What is SocialMedia.Market?
SocialMedia.Market is a decentralized ecosystem that allows users to create, discover, run, and analyze advertising campaigns with social media influencers. The core focus here is influencer marketing, which is quickly becoming the prominent way to advertise. Influencer marketing is defined as “a form of marketing in which focus is placed on influential people rather than the target market as a whole”.
There are some current problems that plague this form of advertising though. Pricing is normally volatile and chaotic, which brings about risks in either paying too much or too little. The complexity of payments can be a burden due to needing multiple payment methods. It can cost a lot to run these types of campaigns, so accessibility is low. Another problem is the difficulty in maintaining relationships due to a lack of standards.
SocialMedia.Market aims to alleviate these pain points with their platform. They will make their platform accessible and easy-to-use for all levels. This will help small businesses and beginning social influencers build a presence. Blockchains allow for transparent and quick transfers, which will help the market find reasonable pricing. The outreach is also global and allows for projects to aim for larger market shares.
SocialMedia.Market’s Main Features
SocialMedia.Market will provide many features and benefits to it’s users. While some will only be available to brands and advertisers, I will go over a few that are available to everyone. You can read more about them in detail and the other features in their white paper.
- Ownership Validation – A current problem that pops up with influencer marketing is fraud. This happens when someone impersonates an influencer by hacking into their account. Having a marketplace on this platform will provide transparency and curb these forms of fraud. Influencers will also be verified and authorized to ensure they are who they claim to be.
- Easy Communication and Interaction – This can be a very time-consuming task. SocialMedia.Market has developed multiple tools to help make the communication and interaction more efficient. Some of these tools include a CRM system, in-platform chat, smart contract templates, and a mobile app. User interfaces have become crucial for attracting and retaining users, so they will be focused on that as well.
- Secure Transactions – Using blockchain technology, SocialMedia.Market will be able to use an escrow system that holds the contract fees until certain obligations are met. After the project is completed, funds are released and arrive in the parties accounts almost instantly. This should stop delays and non-payment issues that can be commonplace in the current market.
The Social Media Token (SMT)
The social media token is deemed as a utility token. All of the operations that take place within the SocialMedia.Market ecosystem will rely on the SMT. This will help create a self-driven economy between influencers, advertisers, marketing agencies, and agents. SMT will also provide several benefits to help with adoption. Some of the benefits are:
- Method of donation for bloggers and streamers
- 100% safe escrow transactions
- Agent commission within the platform
- Rewards for participating in the decentralized dispute solution system
- Simple and fast payments across the world
There will be a global marketplace on SocialMedia.Market’s platform. This marketplace will provide convenient tools for any party interacting with the platform. Every time a contract is executed on this platform, SocialMedia.Market will collect a service fee. A nice graphic overview of this marketplace is found below:
Social Media Market ICO Details
The SocialMedia.Market ICO will be broken up into 2 main phases. Each phase will have a pre-sale and main-sale. The 2nd phase will take place in Q2 of 2018, so there will be about a 5 month break between the 2 phases. Contributions will be made in ETH, so check out my guide on setting up an Ethereum wallet if you don’t already have one!
Please note the following totals will be approximations due to volatility in ETH and special bonuses. It should give a good idea of what is being raised though. The soft cap for phase 1 breaks down to 3,750 ETH, which as of today ($330/ETH), is $1.23Mil. The hard cap is 37,500, or $12.37Mil. Phase 2 soft cap is 4,285ETH, or $1.41Mil. Phase 2 hard cap is 71,428 ETH, or $23.5Mil. Total combined hard caps would be roughly $36Mil. Here are more details about the 2 phases of the token sale:
Social Media Market Team
The SocialMedia.Market team currently has over 20 employees. There are also 4 advisors working with the project. Some details on key members and advisors is below.
The CEO & founder is Dmitry Shyshove, who is also CEO & founder of R.Games, as well as Nontita Limited. Over the past 3 years R.Games has sold over 10Mil games with over 2Mil active users. Nontita Limited sells virtual items and digital goods, and is the entity behind CSGO.CASH. Dmitry has experience running companies and growing them quite well, so it makes sense that he will be leading this project.
The CMO & co-founder is Alexandra Morozova. She worked with Dmitry at both R.Games and Nontita Limited. While working there she was the marketing person working with influencers in Game and eSports industries. Prior experience includes working on marketing campaigns for Apple, Sony, Dell, Asus, and Microsoft Xbox to name a few.
Viktor Perekhod is the business development manager and brings more than 8 years of experience with building strategic marketing campaigns for new products. This includes identifying new business opportunities. Experience includes over 2 years’ experience at KPMG (one of the Big Four accounting firms), as well as having worked with Volvo, Samsung, and Vodafone.
One notable advisor is Alex Yastremski. Alex is General Counsel at the BitFury Group. BitFury is one of the oldest and largest Bitcoin miners in the world. It is a company that has been, and continues to be, a very large player in the cryptocurrency space. Strong legal guidance is crucial to the success of any project in this space.
SocialMedia.Market is working on a project in a market that is growing rapidly. More money is being moved into social influencer marketing with no signs of stopping. Blockchains are famous for allowing quick transfers of assets in a transparent, secure, and trustless fashion. Combine that with a great platform and this project can be very successful. Be sure to read more about them on their website. Don’t forget to setup your Ethereum wallet beforehand, and check out my post on how to send from you wallet if you need a refresher!