The Future of Web3 Social Token Economy… How Does it Work?
The new social token platform on blockchain is rumored to be launching in just a few weeks. Promify is a platform built to help celebrities, influencers, athletes and artists understand and connect with their fanbase in a whole new way. Social media platforms like Instagram, TikTok and Twitter have led to the rise of big personalities in almost every niche imaginable all over the globe. We believe it’s time to strengthen the connection between celebrities and their fans and give fans an opportunity to access & support the celebrities they love and believe in.
Most celebrities with a significant online following have no idea who those followers actually are or why they follow them. Do they follow me for my music? For my style? Because they’re a bot? Because of this, they have no way of identifying their true fans, connecting with them on a deeper level or rewarding them for their support.
On the flip side, fans have no way of getting deeper access to their favorite celebrities or supporting those who they believe have a bright future ahead of them. We at Promify see this as a huge opportunity.
What would happen to the celebrity ecosystem if fans could support their favorite celebrities with more than just a like or a follow? What if they could feel like a real stakeholder in the success of their favorite celebrity, all while gaining more access and connectivity to that person?
Promify’s introduction of Community Coins(CCs), bridges this gap and creates a win-win scenario for celebrities and their fans alike.
Understanding Community Coins (CCs)
Community Coins are social tokens, designed to give token holders special access to previously inaccessible things. Celebrities are able to see who their top coin holders are and reward them accordingly. As an example, every coin holder of a given celebrity may receive an airdropped video shot backstage at that celebrity’s latest show, while that celebrity’s #1 coin holder may have received backstage passes to the same event. This is where things get really interesting!
This brand new concept of identifying and tiering a celebrity’s token holders allows that celebrity to identify their Superfans and nurture the relationship with them in a completely personal and scalable way.
Promify and the CC social tokens are accessible to anyone, anywhere in the world. The only qualifications needed for a person to mint on Promify and create their own Community Coin is that they must have a social media following on Instagram, Twitter, or TikTok of 10,000 followers or more.
Since the Promify platform is still in the beta stage, the developers will sponsor the gas fees of issuing new Community Coins. This will ensure that the CC issuance process is as smooth as possible as we ramp up the platform.
How the Different Stakeholders Can Benefit
Once a celebrity has received their coins, they can distribute 85% or more of the coins to their fans. The celebrity keeps the rest of the coins for themselves, allowing them to benefit from any upside in the coin. We view this as the first ever system of mutual monetization between a public figure and their fanbase. Coin holders will realize the same price appreciation as the celebrity, making this ecosystem truly one of a kind.
Fans who follow a certain celeb can purchase their coins using $PROM tokens or other payment options. These coins will grow in value as the celebrity creates a compelling Promify offering and demand for that offering increases. Coin holders are able to sell their coin at any time on the Promify platform back into $PROM or other currencies.
As a fan, who’s now a stakeholder in their favorite celebrity, when they share a new article or promote content created by the celeb, they are helping introduce that celebrity to new audiences and build awareness. Until now, fans couldn’t benefit in any way from these activities. That all changes with Promify.
Promify has taken various measures to ensure that fans who buy into their favorite celebs are not short-changed by speculators. One measure that is in place is a Sales Cap on the number of tokens that can be sold within 24 hours. It ensures that only fans interested in the long-term success of a celeb will buy into the CCs. It also ensures that any work a fan puts into promoting a celeb is not wiped out in a few hours via a pump-and-dump operation.
Creating A Compelling Offering
The more effort and time a celebrity and their fan base puts in collectively, the more their celebrity coin will appreciate.
Through the tiering system, Promify gives a celebrity absolute control over the level of access any individual receives. Low / no-cost content like videos can be shared widely with anyone who owns a coin, while merchandise and high-priced items can be reserved for those who own significantly more coin. The choice is that of the Celebrity’s! Those who create a thoughtful and valuable reward system will see that reflected in the value of their coin.
Promify’s Community Coins are going to revolutionize the celebrity, influencer, athlete & artist ecosystems by helping these public figures identify, engage with and monetize their fanbase, while giving fans unique & exclusive access to their favorite celebrities and a vested interest in their success.