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Social media platforms have allowed thousands of artists, creators and celebrities to rise to fame and become household names within every niche imaginable. The business of sharing the intimate details of one’s life has become a lucrative industry like any other – but it is flawed.
The current social media model completely favors the large social media giants. It is designed to compensate the giants with profits and the artists & creators with awareness (followers). If artists & creators would like to monetize their followers and actually make money, they have very limited options. The typical result is paid ad posts that are often inorganic, off-brand and salesy, which damages fan relationships and hurts artist post engagement. Artists & creators treat content creation as a full-time job and deserve to get paid for that effort without damaging the relationships they spent so much time and effort building.
Is it possible for an artist to get paid for giving their fans more of what they want (content focused on THEM – not ads), without asking those fans for money? This is the question the team behind Promify asked themselves, and they believe they have found the solution.
Promify is a new platform that allows artists & creators to issue their own custom “Community Coin”. This coin is available to anyone for purchase and comes with some exciting benefits.
The artist is able to provide their coin-holding community with exclusive access to literally anything – from exclusive content, 1 on 1 live video, NFT drops, merch…. The possibilities are endless. The artist is then able to identify and segment their coin holders by the amount of coin they own, allowing them to reward their biggest supporters accordingly. This allows fans to allocate as much or as little of their own capital as they would like, in order to gain their desired level of access. Fans can hold, buy more or sell their coins easily at any time.
How the Promify Model Works
When an artist creates an intimate and exclusive offering, they create demand for their Community Coin – but how does the artist make money?
When an artist issues their coin, they automatically keep 15% of the coins issued. This means, as demand grows for the coin and the price of the coin goes up, the artist and all of their coin-holding fans benefit from the upside. Additionally, the artist can create incremental offerings that coin holders can spend their coins to obtain. Promify doesn’t take a cut of any artist profits and only makes money by charging a 1% transaction fee on all purchases and sales of Community Coin.
This business model is the first of its kind and wouldn’t be possible without the blockchain allowing fans to openly buy & sell Community Coins and Artists to easily track ownership. Promify is leading the way in the emerging area of social tokens and disrupting the artist/fan ecosystem.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.