in June, according to DefiLlama. Its number of active users dropped 80% to 2,000 in the same period, according to Dune. The blockchain-based social trading card game is attempting to turn a new leaf by moving into centralised crypto exchange Coinbase's Base blockchain. ' is officially migrating to Base, teaming up with the most active layer 2 to become the leading social experience in the ecosystem,' said on X. The migration would start on Tuesday. The initiative highlights not just the diminished buzz around SocialFi projects, but also how Coinbase's Base is gulping up market share in the DeFi ecosystem, elbowing out rival blockchains like Blast who once dominated the space. Migrating blockchains migration from Blast marks the layer 2's latest setback. Having touted over $2.5 billion in deposits in May 2024 in the run-up to the blockchain's eagerly anticipated airdrop, deposits have since fallen 95% to $140 million and its active users have fallen 97% to about 5,000, according to Dune. Over the same time, deposits on Base have climbed to over $5.3 billion, while it now has over 10 million in weekly active addresses, according to DefiLlama. Base launched in August 2023, joining a growing list of Ethereum layer 2 network projects connected to centralised crypto entities, such as MetaMask's Linea and ByBit's Mantle. What is SocialFi? SocialFi is a category of crypto projects that combines elements of social media with DeFi. Content creators and users are rewarded for interacting with the platforms, potentially earning more than they would using a traditional social media platform. SocialFi emerged as a trend with the launch of in 2023. Deposits into the platform reached a peak of $52 million in October 2023, according to DefiLlama. Since then, deposits have dropped 94% to $3 million. The entire SocialFi sector has experienced a significant decline in deposits since the launch of as it was the largest project by far. Deposits sank 70% from a peak of $53 million in 2023 to $16 million currently, according to DefiLlama. Zachary Rampone is a DeFi correspondent at DL News. Have a tip? Contact him at zrampone@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
26-07-2025
- Business
- Yahoo
Coinbase's Base App Rebrand Sends a Little-Known Token Soaring 440% Amid SocialFi Boom
Coinbase's rebrand of its Wallet into the Base App has kicked off a SocialFi surge, sending Zora's (ZORA) activity into overdrive and leading to a massive rally for its token. Zora, which lets users mint tradable tokens tied to individual social posts, saw a dramatic rise in use following the app's July 16 rebrand. The Base app's features include posting, chatting and one-tap token minting, integrated with Zora and Farcaster. The result, according to Dune data, were daily Zora token creations jumping from about 4,000 to more than 15,000, with a peak of 38,000 mints on July 24. Daily trades rose from 30,000 to over 150,000, while trading volume crossed $6 million a day, up from just $1 million before the launch. The price of ZORA soared 440% in the past week, from $0.011 to $0.0615. The token's market cap rose to more than $200 million from just below $50 million in a week, according to CoinMarketCap data. Creator earnings followed the trend, according to Dune data. Daily payouts spiked from around $1,000 to over $30,000 as more than 12,000 unique creators joined the rush. Over 8,000 Zora Smart Wallets were active each day during the in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
22-04-2025
- Business
- Business Insider
Nigeria emerges as Africa's Web3 talent hub with 4% of global new developers
Nigeria is rapidly establishing itself as Africa's leading Web3 hub, according to the Nigeria Web3 Landscape Report 2024. The landmark report released by venture capital firm Hashed Emergent offers a comprehensive overview of Nigeria's blockchain ecosystem, detailing the progress of over 80 startups that have collectively raised more than $130 million to date—including $20 million in 2024 alone. The report highlights a shift in funding activity, with early-stage deals and ecosystem grants playing a major role. Infrastructure startups attracted $11 million, while financial platforms—especially those leveraging stablecoins—received $7 million. Although investment in entertainment and gaming sectors dipped sharply, builder interest remains active in areas like SocialFi and NFTs. One of the report's key insights is Nigeria's surging developer community. Nigeria's rising crypto market Nigeria's crypto market is showing rapid growth, surpassing other African nations. According to a September 2023 report by blockchain research firm Chainalysis, the country's transaction volume increased by 9% year-over-year, reaching $56.7 billion between July 2022 and June 2023. This growth significantly outpaces that of major African markets such as South Africa, Kenya, Mauritius, Ghana, and Tanzania. In 2024, the country recorded a 28% year-on-year increase in developers, accounting for 4% of all new Web3 developers globally—the highest from any African nation. Notably, 86% of these developers are under 27 years old, with most entering through grassroots initiatives like Web3bridge, Web3Ladies, and SuperteamNG. Crypto adoption in Nigeria continues to evolve beyond trading and while regulatory uncertainty remains, the report notes progress. The Central Bank of Nigeria reversed its ban on crypto-related accounts in December 2023, and the Securities and Exchange Commission launched the Accelerated Regulatory Incubation Program (ARIP) to onboard new digital asset firms. Stablecoins now dominate usage, with the USDT/NGN pair becoming the most traded on centralized exchanges.
Associated Press
27-01-2025
- Business
- Associated Press
Winvest Group (WNLV) Strategically Enters GameFi and SocialFi: Redefining Decentralized Entertainment and Social Interaction
RENO, NV, Jan. 27, 2025 (GLOBE NEWSWIRE) -- Winvest Group Limited (OTC: WNLV), an innovative leader in the entertainment and investment industry, has officially entered the blockchain financing space and is aggressively optimizing and upgrading the future of contents, film, gaming, and social interactions in a unique, yet in-demand way. This strategic move reflects the company's mission to integrate advanced technologies into its core business, creating a decentralized ecosystem that bridges the gap between traditional audiences and digital asset enthusiasts. As part of its disruptive strategy, Winvest Group announced a partnership with WMM to develop a virtual platform called 'Joyous Island,' which is scheduled to launch in 2025. 'Joyous Island' combines the innovations of GameFi and SocialFi to provide users with a unique interactive experience with the 'I Ching' element, which symbolizes cultural depth. Users can participate in daily activities, pledge assets and interact with the integrated NFT ecosystem through game passes. The platform not only caters to the needs of the digital gaming community, but also opens up new paths for traditional market participants to connect to digital assets, offering the possibility of diversified approaches to passivization. In addition to Joyous Island, Winvest Group's strategic vision extends to the entire entertainment sector, exploring the in-depth application of blockchain technology. In the future, the company plans to use blockchain to empower every stage of film production, from pre-production to post-distribution, promoting transparency and efficiency. In addition, Winvest is committed to establishing broader partnerships with Web3 and blockchain technology companies to unlock new revenue growth points in the movie industry through innovative entertainment models such as NFT-driven pre-sales and digital merchandise trading. This expansion comes at a time when decentralized finance and digital entertainment are experiencing explosive growth. According to a new market research report by For Insights Consultancy, the GameFi market is expected to exceed $50 billion by 2030, a statistic that further validates the market potential of platforms such as Joyous Island. While the rise of the SocialFi space is accelerating as users demand transparent, decentralized, and monetized platforms, Winvest Group's strategic development not only allows it to stay on top of industry trends, but also provides new value experiences for both traditional investors and digital pioneers. With its innovative approach, Winvest Group is not only embracing blockchain technology, but also paving the way for a new era of entertainment and investing. As the company continues to expand its presence in GameFi and SocialFi, it remains committed to empowering creators and audiences, fostering meaningful connections, and redefining the entertainment industry. About Winvest Group Winvest Group Limited (OTC QB: WNLV) is an innovative U.S.-based company dedicated to driving innovation at the intersection of media, entertainment and technology. By leveraging blockchain and Web3 technologies, Winvest aims to build sustainable decentralized solutions that drive growth in the digital economy. Media Contact
