What makes the hard-to-come-by SocialFi platform Monaco Planet explode in the community?

Source: Rhythm Research Institute

For a long time, a few large companies have dominated the internet, leading to users having less and less control over their data and creations. These companies require users to provide personal data in exchange for access to their platforms and services, and then monetize this data by selling it to advertisers for profit. However, with the arrival of Web 3, users are increasingly concerned about the importance of owning their data and hope for a social media platform that offers equal benefits to all users.

In addition, in the crypto space, although there are over 100 million wallet addresses globally and the number of cryptocurrency and NFT enthusiasts is growing daily, a truly native social media platform dedicated to crypto and NFTs has yet to emerge. Current social media platforms do not specifically target the cryptocurrency community, making it difficult for individuals and project teams to become opinion leaders on their social accounts to attract a large following or stand out in thousands of communities.

However, on November 28, after the launch of the SocialFi project Monaco Planet Beta version, backed by Three Arrows Capital, it ignited community enthusiasm. Since the platform is limited to Yacht NFT users and those with invitation codes, the floor price of Yacht NFT on OpenSea surged from 0.09 ETH to around 0.5 ETH, and invitation codes were traded for hundreds of dollars. Next, Rhythm BlockBeats will briefly introduce this project.

1. Platform Features

Monaco Planet aims to play a role in the transition of the internet from Web 2 to Web 3. In the short term, it seeks to address users' social pain points using blockchain technology and implement a series of key Web 3 features into practical applications. In the long term, it hopes to become a new entry point for high-frequency social activities among the crypto community, thus becoming a gateway to the Metaverse, allowing users to control their data and earn rewards by creating high-quality content.

Wallet Login

To use Monaco Planet, users need to log in via a crypto wallet like MetaMask. Once logged in, users can showcase their NFT collections on their profile pages, bringing another layer of trust to social relationships based on shared interests and beliefs in crypto, thereby facilitating connections among users.

In Monaco, users who publish and showcase their activities can follow each other throughout the community, and the platform will rank users based on the influence and net worth of their NFTs.

Write to Earn

Traditionally, creators' content often belongs to the platform, and readers' attention is manipulated by platform algorithms. Creators or readers do not receive any rewards, while the platform and advertisers reap the largest share of profits.

On Monaco, platform ownership and governance are determined by users, and the "Write to Earn" model of content mining allows active content creators and discussion participants on the platform to benefit. They can earn the platform's native token MONA through following, liking, commenting, showcasing NFTs, and staking.

The vast majority of native tokens will be distributed to users generating content, thereby creating a sustainable, inclusive, and truly efficient form of mining.

2. Content Mining Mechanism

The content mining mechanism on Monaco is divided into two phases.

1) The first month, from November 28, 2021, to December 31, 2021, is an invitation-only period. Users holding Yacht NFTs will be the first group eligible to participate in content mining. Additionally, they can invite up to 5 users to join this initial content mining.

On December 31, 2021, the platform's first batch of seed users will withdraw the MONA earned from content mining to their wallets and can trade it on the open market.

The MONA distribution algorithm for this phase is as follows:

Yacht NFT user weight = x1.2

Invitation code user weight = x0.3

Weekly MONA distribution per user will follow:

Total MONA weekly content mining output x (individual user score / total user score)

The individual user scoring formula for each weekend is:

Individual user score = weight x (number of fans per user / total number of fans + number of likes / total number of likes + NFT net worth in wallet / total NFT net worth + number of comments / total number of comments)

2) Starting January 1, 2022, the platform will open to all public users. Users who stake MONA for at least one month will receive a MONA staking weight, which is necessary for participating in content mining.

The platform offers four MONA staking pools with staking periods of 1, 3, 6, and 12 months. As the staking time increases, the MONA staking weight will gradually increase by 10%, as follows:

3 months = x1.1 (increase 10%)

6 months = x1.2 (increase 20%)

12 months = x1.3 (increase 30%)

Additionally, users holding Yacht NFTs will receive an extra 20% weight.

Weekly MONA distribution per user will follow:

Total MONA weekly content mining output x (individual user score / total user score)

The individual user scoring for each weekend will be:

Individual user score = MONA staking weight x (number of fans per user / total platform fans + number of likes / total likes + NFT value in wallet / total NFT value assessed at floor price + number of comments / total comments)

Subsequently, the MONA generated from content mining will be distributed weekly according to this rule. This rule aims to encourage and cultivate the organic creation of high-quality content on the platform. If any fake or bot accounts are discovered, the platform reserves the right to terminate their content mining eligibility at any time.

3. MONA Token Use and Distribution

MONA is the governance token of the Monaco Planet ecosystem and has the following uses:

1) Users can participate in content mining by staking MONA; MONA is a Write to Earn model token with proof of stake (POS);

2) Once the platform gains a specific user base and traffic, advertisers can purchase and burn MONA to broadcast messages and promote ads;

3) Crowdfunding investment opportunities. The platform will leverage its traffic and user advantages to secure investment quotas for quality projects, distributed to MONA holders based on their holdings. Users can decide whether to participate in the investment, but the quota will be guaranteed;

4) MONA can serve as a tipping mechanism for users.

Token Distribution

Monaco Planet will issue a fixed cap of 1 billion MONA, which will remain fixed permanently.

1) 55% of MONA will be distributed to users through content mining and the Write to Earn model;

2) 15% will be allocated to strategic round token investors;

3) 20% will be allocated to the founding team and seed round investors;

4) 10% will be reserved for ecosystem development;

Release Schedule

MONA will be gradually released according to a specific distribution plan.

1) MONA for content mining will be released weekly over an 8-year period, with the weekly distribution amount steadily decreasing linearly over the 8 years;

2) MONA for strategic round token investors will be released in equal increments at the end of each month over a 2-year period;

3) MONA for the founding team and seed round investors will vest and be released linearly over 4 years, delivered at the end of each month;

4) The MONA reserved for ecosystem development will be distributed in two batches, with 5% released at the end of the first month and the remaining 95% released in sync with the founding team proportionally.

4. Project Background and Popularity

Monaco Planet has completed a multi-million dollar funding round led by Three Arrows Capital and IMO Ventures, aiming to provide users with earnings and returns through the financialization and tokenization of social influence. The Beta version was launched on November 28.

Official Twitter: 1.5k followers

Official Discord group: 117.9k members, 9.1k online

5. Future Plans

Monaco Planet aims to become a leading platform in SocialFi, returning ownership and governance of the social platform to users through the MONA token, gradually achieving decentralized content creation and storage, and transitioning to Web 3.

In the future, Monaco will also introduce more quality DeFi and GameFi projects to the platform and community, allowing MONA holders to seamlessly connect social, financial, and gaming experiences into a cohesive metaverse.