Web3
SocialFi platform tackles downsides of social media without sacrificing usability
Web2 platforms have been the main way for creators to share their work for years, providing not enough value to content creators. But now, a new chapter is beginning.
Source: Cointelegraph
RepubliK, a new social media platform, aims to bridge the gap between Web2 and Web3 by supercharging the creator economy and making social media fairer. It rewards users for their contribution to the ecosystem, focusing on sustainable tokenomics and making its technology accessible to all.
The current social media landscape has been criticized for its lack of fairness toward content creators, users and the broader ecosystem.
Major Web2 platforms like X (previously Twitter) and YouTube have been accused of failing to adequately compensate creators for their work while favoring large brands and influencers with millions of followers through opaque algorithms.
Users have expressed concerns about their lack of influence in shaping the governance of these platforms, particularly when significant changes are made that directly impact their experience.
An array of Web3 applications have popped up to solve parts of the problem, but the community is still expecting a solution with a comprehensive approach to avoid further pitfalls. Despite their transparency and user-centric control mechanisms, blockchain technology and crypto wallets can be difficult for average users to understand. This is why current Web3 social networks, also known as SocialFi platforms, might intimidate traditional users.
To attract and retain users, Web3 social media platforms need to prioritize a familiar user experience that mirrors the intuitiveness of popular platforms like Instagram or TikTok. Educating the community on tokenomics and the benefits of blockchains matters, too. But most importantly, the next generation of social networks must focus on delivering a sustainable ecosystem.
Empowering creators and users
A Web3 social media platform, RepubliK, aims to tick all the boxes — returning power to the creators and users. It promises to keep the platform, along with all that’s posted and shared on it, owned and managed by the community. Those who lurk behind the screens, consuming rather than making content, will also be rewarded for their attention.
This is achieved through continuously distributing RPK token, the native token of the RepubliK platform, to users based on their contributions. RPK will subsequently be used to access access to exclusive content and engagement with creators, converted into other cryptocurrencies or fiat, and used to vote on governance matters.
How RepubliK intends to reward its users through a sustainable ecosystem. Source: RepubliK
RepubliK’s platform has been built to supercharge the creator economy — allowing imaginative artists to forge a closer connection with their audiences. Users can also support the creators they love and bond with like-minded individuals in bespoke communities. The platform features tipping, gated chats and AI-powered talent discovery that continually learns what users like most.
The platform has come a long way since its inception in early 2022 — launching in beta in March 2023 and moving out of stealth mode in September. RepubliK boasts more than 1.5 million registered users and 280,000 of them are active on a daily basis. Since the launch of the tipping feature in December 2023, RepubliK yielded 10,000 transactions that generated 170,000 RPK.
Beyond Web3
To reduce friction, users can opt not to connect Web3 wallets if they wish — depositing and withdrawing funds through a system similar to centralized exchanges. A partnership with Fireblocks, a platform offering custody solutions for crypto assets, also ensures all assets are managed safely and secured. RepubliK has partnered with key Web3 players, including the Mantle Network and The Open Network (TON), to address the key challenges by providing security, speed and cost.
RepubliK aims to bridge the gap between Web2 and Web3 with more features on its roadmap, including multichain integration, encrypted video streaming, live broadcasts, an NFT marketplace and dedicated tokens for creators. The project has already attracted investment from OKX Ventures and HTX Ventures, with RPK now listed on six major exchanges, including KuCoin, HTX and Bybit.
Content creators who received minimal returns for their efforts on social media while contending with ever-changing guidelines and the risk of censorship now have a chance to diversify their revenue streams, make their careers more sustainable, and interact with their followers through RepubliK.
