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Content Mining: Why is the hard-to-find SocialFi platform Monaco Planet igniting the community?

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Content Mining: Why is the hard-to-find SocialFi platform Monaco Planet igniting the community?

Monaco Planet aims to become a new entry point for high-frequency social activities of the crypto community, serving as a gateway to the Metaverse, allowing users to control their data and earn rewards through creating high-quality content.

(This article is authorized and reproduced from BlockBeats, the original title is "What makes the hard-to-find SocialFi platform Monaco Planet ignite the community?". For the original article, please see here).

For a long time, a few big companies have dominated the Internet, leading to users having less and less control over their data and creations. These companies require users to provide personal data in exchange for access to their platforms and services, then monetize this data by selling it to advertisers for profit. However, with the arrival of Web 3, users are increasingly concerned about the importance of owning their data and hope for a social media platform that provides equal benefits to all users.

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Additionally, in the crypto space, although there are over 100 million wallet addresses globally, the number of cryptocurrency and NFT enthusiasts is growing daily. However, a true native crypto and NFT-specific social media platform has yet to emerge. Current social media platforms do not specifically target the crypto community, making it difficult for individuals and project teams to become opinion leaders on their social accounts to attract a large following or stand out among thousands of communities.

On November 28, after the launch of the SocialFi project Monaco Planet Beta version funded by Three Arrows Capital, it ignited the community. As the platform only allows Yacht NFT users and users with an invitation code to log in, the floor price of Yacht NFT on OpenSea has increased from the recent 0.09 ETH to around 0.5 ETH, and an invitation code has been traded for hundreds of U.S. dollars. Next, BlockBeats will briefly introduce this project.

Platform Features

Monaco Planet aims to play a role in the transition of the Internet from Web 2 to Web 3, with the short-term goal of using blockchain technology to address users' social pain points and incorporating a range of key Web 3 functionalities into practical applications; the long-term vision is to become a new gateway for high-frequency social activities of the crypto community, ultimately serving as the portal to the Metaverse, where users can control their own data and earn rewards through creating high-quality content.

Wallet Login

To use Monaco Planet, users need to log in with an encrypted wallet such as MetaMask. Once logged in, users can showcase their NFT collections on their profile pages, which adds another level of trust to social relationships based on shared interests and beliefs, facilitating connections among users.

In Monaco, users who publish and showcase their activities can be followed throughout the community, and the platform ranks users based on their influence and NFT net worth. Currently, the most influential user on the platform is HongKongDoll, and the user with the highest NFT net worth is unun.eth, reaching $163,000.

Writing to Earn

On traditional social platforms, content created by creators often belongs to the platform, and readers' attention can be manipulated by platform algorithms. Creators or readers do not receive any rewards from it, instead, the platform and advertisers reap the maximum profits.

On Monaco, ownership and governance of the platform are determined by users, and the "Write to Earn" model of content mining allows active content creators and discussion participants on the platform to benefit. They can earn the platform's native token MONA through activities such as following, liking, and commenting, as well as showcasing NFTs and Staking.

The majority of the native tokens will be distributed to users generating content, creating a sustainable, inclusive, and truly efficient mining model.

Content Mining Mechanism

The content mining mechanism on Monaco is carried out in two stages.

1) In the first stage, which is the period from November 28, 2021, to December 31, 2021, it is by invitation only. Users holding Yacht NFTs will be the first main users eligible to participate in content mining. Additionally, they can invite up to 5 users to participate in this initial content mining.

On December 31, 2021, the first batch of seed users on the platform will extract the MONA earned from content mining to their wallets and can trade it on the open market.

The MONA distribution algorithm for this stage is as follows:

  • Yacht NFT user weight = x1.2
  • Invitation code user weight = x0.3
  • Weekly MONA allocation per user = Weekly total content mining output of MONA x (user score per week / total user score)
  • Weekly user score = Weight x (number of fans per user / total fans + number of likes / total likes + NFT net worth in the wallet / total NFT net worth + number of comments / total comments)

2) In the second stage, starting from January 1, 2022, the platform will be open to all public users. Users must stake MONA for at least one month to obtain a MONA staking weight, which is necessary to participate in content mining.

Single user MONA staking weight = Staked MONA amount / total platform staked MONA.

The platform provides four MONA staking pools with staking periods of 1, 3, 6, and 12 months. As the staking period increases, the MONA staking weight will gradually increase by 10%, as follows:

  • 3 months = Increase by 10% x1.1
  • 6 months = Increase by 20% x1.2
  • 12 months = Increase by 30% x1.3

Additionally, users holding Yacht NFTs will receive an additional 20% x1.2 weight.

Weekly single user MONA allocation = Weekly total content mining output of MONA x (user score per week / total user score)

Weekly user score at the end of the week = MONA staking weight x (number of fans per user on the platform / total fans + number of likes / total likes + NFT net worth in the wallet / total NFT net worth + number of comments / total comments)

Subsequently, the MONA generated from content mining will be distributed weekly according to this rule. The rule aims to encourage and incentivize organic creation of high-quality content on the platform. If any forgery or bot accounts are discovered, the platform reserves the right to terminate their content mining eligibility at any time.

Utility and Distribution of MONA Token

MONA is the governance token of the Monaco Planet ecosystem and has the following uses:

  1. Users can participate in content mining by staking MONA; MONA is a Proof of Stake (POS) token in the Write to Earn model.
  2. When the platform gains a specific user base and traffic, advertisers can purchase and burn MONA to broadcast messages and promote ads.
  3. Crowdfunding investment opportunities. The platform will acquire investment quotas for high-quality projects based on its traffic and user advantages, and distribute them to MONA holders in proportion to their MONA holdings. Users can decide whether to participate in the investment, with the quota guaranteed.
  4. MONA can be used as a tipping mechanism for users.

Token Distribution

Monaco Planet will issue a fixed limit of 1 billion MONA tokens, which will be permanently fixed.

  1. 55% of MONA will be distributed to users through content mining and the Write to Earn model.
  2. 15% will be allocated to strategic round token investors.
  3. 20% will be allocated to the founding team and seed round investors.
  4. 10% will be reserved for ecosystem development.

Release Schedule

MONA will be gradually released according to a specific distribution plan.

  1. MONA for content mining will be released weekly over an 8-year period, with the weekly distribution decreasing steadily over the 8 years.
  2. MONA for strategic round token investors will be released in equal increments at the end of each month over a 2-year period.
  3. MONA for the founding team and seed round investors will be linearly vested and released over 4 years, with delivery at the end of each month.
  4. MONA reserved for ecosystem development will be released in two batches, with 5% released at the end of the first month, and the remaining 95% released proportionally with the founding team.

Project Background and Popularity

Monaco Planet has completed its first round of funding of millions of dollars invested by Three Arrows Capital and IMO Ventures, aiming to provide users with revenue and rewards through the financialization and tokenization of social influence. The Beta version was launched on November 28.

  • Official Twitter: 15k followers
  • Official Discord group: 117.9k members, 9.1k online

Future Plans

Monaco Planet aims to become a leading platform in SocialFi, returning ownership and governance of social platforms to users through the MONA token, gradually achieving decentralized content creation and storage, and transitioning towards Web 3.

In the future, Monaco will introduce more high-quality DeFi and GameFi projects to the platform and community, seamlessly connecting social, financial, and gaming aspects for MONA holders in a cohesive metaverse.