Tokenizing Creator Contents with Defi on Social App Platform
Preface
VMart token (VMC) is a community-owned ERC20 Token, serving as the underlying value for the Vmart Technology Inc’s social video app platform, Konectible allows anyone to become a content creator, who can charge Cash Points from fans for building personalized video, direct message, private chat and 1to1 call-in from fans club live streaming. Cash points serve as in-app currency, usable only within Konectible, that is earned by Creators for creating quality content and exchangeable to VMC tokens, which can then be traded on decentralized crypto exchange UniSwap. Konectible platform will also launch a Social Reward system, which is earned by teams of users keeping active on the platform, and used as a metric for users’ ranking. Social Reward points will be used for features such as subscribing to fans clubs and improving user’s social ranking. Conversion of Social Reward points to monetary ERC-20 tokens will be discussed in further detail in a later section. VMC is a deflationary token that operates on the Ethereum Blockchain. VMC is a token that rewards holders and penalizes sellers, which is designed to stabilize token price movements. VMC is a community project, meaning that the community will be involved in the development of the project, each member will be able to participate in discussion and submit ideas. VMCs main goal is to tap into the social app platform which supports creators’ rich media content, that can be minted as NFTs for ownership authentication and can be tradeable on NFT marketplaces.
Token Economics
We have built a token that will reward you for holding it, without having to manually stake it.
Just sit back, relax, and watch your VMC automatically increase!
VMC Token is interchangeable with Konectible Cash Points, a virtual in-app payment system on Konectible platform. Cash Points are purchased via IAP and used as payment for video contents. Social Reward points is a system that rewards users for collaborating and contributing time to the Konectible platform, designed to incentivize and stimulate user growth. Social Reward points will be used to unlock social features such as fans club subscription and improving ranking. These two Points systems will be used in parallel, and are not interchangeable.
Konectible Users can convert their VMC tokens directly to Konecteum, to save costs otherwise incurred on In-App Purchase transactions of Konecteum Points as AppStore imposes a 15% platform fee.
Konectible Creators can then convert the earned Konecteum points to VMC tokens, hold to earn more, or Swap to ETH on the Defi Uniswap ETH-VMC pool.
Konectible platform charges 15% as service fees on each payment transaction of Konecteum points, which can be used for premium features such as making private custom content booking, or bidding to become sponsor of favorited content.
5% will be used to buy back VMC from Uniswap. 2.5% will be used to reward current VMC holders (sit there and see more vmc, like $VMC), in proportion to their current balance. 2.5% will be burned permanently, thus decreasing the total supply of VMC Token, increasing scarcity over time. This inversely proportional relationship constitutes a supply and demand model. There is also no limit as to how many tokens can be burnt.
As the Konectible platform grows, more Konecteum Reward points will be issued and freely rewarded to more and more users until the total user base reaches 10 million. When the threshold is reached:
Max supply of Konecteum Reward points is determined by how quickly 10 million users will be achieved and the activity levels of the platform. Each Konecteum Reward point is awarded to users for his contribution. For each awarded Konecteum Reward point, a matching Konecteum Reward point will be distributed to VMC token holder.
Given the general estimates of $20 earned per social platform user, the total market value of Konecteum Reward points will be $200M, which will be the initial market value at which Konecteum Reward points can be converted to ERC-20 tokens on decentralized exchange for public trading.
VMC Token Holders will receive Konecteum Reward tokens when it is publicly traded as bonus free of charge.
Premium Content Platform
Creators will be able to upload their premium content in app, with fans able to pay by in-app Live24 Points and mint as NFTs tradable on NFT marketplaces.
There will be a NFT marketplace built as well as a platform where creators can charge a monthly/yearly fee for private content. This gives creators an opportunity to generate an additional income stream instead of relying on app platform alone.
Paying for custom premium content in crypto provides both buyers and creators with anonymity, something that other popular platforms fail to provide. Additionally, crypto does not have as many handling fees as fiat, therefore we are able to charge a more competitive rate, providing creators with a greater income.
Our NFT Marketplace fee structure is as follows: 85% to the Creator, 2.5% split amongst all existing VMC holders, 2.5% will be permanently burned to keep token deflationary.
The NFT marketplace will allow people to post full length custom videographic clips with video, sound, and also GIFs or pictures. The material will be stored in your wallet, and on the blockchain. All you need are your wallet keys!
This is different from other marketplaces because people will be able to post full custom videos, buy them, send them, sell them, collect them. They can do this without ever having the file stored on their computer, meaning they can keep their custom video private.
It will be the first marketplace of its kind, we will have a copyright bot developed before custom video minting is open to the public. This ensures that content is not being copied or stolen.
We are serious about stopping any illegal content onto the platform – there are robust KYC checks to ensure all postings are respectful and compliant within our guidelines. Additionally, we will manually check each piece of content to ensure it is fit for posting.
Future Plans
In the future, Konectible app platform will allow highly reputable creators to issue ERC-1155 NFT by their own originality in the forms of short videos, music, e-books, as limited edition dedicated to their fans, for collecting and trading where creators can receive royalty payments on each NFT transaction.
Governance
We aim to be pioneers in combining Social, NFT, and Defi into a singular blockchain platform. This is a challenging endeavor but also a great opportunity to lead the field in this new market to demonstrate how Social, NFT, and DeFi can coexist and function efficiently and productively in a hybrid ecosystem.