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XCAD Network launches SocialFi app

‘Influencers like Mr Beast & KSI Back project allowing Influencers to issue ‘private keys’

With some saying a ‘confirmed’ bull-market as Bitcoin crossed over $40,000 for the first time since last year, trends like Socialfi seem to continue to keep growing. Although some startups have had it in their ecosystem long before it gained widespread popularity as a ‘trend.’

One of these is YouTuber favourite XCAD Network, a tokenization platform for content creators allowing them to have their own cryptocurrency fan tokens, and reward their viewers for watching their content.

The project was launched on DAO Maker in May 2021 and has gone on to become one of the most successful projects to ever launch a strong holder offering based on current ROI.

As a fan token and NFT platform, CEO and Founder Oliver and his team at XCAD Network went on to sign big name deals with celebrities such as KSI and Mr Beast who invested into XCAD Network, who have acquired over 400,000 users from their initial launch.

Currently the project is home to over 100+ celebrity influencers globally with a combined audience of over 800M.

Bell recently said in a statement, “Social Fi has been a huge trend, however many have struggled to see sustainable growth over the medium to long term. We’ve been building a Social Fi ecosystem for years, an ecosystem designed to enable Creators to build SocialFi Ecosystems of their own.”

Called ‘XCAD.Social,’ the app aims to allow fans to get access to influencer’s ‘private chat rooms and more.

The new platform allows users to issue keys which are tied to bonding curves as they allow for a high level of speculation on those keys. They grant fans access to features and benefits from the influencers.

XCAD says that the best performing Creators on XCAD.Social, will graduate to be able to launch Fan Tokens.  Fans can convert their ‘keys’ into fan tokens at a later stage.

The trend of SocialFi applications started with projects like Friend.Tech and Stars Arena, who while having soared with trading volumes over $200 million, mostly focused on a small number of web3 creators.

In a blog post following the news, Bell said the goal for XCAD is to be the ‘world’s first SocialFi chain’ as the company’s long term remains to create a smoother customer experience while reducing the need to transact and suffer through gas fees. Similar to platforms like Friend.Tech, users trading keys on XCAD.Social will score points that will correlate to the airdrop.

The company suggests that its native cryptocurrency token $XCAD will be used to buy and sell these ‘keys’ that bring fans closer to their favourite influencers. That will make XCAD.Social the first SocialFi app of its kind to launch with a native token.

“We will utilise our network of creators to promote and utilise the SocialFi application, and the best performing creators on the social app will be able to launch their own fan tokens and owners of the keys will be able to convert it to fan tokens at a later date,” said Bell.

The social app goes live today, follow for more updates on https://xcadnetwork.com/

 

 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.