1. Monaco Planet is becoming a SocialFI platform, can you tell us a bit more of the meaning behind that?
If you are using a service or product for free, most likely the service provider has been collecting the data and selling your information to advertisers. Mainstream social media platforms have long exploited its users. SocialFi can be dissected as social and finance. The social part I’m sure you’re familiar with, the finance part means that we wish to reward and bring content ownership back to our users instead of them simply being treated as a product. We aim to do this through rewarding and tokenizing engagement and encouraging content creation.
2. Your first NFT launch will be on November 11th and is going to be exclusive, can you tell us a bit more about it?
The initial launch of the NFT will only be available to active, helpful and lovely community members! These people are the fundamental pillars of our strong and active community, and we are rewarding them with a one-day minting period, where they will 100 % get their yachts.
3. You had your first round of multimillion-dollar financing with Three Arrow Capital and IMO Ventures, can you tell me what that brought you as a brand, or help you evolve in the space?
The investment from these venture capital funds gave us confidence in our vision, letting us know that there are people out there that share the vision of ours. We can now go onward with utmost confidence as we know we are bringing a product that people want and are willing to invest in it.
Interesting fact, this Idea of a crypto-based social platform was discussed and needed, the whole conversation took around 30 minutes and the two funds decided to invest, without much of a pitching deck. More investors are also demanding to invest during the token round of the platform. There really are no secret ingredients towards how and what. It really is just a bunch of dedicated and motivated people of different occupations and operations working really hard towards this idea that is long needed in our society.
4. I see you’re building a social network for NFT community members, how are you protecting them from malicious people trying to enter this space?
A lot of scammers in the space take a shotgun approach in trying to steal from NFT owners, where they message as many people as possible, where they only need to land one successful scam. By attaching accounts to wallets, we will make it easy to identify past malicious activities, and through our platform’s tokenization of engagement, we hope to make it much easier to separate regular members of the community and those only out to scam our users.
5. Can you tell us a bit more about “Write to Earn” and what it means to your community?
“Write to earn” is how we describe our rewards program for our users. The majority of the platform’s native token will be distributed by rewarding the activity of our users, this could take the form of content creation or even simple engagement with the ecosystem.
6. How will you implement your proposal and votes in your community?
Voting power will be proportional to the amount of our platform tokens a user holds, as tokens are distributed as a reward for active users, this ensures that those with the largest say about the direction of the platform are also those most engaged in the platform. Every token holder might potentially have the right to launch a proposal, and token holders can vote on it, voting power decided by token you hold.
7. The platform can also rank users by net worth and influence of their NFTs, fostering organic connections between KOLs and users, what is the benefit to this?
This provides safety and easy access for both KOLs and users, users can follow their favourite content creators. It also shows complete transparency of each user to prevent and eliminate any kind of scams and fraud.
8. We understand your project works on something similar to mining can you tell us more about that?
So much like proof of stake, our platform’s token distribution is based on the game theory behind proof of work mining. If in a traditional PoW system coins are mined through computational power, our coins are “mined” through the time and engagement of our users.
9. How will you get the adoption of other NFT communities to start building this social network in space
The main attraction of our social network is the integration between wallets and accounts. Our platform will provide native support for NFTs be that for profile avatars, or a personal page dedicated to showcasing users’ NFT collections.
10. Can you tell us more about the marketplace you will be opening up in the future? What is the benefit to the users?
The concept of market places will be developed further and more in-depth after the first few months of the platform, we do not want to give too much away, but there will be more and more utility added towards our token with the request of the community. Again, letting the actual users of the community decide what benefits themselves rather than the team planning everything for them.
