Overview:
We are thrilled to present our innovative proposal for a social media platform designed to rival well-established platforms such as Twitter, Facebook, Instagram, Reddit, and Nostr. This application aspires to become a richly-featured hub for digital communication, interactivity, and robust asset management. Among the distinctive features we are integrating are private spaces, one-on-one chats between verified users and paid subscribers, and live tipping during chats or video forums. This creates an environment for user experience enrichment and community engagement.
Additionally, our platform will uniquely integrate a web3 domain, introducing a comprehensive asset management tool that includes a portfolio viewer, watch lists and trading charts. This solution presents a golden opportunity to introduce web3 domains to a potential user base of 420 million crypto users and counting. With our existing web3 domain marketplace, a feature that no other platform currently possesses, we anticipate a significant competitive edge. The combination of social interaction, asset management, and the opportunity to tap into an expansive user base all contribute to a significant potential for revenue generation.
Purpose:
Considering the current global cryptocurrency ownership rate standing at 4.2%, with over 420 million users worldwide, there’s an apparent need for a crypto-integrated social media platform. Our solution aims to introduce web3 domains to this growing population, presenting a potential market of millions. By offering a platform that marries social interaction and asset management, we can create a unique value proposition in the digital world, setting the stage for unprecedented growth and user engagement.
Scope:
Our platform will provide a broad range of services that extend beyond conventional social media functionalities. By emphasizing user interaction, financial discussions, and asset management, we create a unique environment for users. Furthermore, by not rate limiting users, we increase the platform’s attractiveness to advertisers, fostering an ecosystem beneficial to all parties involved.
Implementation:
- Development of core platform functionalities - user profiles, chat rooms, private messaging.
- Integration of portfolio viewers, watch lists, & trading charts.
- Establishing a robust security framework for the prevention of scams and rug pulls.
- Integration of the web3 domain into the platform.
- User verification process and subscription system.
- In-app advertising integration to attract advertisers.
Timeline:
We propose an aggressive timeline of 6 months for the development and launch of the platform, following these milestones:
- Development of core functionalities - 1 month
- Integration of portfolio viewers and trading view charts - 1 month
- Security framework setup and web3 domain integration - 1 month
- User verification process and subscription system development - 1 month
- Testing, refining, and launching - 2 months
Budget:
This proposal is seeking an initial budget of $100,000 to fund the foundational development of our platform. However, our budgeting model includes scalability as we grow, ensuring the application can evolve in response to user feedback and technological advancements. Our budget allocation includes:
- User Interface Design - $20,000
- Backend Development - $40,000
- Integration of Trading Charts, watchlists and Portfolio Viewer - $20,000
- Security Measures and Moderation Tools - $10,000
- Marketing and User Acquisition - $10,000
Additionally, to foster an aggressive growth strategy beyond the base features, we propose a reservation model. This model would allow users eager for first access to contribute funds. We could achieve this by offering a legacy badge, next to their verification badge. These contributions would facilitate further development and scaling of the platform, while also fostering a sense of ownership and engagement within our early user base.
Expected Outcomes:
Upon successful execution, the proposal promises numerous benefits. Our platform will provide a unique, integrated experience of digital communication and asset management, increasing user retention and engagement. The no rate-limiting approach coupled with our broad range of services will attract advertisers, driving substantial ad-revenue. Our reservation model encourages early user engagement and provides a considerable source of funding for platform development.
However, like all ventures, the platform could face certain risks. The technology’s novelty may pose development complexities. Furthermore, the highly competitive social media landscape necessitates rigorous and sustained efforts for user acquisition and retention. Lastly, the platform must maintain robust security measures to safeguard user assets and personal information, a critical yet challenging endeavor in the fast-paced world of technology. Despite these risks, the potential benefits and the unique value proposition we offer underscore the promise of this innovative venture.
Additional Information:
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We foresee a mutually beneficial relationship between the proposed social media platform and our existing Buyback and Burn proposal. Since its initiation, (1st burn was on July 3rd, 2023) the Buyback and Burn proposal has resulted in the successful burning of 3,107,377.8 $ID tokens. This has contributed to the increasing value of $ID tokens. With the launch of a new social media platform, we could generate additional revenue, providing further fuel to our Buyback and Burn proposal, thereby increasing the $ID value even more.
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It is also important to understand the potential value of this proposal in the broader context of the social media market. For instance, our competitors such as Reddit are valued at $10 billion, Instagram has a brand value of $33.48 billion, Twitter is worth $15 billion, and YouTube is estimated to be worth up to $160 billion. Despite their market tenure, these platforms do not offer the integrated features that we propose, presenting a substantial opportunity for us to penetrate and grow in the market. Given the impressive growth of the global social media market, from $193.52 billion in 2022 to $231.1 billion in 2023, we are confident in the high potential return on investment from this venture
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Enhancing user engagement with integrated watchlists, trading charts, and portfolio viewers in our app will provide a one-stop solution for crypto enthusiasts. By catering to diverse user needs within a single platform, we increase convenience and streamline user experience, fostering higher retention rates. This all-in-one toolset, unprecedented in current social media platforms, brings the crypto world to our users’ fingertips, keeping them engaged and coming back for more.