- Pop Social, the decentralized AI Web3 social platform has announced a successful raising of $4M in capital seed.
- The seed will go towards upgrading their systems, introducing innovative features and expanding their ecosystem.
- Pop Social’s unique business model is likely to disrupt the existing social media platforms.
Pop Social, a decentralized AI Web3 social platform has announced a successful seed fundraising, raising a total of $4 million. The investment came from diverse groups including; Fundamental Labs, Ceras Ventures, ChainLink, Cointelegraph, Fusion Labs, Promatrix Capital, Prysm Group and angel investors who were formerly with Binance and OKX executive teams.
Founded by Michael Shen last year, Pop Social has had a successful pilot with huge downloads, over 150,000 registered beta testers and a thriving community of more than 450,000 members, over 40,000 daily active users and over a million content posts.
The industry leaders in tech seem to have given a vote of confidence to Pop Social, meaning it is a company to watch. The new round of seed capital will inject fresh momentum as they move to upgrade their systems, introduce innovative features and expand their ecosystem.
Pop Social will soon launch its token exchange listing also known as Pop Token (PPT). In addition, there will be an Initial Dex Offering (IDO) and community sale, slated to take place at a date to be announced. These will open opportunities for the Web3 platform to inject additional capital and enable the public to invest.
Pop Social intends to add AI-powered tools so as to enable users to add unique content easily so that ordinary users can create content. AI Chatbot will be integrated into the platform to carry the mission and nurture user success.
Pop Social is not just your ordinary Social platform, they intend to add a marketplace known as Phygital Creator Marketplace, where users can obtain physical assets and accessory NFT. The marketplace will enable content creators to transform their unique content into creator NFTs through Pop DApp.
The Business Model
Pop Social has been featured in major news outlets, according to a feature in Forbes, the founder said the social media app is taking on the giants through a unique business model of rewarding users and content creators equitably, arguing that traditional social media platforms earn from both content and ads, but leave nothing on the table for the content creator, theirs is to disrupt the creators’ economy through rewards.
They just need a few eyeballs of the existing 4 billion who spend at least two and a half hours per day on social media, in order to create an impact. The creators will earn pop tokens the moment they begin to post without the limiting factors of thresholds.
Micheal Shen’s ultimate goal is to bring 1 billion users to Web3 and disrupt the current social media. The reward system is to enable creators to bring their full creative potential to the platform for a split revenue. Pop’s incentive model allows users to generate rewards, digital assets and collectibles through interactions.
In a press release published in Bloomberg where the new economics is described as tokenomics, Pop Social intends to allocate and distribute funds using its state-of-the-art 15 million $PPT allocation. This strategic approach will most likely empower small and mid-size creators, influencers and key opinion leaders to excel in their creative work.
The press release further adds “ Pop has unlocked the power of the creator and ownership economy by enabling all users on its platform to tokenize their invaluable time and unique creative innovation”
Pop Social’s Revenues will largely come from advertising sales, though Shen also hopes to bring in money through activities on the platform such as NFT mints and sales.
This new business model will most likely disrupt the social media platforms’ declining growth which has been characterized by phony engagements and bot activities. In addition, more companies are leaving the metaverse for AI-powered solutions because AI has proven more real-life case studies compared to the metaverse, meaning Pop’s business model is in the right direction.