This new social media platform wants to turn your likes into cash

This new social media platform wants to turn your likes into cash

All those likes on social media might be worth more than personal gratification. Today, December 22, Selfllery announced the pre-sale launch of its social platform by the same name, a network that turns likes into cryptocurrency. Every like turns into a “you token,” which users can then use to make purchases from Selfllery’s store or even donate to charity.

Selfllery generates income by selling those uploaded photos and videos as stock content, while a system based on user activity determines how much a user receives for each like on their photo. A user’s profile rating determines how many you tokens a like is worth, with the scores (and rates) increasing based on the total number of likes, comments, and views across all that user’s content, as well as factors like participating in photo contests and getting top ratings. That means the more active a user is, the more those likes are worth.

Unlike a traditional stock photo platform, Selfllery says, users don’t have to wait 30-60 days to actually see their rewards, with you tokens awarded immediately. So what can you actually buy with you tokens? There’s a Selfllery marketplace for users to spend their tokens launching in May 2018 and the platform will be open to any vendors in order to create a variety of options.

Users can also choose a percentage to donate to charity. Tokens are also good for participating in photo contests and quests, and in turn, winning one results in even more tokens. Businesses can also use their tokens to take out ads on the platform. You Tokens can also be converted into cash using the Ethereum blockchain, Selfllery says.

Selfllery says no prior experience in photography or knowledge of cryptocurrency is required to join. Blockchain technology is used to allow users to see where their tokens are coming from, and to add a layer of security to the system.

Selfllery is a 2016 startup and now its social platform is launching in the initial pre-sale form, inviting early users to try the platform with the promise of additional tokens awarded only to early users at the full launch. Registration is open on the Selfllery website and inside the Android app, while the Initial Coin Offering (investor-speak for the launch to early backers) is planned for March. In the future, the platform plans to expand beyond just still photos, adding support for video as well as live-streaming.

“People like to look at pictures again and again, and we believe that has value,” says Vadim Onishchenko, founder and CEO of Selfllery. “From the rock art to modern ads, humans have placed value on art. Today’s social networks have mechanisms in place for users to make money from their online activity, but these mechanisms take time and skill to operate, and in the meantime, the corporations behind these networks are the ones making money from the users’ content. At Selfllery, we want to break this. We are introducing blockchain into the mechanism, and allowing anyone to be rewarded for their visual content, quickly and automatically.”

Selfllery’s likes-for-cash platform appears to be a rather unique system, with the closest options being Periscope’s likes-for-cash option, while other platforms like EyeEm mix stock photos and social.

Early users can sign up from a web browser or inside the Selfllery app from the Google Play store before the full launch.

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Published at Fri, 22 Dec 2017 15:23:17 +0000

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