Inu.Social - NFT Social Media
Problem
Social media users/content creators are the product but disporporionately recieve less of the value generated due to the ad revenue model.
Solution
Create a platform that uses Non-Fungible Tokens (NFT's) to turn all content into collectibles and incentivise users to own/promote them.
Total to date
This is the total amount allocated to Inu.Social - NFT Social Media.
About this idea
Create a platform that uses Non-Fungible Tokens (NFT's) to turn all content into collectibles and incentivise users to own/promote them.
-Entrepreneur
-Work in Corporate Advisory/Business Development
Content Collectibles
All content posted can be tokenized and claimed by the user as NFT's which are called Content Collectibles (CC's).
For example, say a user decided they wanted to post a simple twitter style text message - Should another user decide that this content is worth collecting, they will need to share the content and pay a buyer fee to have this content tokenized and sent to their wallet. The same is true for any content i.e pictures, gifs, videos as all can be tokenized by the user.
Promotion Rewards and Creator Tokens
Each creator will have a creator specific token representing their channel. These tokens will be farmable by only the creator and the owners of the creators Content Collectibles. Owners of CC's will recieve tokens based on the level of interaction with the piece of content they own and creators will recieve tokens based on the total level of interaction with all their content.
This is an inversion of the business model used by traditional social media platforms, with incentivised fans obtaining quality content to share instead of creators solely relying on users speading content in large quantities.
INU token and Creator Leaderboard
The INU token will be used primarily to incentivize creator communities through rewards determined by the use of a creator leaderboard. Creators who are growing fast and gaining traction on the platform will quickly find themselves rising thorugh the ranks. Every week creators and their CC holders will earn INU rewards based on their position on the leaderboard.
CC holders can also increase the rank of their creator by providing liquidity for the creator token INU pair. Creators with high liquidity token pairs will have a better chance of placing on the leaderboard compared to creators with low liquidity pairs.
Why?
Existing social media platforms rely on users to spread high volumes of content through networks to generate engagement on their platforms. The issue with this approach is that the value of content is determined by its ability to draw attention and therefore revenue through advertising. Users become the product and content creators are at the behest of platform operators that erase the value of their work through demonitisation. The worst part is that creator content does have instrinsic value, it's just that monopolies like Google decide when and to whom that value is distributed.
However, its not just the abritrary whims of corporations that effect content creators, the ad revenue model can also be devastating to creators when the volume of advetising starts to fall on platforms, as seen with youtube during the coronavirus crisis. Revenue for creators was reported to have dropped 50% at one point despite a 15% increase in viewership.
Given that there are already metrics that define the value of social media content (likes, subs etc), the next logical step is to convert social capital into real capital by allowing creators to unlock the value of their content as NFT's with added platform-specific incentives for promotion. The result is that each individual piece of content and each creator token has a value that is determined by the market that can be extracted by both creators and users.
Another advantage of this model is that it should also enahnce the relationship between creators and communities by allowing fans to participate in growth of their favourite creators by acting as owners/custodians of their content.
Potential Markets
A primary target for Inu.social would be the crypto/NFT market given that users who are familiar with NFT's are the most likely initial adopters.
The NFT market topped 210 million dollars market capitlisation in 2019, with projections for 350 million in 2020 (data pending). Historically,collectibles have achieved the higest transaction volume out of all NFT use cases. Circulation of NFT's was quite low in the year 2019, demonstrating that the NFT market is still many times less liquid than traditonal crypto markets. This presents a unique opportunity for content collectibles to become a more active subset of the market given the sharable nature of social media content and its marketability to a wide range of users.
A strategy for user acquisition should also focus on converting users/creators from other platforms, so that they tokenize their content and expand the userbase. Viral marketing could be used on services such as Tik Tok/Instagram to communicate the value/novelty of NFT's and draw in new users. For instance, viral marketing on dogecoin by a user on Tiktok sent the price up 40%, demonstrating the power of this medium as a way to onboard mainstram users to crypto.
References
https://www.bloomberg.com/news/articles/2020-07-08/tiktok-takes-on-crypto-with-dogecoin-soaring-4
100000Team
-Entrepreneur
-Work in Corporate Advisory/Business Development
