In recent times, the cryptocurrency market has witnessed a surge in popularity, with Bitcoin crossing over $40,000 for the first time since last year. This development has sparked discussions about a potential bull market. Amidst this trend, an interesting phenomenon known as SocialFi has gained traction. SocialFi refers to the integration of social media and decentralized finance, creating opportunities for content creators and influencers to engage with their audience in innovative ways.
One notable player in the SocialFi space is XCAD Network, a tokenization platform for content creators. Unlike many startups that jumped on the trend bandwagon, XCAD has incorporated SocialFi elements into its ecosystem long before it gained widespread popularity. As a result, the project has garnered significant success and acclaim for its unique approach.
The Success of XCAD Network
XCAD Network, a favorite among YouTubers, provides content creators with the opportunity to have their own cryptocurrency fan tokens through its tokenization platform. These fan tokens enable creators to reward their viewers for engaging with their content. Launched on DAO Maker in May 2021, XCAD Network has emerged as one of the most successful projects to adopt a strong holder offering based on the current return on investment (ROI).
The CEO and Founder of XCAD Network, Oliver, and his team have managed to secure major partnerships with high-profile celebrities such as KSI and MrBeast, who themselves have invested in XCAD Network. The project has amassed an impressive user base of over 400,000 since its initial launch. Additionally, XCAD Network boasts a global community featuring more than 100 celebrity influencers with a combined audience reach of over 800 million.
Speaking about the project’s vision, Bell, a prominent figure associated with XCAD Network, remarked, “SocialFi has been a significant trend, but many have struggled to achieve sustainable growth over the long term. We have been building a SocialFi ecosystem for years, with the aim of enabling creators to develop their own SocialFi ecosystems.” The enthusiasm surrounding XCAD Network’s potential has been palpable among industry insiders and investors.
One of the flagship offerings from XCAD Network is a new platform called “XCAD.Social.” This innovative application provides fans with exclusive access to influencers’ private chat rooms, among other features. XCAD.Social leverages bonding curves and allows users to issue keys, which grant access to various benefits and features. These keys function through a high level of speculation and can ultimately be converted into fan tokens in the future.
SocialFi applications initially gained traction with projects like Friend.Tech and Stars Arena. However, these projects primarily focused on a select group of web3 creators. XCAD Network aims to expand the scope of SocialFi by becoming the world’s first SocialFi chain. The company’s long-term objective is to enhance the customer experience by reducing the need for frequent transactions and minimizing gas fees.
Similar to platforms like Friend.Tech, XCAD.Social rewards users with points as they trade keys on the platform. These points will eventually contribute to airdrops for the users. XCAD Network intends to utilize its native cryptocurrency token, $XCAD, for purchasing and selling these keys, thereby bringing fans closer to their favorite influencers. With its native token launch, XCAD.Social is set to become the first SocialFi app of its kind.
As SocialFi continues to gain momentum in the cryptocurrency space, XCAD Network stands out as a trailblazer in the field. With its unique approach to tokenization and fan engagement, the platform has managed to secure notable partnerships and attract a substantial user base. XCAD.Social, the app that allows fans to access exclusive content and benefits, is a promising addition to the SocialFi ecosystem.
With XCAD Network’s ambitious vision of becoming the world’s first SocialFi chain, the future of SocialFi looks bright. By focusing on enhancing the customer experience and reducing transactional hurdles, the platform aims to revolutionize the way creators and their fans interact. As the SocialFi landscape evolves, it will be fascinating to witness the growth and impact of XCAD Network and similar projects in the industry.