Social media platforms have allowed thousands of artists, creators and celebrities to rise to fame and become household names in every market segment imaginable. Like any other industry, the business of sharing the private details of one’s life has become a profitable industry-but it has flaws.
The current social media model is entirely beneficial to the large social media giants. It aims to compensate giants with profits, and artists and creators with consciousness (followers). If artists and creators want to monetize their followers and really make money, their options are very limited. The typical result is that paid advertising posts are usually inorganic, off-brand, and sold, which can damage fan relationships and damage participation in artist posts. Artists and creators view content creation as a full-time job that deserves to be paid without disrupting the relationship that they spend a lot of time and energy on.
Is it possible for artists to get paid for giving their fans more of what they want (focusing on their content-not advertising) without asking them for money? This is the question the team behind Promify asked themselves, and they believe they have found a solution.
Promify is a new platform that allows artists and creators to issue their own customized “community coins”. This coin can be purchased by anyone and comes with some exciting benefits.
Artists can provide their coin holding community with exclusive access to almost anything-from exclusive content, one-on-one live videos, NFT drops, merchandise… The possibilities are endless. Artists can then identify and classify their coin holders based on the number of coins they have, so that they can reward their biggest supporters accordingly. This allows fans to allocate as much or as little of their own funds as needed to obtain the desired level of access. Fans can easily hold, buy more or sell their coins at any time.
How the Promify model works
When artists create intimate and exclusive products, they create a demand for community coins-but how do artists make money?
When artists issue their coins, they automatically keep 15% of the issued coins. This means that as the demand for coins grows and the price of coins rises, artists and all their fans who hold coins will benefit from the increase. In addition, artists can create incremental products that coin holders can spend their coins to obtain. Promify does not take any celebrity 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 it would not be possible without a blockchain that allows fans to openly buy and sell community coins and artists to easily track ownership. Promify is a leader in the emerging social token field and disrupted the artist/fan ecosystem.