Current social media platforms are based on an old format, which only permits fans to connect with celebrities in one way. Fans can look at photos, listen to their opinions and view videos of their favourite celebs. This one-way interaction cannot be reciprocated as celebs are unable to respond effectively to the millions of fans they have.
The solution
The blockchain-based social platform Promify hopes to revolutionize social media. This platform allows fans to purchase tokens customized from celebrities. They can then use the tokens for interaction with them. This creates a more intimate two-way communication that allows for exclusive access to concerts and merchandise.
It Works
The Promify mobile link allows celebrities to create their own crypto coins (Celeb Coin) using a simple, easy-to-use mobile link. It is useful in enhancing fan engagement. Fans can also get early access to exclusive NFTs and events.
Celeb tokenholders get special access which allows them to interact with favorite celebrities, something that might otherwise have been impossible. You could be granted access to NFT drops, fan group meetings, backstage passes and many other benefits. Celebrities that give out the tokens, also personally gain by being able to identify “Superfans” who are buying their coins. This is a group of fans that have an interest in helping the celebrity succeed. Their extremely loyal fans feel compelled to help their favourite celebrities succeed.
Celeb coins: How they work
Promify thinks that stars should have the ability to make money from their time social media. Most celebs don’t earn anything online, unless they are among the top 1% in celebrity following. Even if they make a living online, this contributes very little to their overall income. Promify is a firm believer that their followers should be able to make money from their free time. The social media platforms should also reap the benefits.
This will allow them to create Celeb Coins (CC) by obtaining a Promify Link. The link allows them to create Celeb coins (CC). A creator can create as many as 100,000 CC. In total, creators are permitted to create up to 100,000 CC. It ensures their supporters, and not them, have the power at all time. Famous people can get special access to celebrities once purchased. These celebrities could have access to NFTs and backstage access as well as fan meet-ups.
The future of the social token economy
Promify will be the new way to engage fans with celebrities online. Promify will transform the social token economy, opening up new streams of income for both celebrities and fans. Loyal fans will be rewarded for showing loyalty to their celebs. Celebs will be able to monetize their efforts in creating social media content.
Protection Mechanisms
Promify provides a protective mechanism which will protect celebrities and fans from price manipulation. The sales cap is an example of one such protection mechanism. This cap limits the number of tokens that a wallet can store for early adopters. This is to stop pump-and-dump tactics. Instead, celebrity CCs will increase in value with time.
Celeb Coins’ creators have to wait for their coins to vest. They cannot just pump and dump coins. It is necessary for them to do the actual work of promoting coins and growing their value. The daily sales limit protects the coin holders from any sudden movements in the market.
This is all to make sure that celebrities and fans have a positive, long-term environment. Celebrities get value for time spent creating content and fans receive value in promoting their favorites celebs.