The global social media market is projected to grow from $159.68 billion in 2021 to $223.11 billion in 2022. Report showed the reason for this was businesses rearranging their business operations post-Covid.
While this is happening, SocialFi is transforming the frontiers of the gaming industry.
The model of operations is changing with the introduction of blockchain technology into social media, and it seems as though a lot of money is being invested in such operations. For example, Monaco Planet raised about $3 million from Three Arrows Capital.
Taki App is one of the newest SocialFis joining the industry and making waves.
What is Taki.App
Taki.App is a social finance platform powered built on Solana.
Users will have access to a social media platform that rewards them for the activities they carry out on the platform daily on Taki. These can range from posting content, to chatting, and to commenting on contents created by others.
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How Does Taki App Work?
Taki is powered by blockchain and social engagement where users are rewarded for what they do in the ecosystem. These users include Creators and Fans alike.
Creators can create customized coins to reward fans with. Fans can either buy these tokens or earn them by engaging with the contents on the platform.
The Taki platform also has a wallet known as Taki Wallet that is used to collect and store $TAKI tokens as well as User Coins ($UCOIN).
$UCOIN which are earned in the Taki App represent the influence and contribution generated by users in the community and can be created by anyone but issued by content creators. The value of these coins, which can be traded with $TAKI, rises and falls based on the purchasing amount in the market. Holders of $UCOIN can also have access to Gold Taki.
Gold Taki is used to vote or appreciate content on the Taki App. It is similar to the “Like” feature on most traditional social media platforms. Each Gold Taki is equal to 2 $TAKI tokens.
Once a Gold Taki is given to a creator, 50% of the value in $TAKI is reserved for the creator while the other 50% is shared equally amongst all holders of the creator’s $UCOIN at the start of that day. This reward is paid out to the recipients the next day.
Tokenomics and Road Map of Taki App
$TAKI is the primary token of the Taki App while $UCOIN and Gold Taki are supportive tokens that are used in the ecosystem to drive payment and exchange of value.
$TAKI token is used in the platform to:
- Send Gold Taki tips
- Reward content creators
- Create/buy/sell user coins
User Coins ($UCOIN) are customized coins created by users of the platform to help distribute Gold Taki rewards. Recipients of any User Coin can trade it with $TAKI tokens. While all User Coins are built on the Taki sidechain, they are planned for migration to Solana thereby creating more options for trading across other chains and Dexes.
Several rules control the transaction fees in the Taki App. While there is a transaction fee for the buying and selling of any User Coin, withdrawal of $TAKI token, the fee is determined by the User Coin and the economic value of the user. One major rule of thumb for the Taki platform is that User Coins with a total supply of 50 or less cannot be sold.
According to the Whitepaper, Initial Public Sales of the $TAKI token occurred on April 28, 2022, where 13,125,000 $TAKI was given to public buyers. $TAKI is also listed on exchanges and DEX liquidity pools like OKX, Gate.io, and Orca.so. The team explained that about 85M $TAKI is in circulation to bring liquidity to the platforms where the coin is listed. See details of the token distribution here.
Taki App kicked off in Q4 2021 with the Alpha design, foundational designs and the creation of a team to manage the project. For Q1 2022, Q2 2022, and Q3 2022, the plans are to attract investors, launch Taki Alpha, listings on several exchanges, Taki Public Beta launch, migrate User Coins to Solana, and more.
Team and Partners Behind the Taki App
Kevin Chou is one of the Co-Founders of the Taki App. Before building the Taki App, he Co-Founded Rally, a social token provider platform that empowers creators to create their tokens; Forte, a Blockchain end-to-end game development structure; and Kabam.
Sakina Arsiwala is also a Co-Founder at Taki. She has worked with Nextdoor, YouTube (by leading the launch in 22 countries), and Google on Product and Growth Leadership roles. Sakina founded Campfire Labs with her husband which was acquired by Groupon.
Taki App, built in SuperLayer, a crypto venture studio, has the backings of individual and corporate partners like Paris Hilton, Nas, Michael Ovitz, Gary Vaynerchuk, Keisuke Honda, Coinbase Ventures, FTX Exchange, OKX Blockdream Ventures, Solana Ventures, Formless Capital, Gemini Frontier Fund, Luno Expeditions, Huobi Ventures, Kraken Ventures, and Roka Works.
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