Building a SocialFi Metaverse: Interview with Torum CEO Yi Feng Go
The metaverse is booming. New trends in blockchain technology are emerging every day and the metaverse is one of them. With more and more users interested in creating content and looking to connect in the virtual world with people similar to their tastes, Torum SocialFi Metaverse plans to fill this space with its disruptive proposition.
I had the opportunity to chat with Yi Feng Go, the CEO and one of the brilliant minds behind Torum SocialFi Metaverse, about his proposal, his thoughts and his projections on the new economy around this growing sector .
I joined the space in early 2017 by investing in Ethereum under the introduction of a friend. As crypto became increasingly popular, Malaysians tried to find their way to buy crypto, but their lack of understanding made them fearful of joining the market.
When I noticed this issue, I saw it as an opportunity to open an education channel to direct more Malaysians to the crypto market. So, at the end of 2017, I created Ah Go Wu, a YouTube channel that educates and spreads good blockchain knowledge to Chinese Malays.
As a micro KOL, I started to see the damage scammers were doing to the industry. I get a lot of DMs about people getting scammed for various reasons, and it got me thinking about how this phenomenon can be stopped.
The idea eventually led me to found Torum, a SocialFi ecosystem specifically designed to connect cryptocurrency users.
This was in late 2018 when scams were rampant and news of people getting scammed in crypto was everywhere.
The team believes that only by connecting crypto communities and projects into an ecosystem can the scam potentially be stopped. The ecosystem also acts as a marketing funnel (similar to Twitter) for projects aiming to grow their communities and social outreach.
And what better way to connect people than a social network?
Therefore, we decided to found Torum, the world’s first social media platform specially designed to connect cryptocurrency users, which was born from the combination of “Tokenized” and “Forum”.
Torum offers an interconnected, crypto-oriented SocialFi experience, which includes Social, DeFi, NFT, and Metaverse.
On the social side, anyone can now easily connect with over 200,000 cryptocurrency users. It effectively takes the hassle out of finding crypto communities and lets anyone start the conversation right away.
The DeFi section of Torum allows you to participate in liquidity farming with gamification. DeFi investors can connect their Torum accounts and multiply their participation in liquidity farming using their social activity.
An NFT Marketplace is designed and integrated with Torum, which allows crypto artists to create, list and market their NFT collections directly to an active community of over 200,000 users.
A metaverse will also be created where anyone can build and customize their virtual identity through Torum Avatar NFT. Two series have been launched so far, where the 2nd series – Squid Game was sold out within 24 hours of its launch.
I think we should start by defining what SocialFi is. SocialFi is the combination of Social and DeFi, where users have the opportunity to profit from their interactions and influence as content creators.
A SocialFi metaverse essentially brings the concept of SocialFi into the metaverse. Instead of connecting with others on platforms like Facebook, you can interact and earn in an open, immersive world offered by metaverse technology.
SocialFi Metaverse is one of the great visions that Torum is building for cryptocurrency users. And it will be fully open, allowing anyone, including projects, influencers, and the private sector, to join the Metaverse together.
In terms of funding, Torum secured strategic investment from Huobi Ventures and KuCoin Labs in September and November 2021 respectively.
From November to December 2021, the project also embarked on a total of 5 exchanges, including KuCoin, Huobi, MDEX, BKEX, and MEXC Global. The listing strategy has helped our token, XTM, reach a 24-hour trading volume of over US$88 million.
At the end of December 2021, the number of users on Torum reached over 200,000, which is a perfect milestone for us to wrap up 2021.
Bullish and welcoming.
Their involvement in the metaverse has spurred the world to move into the virtual space, which is driving the adoption of both metaverse and blockchain across the globe.
Large tech companies typically protect their own security zones and network. So when venturing into the Metaverse, it’s safe to say that the Metaverse will be the next new battleground.
Yes, we actually rebranded Torum as a SocialFi Metaverse project in October 2021. The open and immersive virtual experience of the metaverse is a perfect combination with blockchain.
Facebook’s rebranding to Meta has certainly pushed Metaverse adoption to a new high. Since one of Metaverse’s main features is open, I think the world will jump straight to Web3.
And Torum started our first Metaverse journey by launching the first Metaverse PFP avatars – Torum Avatar NFT. In an open and decentralized world, identity is no longer represented through our face, but through virtual Avatars.
I think before we can bring everyone into the Metaverse, digital identity technology needs to mature.
I think it will be a combination of SocialFi and digital identity.
In 2021, we have seen how social media giants are embracing blockchain technology. Twitter builds NFT Verification and Bitcoin Tipping. Rumor has it that Reddit is developing an NFT trading platform. The name change from Facebook to Meta. These moves are drawing the global population into the crypto world, which I believe will eventually help SocialFi rise.
And as big companies like Walmart embrace Metaverse, we could see the rise of digital identities. The metaverse is a tremendous accelerator for digital identities, much like how Covid is driving digital business adoption.
That would be CZ from Binance. I have always looked up to him and been inspired by how he built the Binance team and consistently maintains its position as the leading cryptocurrency exchange through fast and consistent execution.
And recently, he also talked about the future prospects of SocialFi, where he thinks SocialFi will be one of the top two drivers for crypto adoption in 2022.
CZ has always been perfect when it comes to prediction. If I had the chance, I would really like to meet CZ and discuss SocialFi with him.
I think the transition of social media users from Web 2.0 to Web 3.0 will be the toughest challenge for SocialFi.
How are we going to convince the general public to use the social Web3? It is also quite difficult to educate the public on the management of public and private addresses.
That being said, looking at the trends that are emerging in 2021, we will find that blockchain has found its way into different sectors used by men on a daily basis. Finance led to DeFi. Art led to NFT. The game led to GameFi.
It’s only natural that the popularity of Web3 will drive Social to SocialFi, where everyone can finally own the content and the incentive all the way to ours.
New Listings, Major Partnership, Monetization with Token Utility.
Torum is an open platform accessible to everyone. Although it works best for people who are interested in crypto or have invested in crypto.
As everyone on Torum is a cryptocurrency user, it will be strange to enter Torum where everyone is shouting “HODL”, “APE” everywhere.