Quick take:
- Pearpop is introducing dynamic NFTs that gain value depending on their virality on social media.
- Pearpop is a social media collaboration marketplace that has received back from some of the leading venture capitalists including Mark Cuban and The Chainsmokers.
- It is launching a Web3 app called Pearproof that lets creators mint NFTs of their social media posts.
Social media collaboration marketplace Pearpop is launching dynamic non-fungible tokens (NFTs) that will gain value as they go viral on social media. The company told TechCrunch on Thursday it is launching a Web3 app called Pearproof, which will allow creators to mint viral NFTs of their social media posts.
Pearpop is backed by some of the most notable supporters of Web3 projects including The Chainsmokers, Alexis Ohanian, Mark Cuban and Snoop Dogg.
Although the concept of selling social media posts like tweets is not new, Pearproof’s NFTs will use a proprietary algorithm that boosts their value as the individual posts gain more social media engagement.
This differentiates the app’s viral apps from Jack Dorsey’s first tweet NFT, sold for an ETH value equivalent to $2.9 million.
Speaking to TechCrunch in an interview, Ray Lee, the Chief Product Officer for both Pearpop and Pearproof said “We wanted to create a platform or a format that allows us not only to establish ownership but also to be able to actually link their web2 metadata to make the NFT dynamic.”
This announcement comes just days after Indie game marketplace Itch.io slammed NFT enthusiasts calling NFTs a scam, and asking those who believed them to re-evaluate their life choices.
Itch.io’s strong comments were addressed by some of the top experts in the industry, some accepting that NFTs are not immune to scams, but noting that it is hard to find an industry that is not overshadowed by Ponzi schemes.
But Pearproof is clear on how their NFTs gain value. Explaining their tier system to TC, Lee said the NFTs start at the vinyl level before rising to silver, gold, platinum and other levels, as it gains popularity on social media.
The creators have the power to decide what the holders of the NFT get as their collection rises up the levels.
“It’s about programming a way to unlock access to the creator or a private community,” he said.
The algorithm allows fans to have a stake in the creator’s works, thereby creating an incentivised relationship that does not rely on likes and shares.
“You’re buying a representation that unlocks the community for you, but you’re also helping drive streams to that particular video. That’s how we’re envisioning this.”
Pearproof is built on the proof-of-stake Solana blockchain, which speeds up transaction execution times.
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