Almost everyone in the world has at least one social media profile, and according to research social media users spend at least 135 minutes of every day on the internet. For a certain demographic, however, the Millennials and Generation Z, this time frame may be substantially longer. Nevertheless, this reveals that on the average of about 2 hours each day, at least millions of people spend their time online creating, posting and sharing their content with other internet users. More often than not, a lot of it – this art of content creation, is done for the sheer fun and passion of it. Now, what if there was a way of monetizing user-generated content? YEAY, in conjunction with WOM Token Ltd., wants to make that happen.
A Marketplace For B2C
YEAY initially launched in 2017 as a mobile app designed to serve as a B2C marketplace for the Generation Z was rebranded to a video commerce platform targeted at Millennials and Generation Z. WOM Token Ltd, on the other hand, with WOM being an acronym for word-of-mouth, is an innovative referral tool used to facilitate interaction between brands and fans. YEAY has over 170,000 users on the platform and is the first network to partner with the WOM ecosystem. WOM will serve as an open source campaign manager, connecting brands to content creators via smart contracts of the blockchain technology.
A Platform To Monetize Online Contents
The partnership of YEAY and WOM Token will ensure that users can monetize their online content by creating a platform that provides incentives for user-generated content. This incentive will be in the form of WOM Tokens, an Ethereum based token enabled by the revolutionary blockchain technology. In addition to its primary purpose of being a global reward system for user participation, creativity and brand advocacy on the platform. WOM Tokens by the function of being powered on the Ethereum network will provide a transparent and reliable peer to peer interaction and transaction system between brands and fans in the ecosystem without the need for a moderating third party. These WOM Tokens can, in turn, be traded on both centralized and decentralized currency exchanges by the token holders as they please.
The concept of paying online users for their content may not be a novel idea in the industry. However, YEAY does not just want to get users rewarded for their content alone. With the platform, the Millennials and Generation Z who are passionate about their art can also promote their content and stand better chances of becoming brand ambassadors for the brands on the platform. For brands on the other end, incentivizing user-generated content will help them optimize content as a result of improved quality of content made available by users. Additionally, studies have shown that user-generated content influences consumers’ decisions more than any other ad, which is most likely as a result of relatability, more like one user to another, rather than brand to the user.
With the theme of youth empowerment, YEAY has a Young Advisory Board with members exclusively from Generation Z, set up to provide strategic consultancy and policies over the needs of the next generation of users. One of such policies necessitates brands to obtain permission from content creators before their works can be used for marketing with strict compliance to the platform’s Terms of Agreement. A process that had been simplified and made frictionless by WOM Token Ltd.
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