Bitcoin surpassed the $40,000 mark for the first time since 2021, signaling a potential start of a bull market. This price surge coincides with the rise of SocialFi, a trend that blends social media interaction and financial elements like cryptocurrency.
XCAD Network Drives Social Finance Trend
XCAD Network, a tokenization platform for content creators, allows creators to issue their own cryptocurrency fan tokens and reward viewers. Launched on DAO Maker in May 2021, XCAD Network has seen one of the highest ROIs, according to CEO Oliver.
Oliver and the team have partnered with popular influencers like KSI and Mr Beast, who have invested in the network. With over 400,000 users since launch, XCAD Network is associated with more than 100 celebrity influencers reaching a combined audience of over 800 million.
XCAD Network aims to enable creators to build their own SocialFi ecosystems. KSI expressed confidence in the project in a tweet dated May 17, 2021.
SocialFi Applications Expanding
SocialFi applications started with projects like Friend.Tech and Stars Arena, which had large trading volumes but were limited to a few web3 creators. Oliver’s vision for XCAD is to become the “world’s first SocialFi chain” to enhance user experience and minimize “gas fees”.
XCAD’s upcoming feature, “XCAD.Social,”will allow fans to access private chat rooms and other exclusive features. Users will issue “keys” tied to bonding curves, allowing speculation and later conversion into fan tokens. $XCAD, the native cryptocurrency token, will be used for transactions within the platform.
The “XCAD.Social” app launched with the unique feature of allowing users to trade “keys”, accumulate points relating to airdrops, and promote the creation of fan tokens by top creators. The social application has now gone live with more updates expected on the XCAD Network website.