Punchword is a new social media platform built on the blockchain to transform the creator economy. Social media has greatly advanced society by giving the platform for just about anyone to contribute on defining conversations and to inform of happenings across the globe. With the push of a button, the whole world can instantly become aware of events at the far side of the poles.
This was impossible many years ago but thanks to social media, society has grown despite the many negative things that can be perpetuated through it like inciting violence, which could scale to national levels. While there are many on the two divides of right and wrongs of social media, one key defining feature is that, there are lords over what is permitted to remain on the social space.
For example, there have been cases of individuals banned from social media. Former US President, Donald Trump is a popular case to recall. What this means is that social media administration is centralized. Just as our government. This means that the content and engagement created by both creators and the community are owned by the founders of the platform.
Ownership is controlled by the platform and not the creators. Another challenge with current social media platforms is the monetization of the content and engagement is highly profitable for the platform and not the creators.
For social platforms that have shared revenue, the amount paid to creators is dwarfed by what the platform makes as a profit yearly. These sometimes run into billions of dollars. While there have been changes recently to address his deficiencies, platforms like Punchword want to give control back to creators in the Web3 space.
What is Punchword?
Punchword is a decentralized social media platform designed to allow creators to own their work on the platform as well as share the revenue of the platform. This is made possible with the implementation of blockchain-based infrastructure that brings decentralization of ownership.
Contents developed by creators are represented as NFTs which are within the control of the creator. Punchword also allows advertisers to market their products to users of the platform to maximize community exposure similar to most Web2 social media platforms like Facebook and Twitter.
Features of Punchword
The first application in the Punchword ecosystem is the “Punchword”. This is a system that allows anyone to create quotes that can be shared in the community. It can also be an idea or a thought about specific aspects of life or business depending on the preference of the creator.
Anyone can create a Punchword by choosing a random picture that becomes the background of the idea or quote being created. If the creator lacks what to say, there is a Library in the Punchword platform from which users can access several quotes and ideas by famous people around the world.
The audio feature allows users to record their idea as an audio file that others can listen to. After recording, it can be shared immediately on the creator’s profile. Creators can also record their voices on top of their punch words and add sound effects to them.
Punchword allows users to create and edit content as videos with sound effects attached to them. This content like all other versions can be shared on external platforms like Facebook, Instagram, and Twitter allowing continuous communication and expansion for all creators.
Upcoming development
While certain features such as the ability to create content, edit, and share between platforms are available in Punchword, viral marketing for external brands will be coming into the social media platform later. This system will allow big creators in Punchword to earn from helping these bug brands send their messages on the platform to the community.
The turning of posts by creators to NFTs is another future development that will be introduced in the platform. This is where blockchain, decentralized ownership comes in to allow users to create, own, and monetize what they create on Punchword.
Users of iOS and Google Play store can access the beta version of Punchword until the updated version is released.
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