Pearpop, social media collaboration marketplace has launched a Web3 app, Pearproof which allows users to mint viral NFTs of their social media posts. As well as this, Pearpop is introducing dynamic NFTs that gain value depending on their virality on social media.
Although the concept of selling social media posts like tweets is not new (as seen with Jack Dorsey’s first tweet), Pearproof’s NFTs will use an algorithm that helps boost the value as posts gain higher engagement.
In terms of how the NFTs on the platform actually gain value, there is a tier system. Ray Lee, the Chief Product Officer for both Pearpop and Pearproof says the NFTs “start at the vinyl level before rising to silver, gold, platinum and other levels, as it gains popularity on social media.”
The creators have the power to decide what the holders of the NFT get as their collection rises up the levels. “It’s about programming a way to unlock access to the creator or a private community,” he said. The algorithm allows fans to have a stake in the creator’s works, thereby creating an incentivised relationship that does not rely on likes and shares.
The idea for Pearpop originated from the realisation that there wasn’t a current marketplace for creators “to monetise through simple, authentic collaborations that are mutually beneficial.” Now, Pearpop is investing into the power of social media, as the start up has now banked $16 million to build out its empire for buying and selling social collaborations among creators, of which $10 million of the total deriving from Series A funding.
We see Pearpop has come a long way and is even backed by some of the most notable supporters of Web3 projects including The Chainsmokers, Alexis Ohanian, Mark Cuban and Snoop Dogg.
Find out more about the platform at the site – pearproof.com