In the previous article, we have explained: “What’s the Next Evolution of NFT?” Where we believe that the current status quo of NFT that only focuses on ownership, is just not enough. In this short article, we will identify a number of problems related to NFT and Creator Economy, and introduce solutions to solve these problems.
NFTs are Worthless
Let’s face it NFTs are overrated, most of it looks beautiful but it almost has no functionality other than hype and the social proof of the artist. The NFT price skyrockets and the speculation is baseless, relying on several key figures to signal their worth. This practice makes the price volatile and unreliable hence making NFT investment not suitable for people with low-risk tolerance. Other than that, NFT technology is also very inefficient. High fees and not being environmentally friendly is amongst them.
Creator Economy Misaligned Incentive
Social Media has grown into an economic giant over these past years. The top influencers in these ecosystems can gain monetary income based on their popularity on the platform. But because of the centralization of the economy and misaligned incentives creators always get the short end of the stick. On the other hand, fans also get no incentive at all to support their favorite creators, instead, their private data is being exploited by social media companies.
Social Media Centralization
Social Media is a company owned by investors, therefore the whole social media business strategy is to extract profits to satisfy investors. Meanwhile, the user has no says in decisions hence trapping them in an economic monopoly. Contributing to the future of the platform seems useless, and in the long run, it will make the platform less user-oriented and unsustainable.
To tackle these problems, we came up with a novel solution called Enevti, a decentralized social media NFT Platform to help fans get an authentic relationship with their favorite influencers. Enevti is built using Delegated-Proof-of-Stake consensus protocol, powered by Lisk SDK, hence will make the network much more efficient, lower fees, and more environment-friendly blockchain. Enevti is innovating on three novel components as follows:
Redeemable NFT is a smart assets implementation where NFT can have more intrinsic value for the owner to buy and redeem the NFT through unique social utility and can bring more intrinsic motivation for the owner to collect and trade the NFT through social gamification.
Creator Finance (CreaFi) a combination of Creator Economy + DeFi + NFT. CreaFi is a fair and open financial instrument between fans and content creators, without intermediaries, that aligns token staking and NFT royalty distribution as financial incentives driven by social perceptions, such as popularity, creativity, supportability, and authenticity.
Self-Sustaining Governance is a fair ownership economy structure using creator-centric decentralized autonomous organization within Enevti Ecosystem, where token holders can stake on their favorite creators and further vote on treasury proposals based on their stake-power, qualified creators can become delegates to secure networks and empowering the community by curating the best NFT.
To explain further about all of these innovation components of Enevti, we will cover them in the next series of more detailed blog posts. Stay Tuned!
People Behind Enevti
Enevti is created by a group of crypto enthusiasts and tech leaders that have experience in building a blockchain application and are supported by a well-known top blockchain foundation. All of us are working together to make the best experience possible for a more decentralized social media. Those people are as follows:
Aldo Suhartono Putra — Chief Executive Officer
Aldo is a tech leader that has expertise in Blockchain and AI Technology. He also has a myriad of achievements at regional, national, and international levels
Bayu Wahyuadi — Chief Operating Officer
Bayu is a startup and technology enthusiast. Has several experiences in building a team and creating an innovative product. Has 8 years of organizational management experience.
Ardian Perdana Putra — Business Advisor
Ardian is currently an Executive Secretary of MIKTI and an Early Stage Startup Mentor. Previously, Ardian was the Manager of Dilo Jakarta, Expert Staff at the DPR RI, and has founded many startups.
Muhammad Faisal — Government Relation Advisor
Faisal currently works as a Data and Information Analyst at the Ministry of Communication and Information of the Republic of Indonesia, and Director of the Back Office at the 1000StartupDigital National Movement.
Jurre Machielsen — Technology Advisor
Jurre is a Co-founder of Lisk Center Utrecht, a blockchain developer community. Co-founder of Moosty, a blockchain-focused developer studio. A background in innovation sciences, ecosystem thinking, and a passion for large questions about society & technology.
What’s Next for Enevti?
Enevti is one of the projects that has been carefully selected by the Lisk Foundation to be a participant in the First Wave of the Lisk Grant Program. We are very honored and so excited to be working on this project!
Enevti will continue to evolve every day! We are currently in the process of making Litepaper and Whitepaper Documents, which will outline the Enevti project as a whole. Next, we will continue protocol development, onboarding many creators, and if all goes well, we are also planning to do an Initial Coin Offering in 2022. More details about this roadmap will be covered in the next post, as well as in our Litepaper. Stay tuned!