Social media platform based on blockchain and cryptocurrency technology

Recently, social media platforms have become extremely profitable just like Twitter. Instagram, for example, was acquired by Facebook for just $1 billion, but is now worth over $100 billion.

Similarly, TikTok have reached valuations of  $100 billion respectively. The potential of photo and video sharing platforms has caught the public’s attention and attracted significant investments.

However, most social networks operate based on a “Creator Economy” in which users contribute content and engage in social activities, but the platforms make a fortune at the expense of user data and privacy, without compensating or even acknowledging the real content creators.

Pixie is a new, fully functional decentralized photo and video sharing social network that is based on blockchain crypto-economics.

Like a crypto version of TikTok or Instagram, Pixie encourages users to create quality content and engage in constructive interactions with other users. The concept of “Social Crypto Earning” in Pixie is designed to incentivize users to contribute valuable content and activities to the platform.

Mining by posting

Pixie’s “Creator Crypto-economy” model is different from the centralized revenue models of other social networks that monetize user data and invade privacy. Pixie aims to work with all of its users to build and develop a decentralized social network where users can manage and share profits together.

Pixie believes that higher-quality content will drive more social activities, such as likes, comments, reposts, and traffic data. Low-quality content will not receive as much attention or engagement, and may even reduce interaction on the platform.

Therefore, higher-quality content that generates more social activity will earn more of the native token PIX. Additionally, if a post receives a large number of likes and reposts, users who liked or reposted it earlier will receive more PIX than a post with a small number of likes and reposts.

Users who liked or reposted it early on will not receive as many PIX. This rewards quality digital content and users who engage in valuable social activities around the content in the early stages. One PIX as of the time this article is written is still under $1, but in the future it will gain more value when more people join in.

Imagine as a projection that you hold 1000 PIX currently valued at under a dollar. However, if you continue doing this there is a chance that in 5 years 1 PIX will equal 1 dollar. Therefore, you have 1000 PIX valued at 1000 USD.

In Pixie, users’ influence or “Weight” on the platform is determined by the amount of PIX they hold, so don’t transfer your PIX earned to your other wallet yet, because it’s your true power.

By increasing the Weight, users will be rewarded with more PIX for each social activity and have more rights and interests in the application.

To discourage abusive social activities, such as indiscriminate liking and posting, Pixie has introduced the concept of energy management. In Pixie, every social activity consumes Energy, and once Energy is used up, users cannot participate in any more social activities until their Energy is replenished automatically over time.

Conclusion

Pixie also incorporates NFTs into its platform, allowing every photo, video, music and digital artwork to be easily turned into an NFT.

This protects user-generated content and ownership rights. Pixie will soon launch an NFT exchange that anyone can participate in, taking advantage of streamlined trading and the public verification process for NFTs.

Pixie’s NFT pricing method is unique. Traditional physical artworks have their own pricing mechanism, but how should NFTs be priced?

Pixie believes that user-generated NFT content has sentimental value, which includes the intrinsic value of content creators, participants and social interactions around the content.

Therefore, Pixie has transformed the NFT pricing method to integrate digital content with social data to combine the creation value of digital content with the social aspects of it. Users who engage with content will be rewarded.

Pixie uses the value of social interactions received within seven days after the NFTs are published as the reference value for the NFT. Pixie believes that quality digital content can be influential and achieve significant value based on more participation. Thus, Pixie prices NFTs through social interactions.

Share your artworks, videos, and photos as an NFT

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Michael Sega Gumelar

© 2023 michael.sega.gumelar@gmail.com

michael.sega.gumelar@bibliopedia.id

Twitter @MSGumelar

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Michael Sega Gumelar
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