The main financial engine of a web2 social app is its ad network; scrolling through your feed is free because multiple brands have paid for ad space. At the same time traditional social media platforms fail to compensate the content creators that bring engagement to their platforms. Creators arenât compensated for their banger tweets, IG posts, or videos. These platforms harvest user data and make ad revenue off the backs of creators.
The technologies involved make this drop pretty much the first of its kind. Using zero-knowledge proofs (zkSync) for token minting, Chainlink VRF for raffle drawing, and Storj for decentralized storage - there's not much more we could've done to make this more web3. And putting it all together in under 4 days is a personal feat of mine :sunglasses:
Although some ideas from the 2017 ICO craze faded into the background, some have taken main stage in 2021. DAOs are an innovative way to organize money and people, and NFTs went from headlines about record-breaking sales (a cheeky $69 million) to being the new backbone for hundreds if not thousands of web3 projects. Under the hood, NFTs are an ERC721 smart contract - a program that codifies all the rules behind the digital asset. The most basic of NFTs simply allow you to transfer the token to another wallet; the more interesting ones are just around the corner.