The latest offer of Eve world, which involves an investment of more than Rs 76 crore ($ 10 million), according to sources, is looking into participatory ownership, a core principle of Web3, to allow platform members to freely create, curate, consume and own content. The platform aims to have 1,000 creators on board in line with its launch timeline, people aware of the matter said.
The platform will seek to address today’s ills that plague social media platforms such as trolling and abuse that predominantly have women on the side that receives toxicity.
“Think of it like WhatsApp on Instagram or WhatsApp on Reddit or Reddit on Instagram but only for women,” she said. Tarun KatialCEO, Eve World.
Katial said that for a long time Web2 or big tech companies (like Facebook, Apple, Amazon, Netflix, Google, and Microsoft) have dominated the roost when it comes to creating and consuming content on the Internet. However, as they’ve grown, their users’ well-being has taken a back seat, she said.
“It should also come as no surprise that the safety and security mechanisms on existing social media platforms fail to keep up with trolls, unsolicited messages and threats. And the unfortunate truth remains that women are largely on the verge of receiving toxicity, “he said Aparna Acharekarco-founder of Eve World.
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She said several steps have been taken to ensure that only women end up in coto through methods such as verification.
Katial said the lack of ownership was one of Web2’s biggest drawbacks – from algorithm black boxes to data breaches, it pitted users against big tech companies like Facebook, Apple, and Amazon. Whether it’s a user’s content, data or identity, everything is fungible on Web2, she said.
With Web3, both Katial and Acharekar have said that creators and communities have a skin in the game. Ownership is not limited to the content that is created, but creators and communities also have real value in participating in the platform.
“We plan to launch a governance token, which will be shared with the community,” Katial said. “Creators have never been part of the value creation process with Web2 platforms. Our entire (Coto) trip is participatory in nature. The governance token will be shared with the community and the community will have its own rights to the company and the platform. We use the blockchain and the principles of decentralized ownership as the cornerstone of building the platform. ”
He said that creators and users form the core and that it is the creators who will bring members, but brands and merchants can also build their own communities. These traders can also be female entrepreneurs. The platform will earn a large part from the commissions for the trade that is done through the coto. Katial said there is no platform fee for creators and small traders for the first 12 months, but will eventually be around 2%.
“There is also the opportunity for brands to advertise among communities to sponsor content and do sponsored live webinars and even get into merchandising and so on. We are also building an NFT market for creators to convert their content. in NFT. And then there are also things like subscription products, “said Katial.