While today’s social media giants monopolize the space, squeezing users rather than rewarding them, the advent of cryptocurrency, blockchain and the rising SocialFi movement now threatens to upend that. Monaco Planet, backed by IMO Ventures and Three Arrows Capital, is leading the charge by returning platform ownership and governance to users.
When Monaco Planet launches their Rare Yacht nonfungible tokens (NFTs) on Nov. 11 and goes live with their native token MONA on Nov. 28, holders begin enjoying the benefits of ownership and governance rights. By engaging in “content mining,” a sustainable, creative and inclusive form of mining whereby those who create content and engage in forum discussions gain rewards, users further grow their stake.
“While we like to say that we return platform ownership to users,” says Monaco Planet outreach director Brandon Zatt, “if you really look at the history of social media, you’ll see that this is actually the first time ever that users both own the platform and determine its destiny.”
This revolutionary new approach is turning heads as Monaco gains nearly 10,000 new followers per day and their Discord account rapidly approaches 100,000 users. And as they prepare for launch, founding KOLs like Three Arrows, Tom Dwan and Loomdart are filling up Monaco’s Wall of Fame. From heads of crypto funds to celebrities to NFT influencers, Monaco Planet may be the hottest party in Q4 2021/Q1 2022.
A sea of SocialFi opportunity
Both MONA tokens and Rare Yacht NFTs unlock platform utility, helping users to promote their projects and accounts and eventually run their own promotional and advertising campaigns.
As a gateway to the metaverse, Monaco Planet is building a robust dynamic eco-system and MONA holders have preferred access, including investment quotas for high-quality projects. Users themselves decide whether to participate in the investment, but the quota is guaranteed. MONA can also be utilized for tipping or gifting.
And as the ecosystem grows and Monaco introduces more high-quality Defi and Gamefi projects, MONA holders can seamlessly connect social, finance and gaming into one cohesive Metaverse.
“Monaco Planet represents a true departure from traditional social media and a concerted effort to bring the benefits of blockchain and crypto to our virtual and actual social lives,” says Brandon Zatt.
Let the wallets talk
Though there are over 100 million wallet addresses currently in use, a truly native crypto and NFT-dedicated social media platform with a high density of fans has not yet been born — until now. Monaco Planet users log in with wallets such as MetaMask to enable them to showcase their crypto and NFT holdings through their profile, making it harder for scammers to misrepresent themselves.
As true influencers can be identified by their level of engagement and dedication, Monaco Planet aims to bring a deeper level of trust and awareness to social platforms. Based on common interests and a belief in digital assets, organic connections are naturally fostered amongst users.
MONA token and content mining: Create-to-earn movement fuels SocialFi revolution
While some criticize proof-of-work (PoW) mining for being environmentally unfriendly, content mining or create-to-earn or write-to-earn, allows users to earn rewards by contributing content. It is truly democratic, inclusive and sustainable.
With 55% of MONA platform tokens distributed to users through content mining, holding MONA gives users platform ownership and a genuine stake. This is the exact opposite of how centralized social media platforms currently work.
The first month after Planet Monaco goes live is by invite only. Users holding Yacht NFTs will be eligible to start content mining. They enjoy higher weighting on the platform and can generate the greatest rewards during the first month. They can also invite up to five other users. On December 31, 2021, first-time platform users can withdraw MONA to their wallets and trade them on the open market.
The formula for the scoring of each user factors in elements like the number of fans per user, their total number of likes, net NFT value in the wallet and number of comments they’ve generated.
On January 1, 2022, the public platform opens to all users. Users who stake MONA for at least one month achieve a MONA staking weight, which is necessary for participating in content mining. Weights vary according to the length of time MONA is staked for.
Thus, the launch of the Yacht NFTs and MONA tokens represent a unique opportunity for users to take back control of their social media, earn rewards through their own creativity and effort and enter the Metaverse with autonomy and advocacy. Come set sail on the sea of SocialFi opportunity — destination Monaco Planet.
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