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With over half the globe already spending an average of two hours on social media platforms daily, the impact of this still nascent industry on society has become undeniable.
The current social media space is dominated by Web 2.0 giants such as Meta (formerly Facebook), Twitter, Google, and Tencent. These massive centralized players have successfully monopolized the industry, resulting in services that do not always cater to the best interests of users. However, a new trend known as SocialFi may threaten the status quo.