Social media is broken — Favoom is here to fix it.

NFTs have been getting a lot of attention lately, such as Bill Gates’ recent comments that they are based on the greater fool theory. But NFTs are more than just digital artwork and collectibles. Projects like Bored Apes’ Yacht Club and the CryptoPunks use NFTs in unique ways, and the move-to-earn and play-to-earn movements have also taken hold. In addition, NFTs have the potential for “create-to-earn” (C2E), as the creative economy is estimated to be worth around $14 billion.

Social media is not decentralized
Time-honored social media benefits immensely from performing artists while treating them as expendable. From frequently changing regulations to arbitrary algorithm changes, creators are at the mercy of the whims of centralized companies that can even instantly suspend their accounts, cutting off their revenue streams. Yet the platform does not adequately reward people for their work.

The public is aware of this, which is why community-oriented social media sites like Patreon are growing rapidly. While the new services offer more freedom, many fans are limited by geographic or financial barriers.
The rise of NFTs is due in part to the fact that creators can receive fair market rates and the decentralized nature of the blockchain offers artists more freedom than centralized social media. Unfortunately, these benefits do not apply to creators of longer-form content like videos and audio clips.
Fortunately, there is a solution — FAVOOM, a decentralized, token- and NFT-backed platform. This platform offers creators the low barrier to entry of social media and the freedom and flexibility of blockchain technology.
Democratizing social media with the public launch of the FAVOOM network

The first social website on the BNB Chain, FAVOOM $FAV, combines social networking features with blockchain, tokens, web3 and NFTs. It will introduce its 360-degree social network that includes user profiles, a chat service, superfan NFTs, creator staking pools, and a token and NFT marketplace and launchpad.

We are seeing a lot of friction in the Web3 social ecosystem right now. “Our team has been working around the clock to optimize our beta products so that artists and consumers can enjoy a full experience without having to switch between apps and devices,” said the founder and CEO of FAVOOM.

FAVOOM Network’s social finance capabilities — powered by NFTs — can revolutionize relationships between artists and their fans by introducing the Create 2 Earn (C2E) model to incentivize and reward them.

Building a gated community with NFTs
A Web 3 social platform is inextricably linked to NFTs, offering creators ownership of their works and owners an access pass.
Access and exclusivity are the most important qualities for content creators in building gated communities and monetizing their work. With C2E, creators can create and own content, connect directly with fans, and easily launch NFT collections.

Creators can instantly deploy their NFTs with just a few clicks. This saves time, lowers costs, and eliminates the need to use multiple platforms. Fans and supporters can access exclusive videos, images and text with NFT.

“By making content monetization easy, FAVOOM Network will open up the Web3 to new audiences and drive the future of decentralized content and community ownership,”

Built on the BNB chain, FAVOOM Network offers Web2 creatives lower hurdles and gas fees. It is the first one-stop social finance platform on the BNB Chain.

Being part of creative’s success with FAVOfans

User engagement is critical to the success of creatives. Web2 platforms like YouTube and Buy Me a Coffee give users the opportunity to provide financial support, but there is no other interaction. On FAVOOM Network, superfans can share in the success of their favorite artists by owning special NFTs. Even if they do not own NFTs, they can support content creators with their bets or give them tips via Messenger.

Revolutionizing social networks

FAVOOM Network is revolutionizing social networking with blockchain technology. By allowing creators to generate tokens, NFTs, they have access to a community-driven economy and can profit from selling their original content in the virtual world. The Memberpass NFT allows users to join groups and connect with their favorite artists. Live streams and a mobile app will also be available soon. All of these features help creators focus more on creating high-quality content and providing an engaging experience for fans.