Pioneering micro-video social platform Coub.com is moving into Web3 with the launch of an innovative Watch-to-Earn content monetization model and the industry’s first NFT marketplace offering NFTs that are already generating rewards for collectors in Q3, 2022.
Coub.com pioneered the very first meme video clips long before TikTok and Instagram Reels began to surface and has been amassing quite a considerable following since 2012, boasting a community of over 106 million yearly active users. Now, for its 10-year anniversary, the platform is tapping into the world of Web3 with a brand new concept — Watch-to-Earn (W2E) — which will enable those who create and watch videos to instantly get rewarded for every view, like, comment, and share.
The transition to W2E will be carried out smoothly without changing the user experience, with a new feature — a tangible value tied to each of the coubs created, which will be displayed for 12+ million unique clips at Coub.com. The team are looking to ensure a smooth transition with innovative implementations, such as non-custodial Coub Wallets natively provided to all users. Another addition, the NFT Marketplace, will offer advanced monetization tools allowing creators not only to capitalize on the success of video clips but also to convert them into NFTs that can be later sold.
Through the launch of the NFT Marketplace, Coub.com is introducing a new class of collectable NFT assets, which offer quantifiable ownership benefits to collectors. Each Coub NFT contains not just media assets but also a proportionate share of all future W2E earnings from the purchased NFT. All the NFTs also bear an inherent value that Coub users can assess on the basis of content statistics collected and proven by the blockchain. This gives buyers an accurate tool for assessing the real market value of an NFT and predicting its future income, which continues to be generated after the owner changes.
To complete the final transition to the Web3 architecture, Coub.com will introduce CoubDAO — a Decentralized Autonomous Organization — that will enable creators and viewers to participate in the governance of the platform. Users will be able to propose and vote on any changes and upgrades to the platform using two tokens — vCOUB (tokens rewarded for activity on the platform) and COUB (utility tokens that can be used for trading NFTs and unlocking additional W2E opportunities). The integration of a DAO architecture will allow Coub.com to strengthen its community-driven focus and make millions of creators and viewers not just platform users, but a part of its ongoing growth.
The platform team has spent a number of months thoroughly researching, designing, and implementing a robust and secure on-chain infrastructure that will sit behind the W2E and NFT Marketplace. To address questions surrounding the legal framework at play when monetizing artwork, the platform plans to implement an innovative on/off-chain legal system with a ContentID engine that will ensure the fair tracking of royalties and provide creators with convenient music library to pick soundtracks for their coubs. The platform is also cooperating with a leading blockchain security audit firm to ensure that it can handle the 106 million+ users currently involved with the platform.
The launch of Coub’s Watch-to-Earn platform will entail the introduction of extensive functionalities and new modules throughout the second and third quarters of 2022. Users who want to avail early-bird benefits
can access a wait list which is now open on the website.