Mentors:

Rhic Chowdhury

Head of Sales & BD, Biconomy
Account Abstraction

BI 003 Social Platform with Smart Accounts

Problem Statement

  • The idea is to create a social platform that incorporates smart accounts, enabling users to seamlessly exchange various digital assets such as collectibles, pictures, videos, stickers, and more as non-fungible tokens (NFTs).
  • The platform would also facilitate easy fund transfers between users similar to Venmo. Additionally, the platform would provide opportunities for creators to form communities, distribute NFTs, and engage with their audience.
  • The current digital content sharing landscape lacks a seamless and secure way to exchange and monetize various digital assets. Traditional platforms often lack the infrastructure to handle the unique characteristics of NFTs and provide a streamlined experience for creators and users.

Potential solution

  • User Generation:The solution is to build a social platform that integrates smart accounts and NFT functionalities. Users create accounts on the social platform, which include smart accounts that are connected to their digital wallets.
  • Content Creation and Sharing: Users can create various digital assets such as images, videos, stickers, or collectibles directly within the platform. These assets can be easily shared with other users, either publicly or within private groups.
  • NFT Conversion: Users have the option to convert their digital assets into NFTs, making them unique and tradable on the platform. This allows for increased authenticity, ownership, and potential monetization.
  • Asset Exchange: Users can exchange NFTs with other users, either through direct transactions or by listing them on the platform's marketplace. This facilitates the trading and discovery of unique digital assets within the user community.
  • Fund Transfers: Users can seamlessly send funds to their contacts, similar to the Venmo model. This feature simplifies transactions between users and enables easy payments for services or purchases within the platform.

Challenges you may have to overcome

  • social platforms require high scalability to handle a large number of users and their interactions. ensuring that The blockchain infrastructure can handle The scale and growth of The platform is essential.
  • Managing Content moderation is a significant challenge for social platforms. Striking a balance between freedom of speech and preventing abuse, harassment, or misinformation requires robust moderation mechanisms.
  • Developing a sustainable business model and monetization strategy is crucial for The long-term success of a social platform.

Business model

  • Transaction Fees: The platform could charge transaction fees for NFT trades, fund transfers, or any monetization activities within the platform.- Premium Features: Offering premium features or subscription plans to creators or users, such as enhanced content creation tools, exclusive access to certain features, or advanced analytics.
  • Partnerships and Advertising: Collaborating with brands, advertisers, or sponsors to promote their products or services within the platform, generating advertising revenue.
  • Marketplace Commissions: Charging a commission on sales made through the platform's marketplace.
  • Licensing and Royalties: Facilitating licensing and royalty agreements between creators and users who want to utilize their NFTs for commercial purposes.

Market Opportunity

The digital content and social media market is massive, with billions of users worldwide. NFTs have gained significant popularity, offering new opportunities for creators to monetize their work and engage with their audience.

By combining a social platform with NFT capabilities, there is an opportunity to tap into this growing market and attract both creators and users seeking a seamless and secure way to exchange digital assets.

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