Today Social Media companies are seen as untouchable behemoths which use their monopolies to enrich investors rather than the users and creators on their platform. Users and creators are disconnected from the ability to earn and have ownership from their contributions to the platform. Instead, they are treated as another income stream. On top of that, user data is collected, hidden from the users, and sold to further mine profits. From a consumer side, the algorithm that the user is force-fed content from is unable to be changed, which develops a toxic relationship between the platform and the user. We have hopes to make a change in this dynamic by giving ownership and governance back to the users and creators who make it all possible. While other algorithms focus on what enrages the user and keeps them most engaged on the platform, our algorithm is designed to be changed, allowing input from the user on how it can be better tailored for their interest. This should make SocialVerse the best social media option for users to live a positive, happy, and healthy life.
Platforms should serve us, not control us. We have relationships to the platforms we use the same way we do with people. Both provide us unique experiences that shape us. If you had someone in your life who refused to listen to you, you would stop hanging out with them too, or eventually realize they were toxic. TikTok is the top performing social platform in 2021. By allowing user generated videos in the vertical format and providing an infinite feed of content, it took the social world by storm. Kids and Adults have become so addicted to it that it has taken over a majority of the attention sphere and its creator ByteDance is now worth over $470 Billion. But many of their users distrust the platform as it is a known centralized spyware platform with all data being fed to the Chinese Government.
SocialVerse aims to fix these problems through transparency and progressive decentralization, which increases user governance over the platform. On top of that we are focused on creating more monetization opportunities for users and creators. Focusing on the ability for anyone to build a “Sphere” and create deeper relationships with their community. To do this we are utilizing Web 3 technologies including tokenization of the platform, allowing minting of media posted as purchasable Non-Fungible Tokens, and allowing fans to invest in creators’ pages.
To many thought leaders, it is obvious the masses will be onboarded to Web 3 through a social platform. The platform that accomplished this, given the fact that crypto price is based on value of attention, could reach a multi-trillion dollar market cap. Already we see BitClout with just 400,000 users having a token valuation of $1.6 Billion. This is an astounding $4,000 per user. It is no surprise Web 3 social platforms are being valued at this rate, because of the massive potential and ease of users to become invested in the platform they are using.
We strongly believe the Web 3 platform that wins, will be a platform that would have won on Web 2. It will need to be able to garner massive attention, have a clean UX, and a top tier product. Focusing on these metrics, SocialVerse will bring an entire generation of Web 2 users onto Web 3 seamlessly. As the platform that onboards these users and gives them access to their first wallets, a swap built into the platform with an app already downloaded on their phone, the platform will have a massive stake in the Web 3 space.
Pioneering The Market
Over time social platforms have condensed into niche bubbles of utility:
Social media platforms allow users to share different types of content, ranging from text-based to rich video footage. Over time social media platforms have evolved to service separate market verticals. Incumbent social media giants fail to keep up with the times, now copying rather than leading the charge, these companies having grown so large and bureaucratic that they fail to keep up with the new range of opportunities being presented especially by the Web 3 space.
One example of that is that YouTube launched Shorts, Facebook launched Lasso, Snapchat launched Spotlight, and Instagram launched Reels. These are all TikTok clones that are now also pushing short vertical media with an infinite scroll feed. Fresh new startups have a lean advantage as well as an ability to win the hearts and minds of the consumers with more transparent policies and allowing user governance over platform changes. Current social media companies continually treat their users as products instead of owners.
Therefore, a unique market gap must be identified. Over the past few years platforms have ballooned into hundred billion dollar unicorns. One of the common traits is that they fill a unique niche in the social media sphere that has not been represented properly yet. Most recently we saw ClubHouse, which released April of 2020, and grew to over 10 million downloads in less than a year. This represents the vertical of connecting via audio based chat rooms. They recently raised a series C at a $4B valuation which puts a rough value of $400 per user at the time of raise. While ClubHouse is new and more trendy than BitClout, BitClout was tokenized allowing anyone to have ownership in the platform.
ClubHouse on the other hand provided a real unique utility moat, offering a unique social experience that had not been seen before. SocialVerse will enter the market as the best of both worlds. A mobile video platform where users can browse a feed full of the content they choose, have access to their first Crypto Wallet + Swap, Create and Join Spheres (Communities), and the ability to do all of this while gaining ownership of the platform.
Youtube and Tiktok
YouTube, having been built before the smartphone, is optimized for horizontal content. Besides vertical content helping TikTok pioneer the mobile space, TikTok offers an amazing discovery feed to allow new creators to be found. TikTok is the fast food of vertical media and we are building the restaurant. We are pushing to be the healthy and sustainable social media option.
Recently mobile traffic overtook desktop, with over 50% of mobile being social apps.
Social Media apps are the most popular
Time spent in types of mobile apps. Source: American Press Institute
After interviewing over 50 creators with a combined following of over 350 million followers (that’s more people than there are in the U.S.) The positive feedback was overwhelming and feedback for new features invaluable.Original the idea was based on Web 2, however it became clear that Web 3 would solve a lot of the problems currently had on the existing platforms. Jack at the time was living in Crypto Castle, and built the first Paypal to Ethereum crypto exchange so he has extensive knowledge and early founder experience in the field.
Web 3 Workings
By creating an internal SocialVerse token, we are able to represent a more fair and transparent platform for the producers and consumers. Decentralizing the social media world will give a new level of transparency to the current lacking social media platforms. By utilizing smart contracts between brands and influencers, we provide a secure basis for brand deals to go through while providing platform revenue to SocialVerse.
All of our platform’s ad revenue will flow back into the creator and consumer pool of tokens that will continue to be earned through use of the platform. TikTok; the leading mobile video application, is paying roughly 3% of its total ad revenue back to its creators and they pay absolutely zero to consumers. SocialVerse believes investing in its creators is worth it and for that reason is able to commit 40% of ad revenue back to the creators, and 20% back to the consumers. These features empower the users and creators like never before.
These tokens are distributed to these wallets to perpetually supply the rewards:
Our creator and consumer pools mean all users will earn governance tokens from using the platform, which can be held and utilized to vote on the future of the platform, or sold to support the new great content our creators come up with. At the $34.3 Billion of revenue that ByteDance (TikTok’s creator) did in 2020, heres how the breakdown would be when the sum is used to buy SocialVerse token and distributed to our ecosystem. $13.72B into the creators pool.
(“Creator Fund”) $6.8B to the team allows massive funding of real human interactions of the platform, creating SocialVerse originals, and staying on the frontier of Artificial Intelligence and Machine Learning. $5.14B into the foundation. $8.57B into the consumer pool, rewarding all users of the platform for that year.
“First announced in July 2020, the fund is committed to doling out $1B over the next three years to allow creators to earn a livelihood from the video-sharing app.” - TikTok
Algorithms & Transparent Data
In order for users to develop a HEALTHY relationship with SocialVerse, we offer the ability for the user to control the algorithm feed based on their true preferences, rather than the algorithm attempting to gain control over the user by displaying any content that will get the user to stay longer in the short term.
The Tiered Like System, is our way of allowing more user control over the algorithm which then helps curate content together. Rather than allowing a like or no like, we offer a like, dislike, or super like. Allowing us to understand to the level at which the user liked, disliked, or loved the piece of media. The Tiered Like System will supply our video recommendation algorithm.