Blockchain-based FanX International launches platform-agnostic social media ecosystem that quantifies and captures social media contribution, and rewards users and content providers (CP) with FanX tokens. FanX is operated by FanX International Pte Ltd a big data analytics and AI technology platform specializing in the gathering, analyzing, and quantifying social media operational trends, community engagement and content provider earning power on social media and live streaming platforms in particular. FanX International recognizes that the total market value of content providers equals the total contribution of applicable fan communities. Live streaming platforms in particular allow CP’s to receive a small share, but platform users receive nothing, which is why these types of platforms will be the initial focus of FanX. With FanX International, users are properly rewarded for their time and money spent engaging, contributing and driving traffic to a any platform.
An average user logs 1.72 hours per day on social platforms, representing about 28% of all online activity. Users are constantly scrolling, liking, commenting, engaging, and generating traffic and transactions, while receiving no value in return. This problem originates with social media’s fundamental business model, which treats user and CP engagement as inventory for sale. Additionally, platforms depend on advertising revenue, and share little profit with the CPs and users, who are actually generating the value. With increasing number of social media platforms available, many of them are becoming commoditized mediums, where CPs become the center of value creation through creating and associating community engagement. FanX International is leading the social media industry by quantifying the value of user and CP engagement, and reciprocating such value back to the respective communities.
By using big data analytics, FanX is able to apply a “market worthiness model” to CPs. FanX collects and filters social media engagement data, analyzing it with dynamic algorithms and determining real-time market value of CPs through their fan engagement. With this data, FanX produces “report cards” of the CPs operational and financial performance, quantifying how much value a CP generates at any given time.
FanX’s rewarding system distributes FanX tokens to users and CPs based on KPIs and tasks that represent social transactions. This is done by using the FanX wallet APP, which when activated by the user, tracks their activity and calculates their rewards automatically across multiple social media platforms. The cryptocurrency is also a means of storing and transferring value that is captured through time spent, resources invested, communal activities and computational power consumed by CPs and users.
“We believe that the social media user is not just a consumer but a supplier who is not fairly compensated for their engagement on typical social media platforms today,” said Feng Shen of FanX. “We have established a system to quantify and thereby reward users and CPs for the efforts spent on social media; improving content quality, increasing fan engagement, and creating a more equitable and democratized social community.”
FanX International, through blockchain technology, empowers fan communities around the world by equitably distributing “values” created by the communal interaction between social media users (“Contributors”) and Content Providers (“CPs”) such as KOLs and Celebrities. FanX provides a means of storing and transferring value that is captured through time spent, resources invested, computational power consumed and IP constructed amongst other values created by CPs and Contributors. FanX redistributes these values back to CPs and Contributors with the goal of shaping the long-term healthy development of social media industry.