The new initiative will rely on tokenization of content to support a content creation industry.
New social-fi platform Million is set to launch by the end of 2022 with the aim to disrupt the content creation ecosystem in the Middle East.
Million is a social media application sitting at the intersection of community, the creator economy, and the emergence of Web 3.0. Built on a robust E2E (engage-to-earn) economical model, it's part of the next generation of social media platforms relying on a decentralized ﬁnance model and users' digital ownership of the content they create and monetize, giving them the freedom to create exclusive yet profitable content and foster a whole new decentralized economy around them.
“There has been a true paradigm shift unfolding with the introduction of cryptocurrency enabled by blockchain technology,” said Julien Hawari, CEO, in a statement. “The tokenization of business is fueling the ability to create new economies, and Million is perfectly positioned to enter this world.”
Because of the disparity between high engagement and poor revenue, many content creators have been looking for new ways to control their content and monetize their channels. A DeFi-based solution like Million offers just that as it gives creators digital ownership and direct control over their financial connection with fans, hence a direct engagement monetization. Therefore, the platform cultivates proximity habits within a vibrant community and encourages collective ownership, making the prospects for value creation and sharing limitless.
The E2E model will allow celebrities, stars, influencers, key opinion leaders, and their biggest fans to come together to create, collaborate, and share content through a hyper-engaged experience while generating passive income.
Its gamification strategy, incentives, and user journey will unlock digital and physical benefits through a tier status program, bringing together content creators and consumers for the first time. One of the benefits would be subscribing to a whitelist entitling a member to utilities and exclusive privileges post-mint, such as access to an NFT collection pre-sale.
Million is linked to a digital wallet with its own token named Milz, while content creators can create their own social token which value comes from belonging to the community. Their followers can therefore receive tangible and intangible products and services like NFTs, exclusive access, items, and more in exchange for their money. Fans can buy these fandom tokens and hold onto them as they rise in value, and then sell them for a profit.
“At Million, we believe in digital ownership enabled by blockchains to be the method to transform the creative industry for both creators and fans in the Middle East,” said Franck Mandon, COO. “We aspire to offer the benefits of blockchain technology while providing a best-in-class user experience.”