Why does the socialfi platform Monaco Planet, which is hard to find, detonate the community?

For too long, a handful of large companies have dominated the internet, leaving users with less and less control over their data and creations. These companies require users to provide personal data in exchange for access to their platforms and services, and then monetize this data and sell it to advertisers for profit. But with the advent of Web 3, users have become more concerned about the importance of taking ownership of their own data and want a social media platform that provides equal benefits to all users.

In addition, in the field of encryption, although there are more than 100 million wallet addresses worldwide, the number of cryptocurrency and NFT enthusiasts is also growing every day, but the real ’s native encryption and NFT-specific social media platforms have also not yet been born. The current social media platforms do not clearly target the cryptocurrency crowd, and it is difficult for individuals and project teams to become opinion leaders on their social accounts to attract a large number of fans or stand out among thousands of communities.

However, on November 28, after the Monaco Planet Beta version of the SocialFi project invested by Three Arrows Capital was launched, it ignited the enthusiasm of the community. Since the platform is limited to Yacht NFT users and users with an invitation code to log in, the floor price of Yacht NFT on OpenSea has increased from the recent 0.09ETH to about 0.5ETH, and an invitation code has also been fired to hundreds of dollars. Next, Rhythm BlockBesats will give you a brief introduction to this project.

Platform Features

Monaco Planet aims to play a role in the Internet from Web 2 to Web 3. In the short term, it uses blockchain technology to solve users' social pain points and put a series of key Web 3 functions into practical applications; in the long term, it hopes to Become a new entrance to the high-frequency social activities of encrypted people, and thus become a portal to the Metaverse, where users can control their own data and get rewarded by creating high-quality content.

Wallet Login

With Monaco Planet, users need to log in through encrypted wallets such as MetaMask. After logging in, users can showcase their NFT collections on their profile pages, which brings another level of trust to social relationships, facilitating connections between users based on shared interests and beliefs in encryption.

In Monaco, users who publish and display their activities can pay attention to each other in the whole community, and the platform will also conduct an evaluation of users according to their influence and NFT net worth ranking. Currently, the user with the highest influence on the platform is HongKongDoll, and the user with the highest NFT net worth is unun.eth, reaching $163,000.

Write to Earn

On traditional social platforms, the creator’s content is often owned by the platform, and readers’ attention is also affected by the platform algorithm manipulation. The creators or readers did not get any return from it, but the platform and advertisers grabbed the maximum profit.

On Monaco, the ownership and governance of the platform are determined by the users. Through the "Write to Earn" mode of content mining, active content creators on the platform and discussion participants, they can get the platform's native token MONA through following, liking and commenting, as well as NFT display and Staking.

Among them, the vast majority of native tokens will be distributed to users who generate content, creating a sustainable, inclusive and truly efficient form of mining.

The mechanism of content mining on Monaco is divided into two stages.

1) During the first phase, the first month, from 28 November to 31 December 2021, is an invitation-only period. Users holding Yacht NFTs will be the first to be primarily eligible to participate in content mining. Also, they can invite up to 5 users to participate in this initial content mining.

On December 31, 2021, the first batch of seed users of the platform will extract the MONA obtained from content mining into their wallets, and they will be available on the public trade in the market.

MONA allocation algorithm at this stage:

Yacht NFT user weight = x1.2

Invitation code user weight = x0.3

Weekly single-user MONA allocation = MONA weekly content mining total output x (single user score/total user score)

Weekly single user rating = weight x (number of fans per user/total number of fans + number of likes/total number of likes + net value of NFT in the wallet/total net value of NFT + number of comments/ total number of comments)

2) The second phase, from January 1, 2022, the platform will be open to all public users. Users who stake MONA for at least one month will receive a MONA stake weight, which is required to participate in content mining.

Single-user MONA pledge weight = number of pledged MONA/total number of platform pledged MONA.

The platform provides four MONA pledge pools with pledge periods of 1, 3, 6 and 12 months respectively. As the pledge time increases, the pledge weight of MONA will gradually increase by 10%, respectively:

3 months = 10% increase ( x1.1 )

6 months = 20% increase ( x1.2 )

12 months = 30% increase ( x1.3 )

In addition, users who hold Yacht NFT will get an additional 20% ( x1.2 ) weight.

MONA weekly single user distribution = MONA weekly content mining total output x (single user score/total user score)

Single user rating per weekend = MONA pledge weight x (number of fans per user/total number of fans on the platform+number of likes/total number of likes+NFT net value in the wallet/total NFT net value+ Number of comments/total number of comments)

Thereafter, the MONA generated by content mining will be distributed weekly according to this rule. The purpose of this rule is to encourage and plan the organic creation of high-quality content on the platform. If fake or robot accounts are found, the platform has the right to terminate its content mining qualification at any time.

MONA Token Usage and Distribution

MONA is the governance token of the Monaco Planet ecology and has the following uses:

1) Users can participate in content mining by staking MONA, which is a Write to Earn model token with Proof of Stake (POS);

2) When the platform obtains a specific user group and traffic, advertisers can purchase and destroy MONA to broadcast messages and promote advertisements;

3) Crowdfunding investment opportunities. The platform will obtain investment quotas for high-quality projects based on its own traffic and user advantages, and distribute them to MONA holders in proportion to MONA holdings. Users can decide whether to participate in the investment, but the amount will be guaranteed;

4) MONA can be used as a reward mechanism for users.

< /p>

Token Allocation

Monaco Planet will issue 1 billion fixed-limit MONAs, which will remain fixed forever.

1) 55% of MONA will be distributed to users through content mining and Write to Earn mode;

2) 15% will be allocated to strategic round token investors;

3) 20% will be allocated to the founding team and seed round investors;

4) 10% is reserved for ecosystem development;

Release time

MONA will be gradually released according to a specific distribution plan.

1) MONA for content mining will be released once a week over an 8-year time span, and the weekly distribution will be within 8 years Steady linear decline in the process;

2) MONA for strategic round token investors will be released at the end of each month in equal increments over a 2-year time span;

3) The MONA of the founding team and seed investors will be vested and released linearly within 4 years, and will be delivered at the end of each month;

4) The MONA reserved for ecological development will be issued in two batches, 5% at the end of the first month, and the remaining 95% will be issued in proportion to the founding team.

Project background and popularity

Monaco Planet has closed its first multi-million dollar funding round led by Three Arrows Capital and IMO Ventures to finance and leverage social influence Tokenized to provide users with benefits and returns, the Beta version was launched on November 28.

Official Twitter: 15k followers

Official Discord group: 117.9k members, 9.1k online

Future Plan

Monaco Planet aims to be the leading platform for SocialFi through the MONA token Return the ownership and governance of social platforms to users, and gradually realize decentralized content creation and storage, and then turn to Web 3.

In the future, Monaco will also introduce more high-quality DeFi and GameFi projects to the platform and community, allowing MONA holders to seamlessly connect social, financial and games into a cohesive metaverse.  

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群：https://t.me/theblockbeats

Telegram 交流群：https://t.me/BlockBeats_App

Twitter 官方账号：https://twitter.com/BlockBeatsAsia