The current social media landscape is based on a time-tested format that only allows fans to interact one way with celebrities. For instance, they can view photos of their favorite celebs, read their opinions, see their videos, and more. However, this one-way interaction is never reciprocated since celebs have no way of responding effectively to millions of their fans.
The Solution
Promify, a blockchain-based social token aims to change the current social media landscape. Through this platform, fans can purchase customized tokens from their favorite celebrities and use these tokens to interact with celebrities. The result is a better two-way interaction that offers exclusive access to their concerts, merchandise, and more.
How It Works
Promify is designed as a simple mobile link that allows a celebrity to launch a personally-branded crypto coin (Celeb Coin). This coin is useful for boosting fan engagement and it lets fans gain early access to things like exclusive NFTs, events, and merchandise.
Those who hold the Celeb tokens will receive special access that allows them to engage with their favorite celeb, who would have otherwise been out of reach. For instance, they could get access to exclusive NFT drops, group fan meetings, backstage passes, and more. Celebrities that give out the tokens, also personally gain by being able to identify “Superfans” who are buying their coins. These are fans with a vested interest in making the celebrity a success. Consequently, their exceptionally loyal fans are incentivized to share the success of their favorite celebrities.
How Celeb Coins Work
Promify believes that celebrities should be able to monetize their time on social media. Unless they are part of the top 1% of celebrities in terms of following, most celebrities do not make anything from their time online. If they do, it contributes little to their general income. Promify believes and their fans should have a chance to monetize their time. It should not only be the social media platform that benefits.
To do this, those that Promify deems fit will get a Promify link. This link will allow them to create Celeb Coins (CC). A creator is allowed to create up to 100,000 CC. in total, and are allowed to hold onto at most 15% of the coins they create. This ensures that their fans and not themselves hold the power at all times. Once bought, celebrities can give the holders special access. They could get access to exclusive NFTs, backstage access, fan meet-ups, and more.
The Future of the Social Token Economy
Promify is designed as the future of online social engagement between fans and celebrities. It is going to revolutionize the social token economy and pave the way for new income streams for fans and celebrities. It will ensure that loyal fans get rewards for their devotion to their favorite celebs. At the same time, it will ensure that celebs can monetize the time and effort they put into creating content for social media.
Protective Mechanisms
Promify has some protective mechanism that will ensure fans and celebs do not experience the price manipulation of their tokens. One of them is a sales cap. It is designed to limit how many tokens a single wallet can hold for early adopters. Such a move is designed to keep pump-and-dumps tactics at bay. Instead, CCs are designed to grow in value as the fame of a celebrity grows in real life.
For instance, there is a vesting period for the creator of Celeb Coins. It ensures they cannot simply pump-and-dump coins. They actually have to put in the work needed to promote coins and grow their value. There is also a daily sales restriction, which ensures those holding the coins are protected from sudden market movements.
All of these measures are designed to ensure that a sustainable and beneficial long-term ecosystem is created for fans and celebrities. Fans get value for the time they spend promoting their favorite celebs while celebs gain for the time they spend creating content for their followers.