Gate.io Blog GateLive AMA Recap-Snapmuse.io

GateLive AMA Recap-Snapmuse.io

26 April 13:33

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## Q1: Please tell us a little about your project. How did the idea of Snapmuse.io come to be and what is the platform about?
In very simple terms, Snapmuse.io is a community funding platform. It’s built on RWA tokenization & engage-to-earn dynamics and it’s specifically designed for the entertainment industry.

We allow projects & social media creators to get funding through their community by tokenizing their channels & rewarding their members through perks & benefits.

But to explain how this idea came to be, I need to take a step back and give you some background information. We come from a music background. We have another company that makes royalty free music for social media creators. As you know you can’t use the Justin Timberlakes, and Drake’s in your videos because of copyright issues. And our other company provides music to professional creators so they can monetize their contents.

Working with creators we came to learn the dire need for funding in the industry. Social media creators don’t have access to funding because banks don’t accept “social media star” as a job title. Even Mr. Beast, the creator who makes millions from youtube watches alone needed funding for his videos. The existing funding solutions for creators are not creator friendly. They either require you to create more content when you are already under constant creative pressure. OR you need to sell your content like Mr. Beast had to do. And that means, you are basically selling your most successful work. This is not ok.

Starting with our CEO, Moris, we were all engaged at various levels on web3 and we saw the potential of its application in this industry. That’s pretty much when we came up with the idea of using web3 to help solve this issue.

Now how Snapmuse.io works is pretty simple. Creators or projects come to Snapmuse.io with a project they want to fund. We help them create their NFT drops.

These drops are special in 2 ways:
1) Creators can include a part of their channel revenues for holders to claim as discounted SMX rewards. So it’s not just funding for project owners, it’s also a way to reward the engaged members of the community. This is something we emphasize a lot. If you hold an NFT from a creator and you are willing to contribute to the success of the project by providing engagement, then you can potentially leave the process better off.

2) Unlike other NFT perks out there, NFTs on Snapmuse.io come with an expiry date. What does that mean?
The perks & benefits of NFTs sold on Snapmuse.io have an expiry date. This way creators are not locked in an eternal loop where they need to come up with more perks, which they can’t, making the community unhappy and killing the project. Here fans know what they are buying and creators know what they are selling. This is about fans and creators uniting forces over realizing dreams.

## Q2: How does snapmuse.io work?Have you funded any projects so far?
I sort of explained how the platform works but let me talk about the drops we made and I’m sure it will be clearer for everyone. We made 2 major major drops.

Mariana Avila and Sofia Castro. Each had 40 million followers on Social Media. Bear in mind that each project or artist gets to pick their own particular perks and rewards.

Mariana was launching her solo career and a perfume line, so she organized a drop to fund her first venture. She offered her fans free NFTS, social media follows, a zoom meet and greets.

Sofia Castro is a TikToker known for her singing. She wanted to take the next step in her career and organize her first concert. And that’s why she organized o drop on Snapmuse.io. She made it so that her NFTs were concert tickets if you could attend, if not, you could use them to watch the token gated livestream, some big collectors got to meet her backstage and watch her warm up...This was a 3 month drop meaning that there were community activites during 3 months and fans got to win rewards by playing community games including usdt rewards. Because the whole idea is to reward the most engaged fans.

## Q3: Snapmuse.io is an RWA project. How are you using RWA as part of a funding solution?
Our infrastructure enables us to give social media creators the opportunity to include a part of their social media ad revenues in their NFT collection as a reward. We have the infrastructure and legal model in place to collect their say..YT  revenues on behalf of them and distribute the % they allocate to fans while giving the rest to the creators. The goal here is to reward fans who really contribute to the project’s success.

RWA for us is a tool/ a way to unite creators and fans over a common goal and help them work together while having a great time. That’s the beauty of our platform.

## Q4: How do you compare to other projects in the creator ecosystem? such as xcad, mirroror, royal?
Very good question. There are other projects that try to propose funding solutions. Both in web2 and web3.

In web2 we have jellysmack or spotter. Both buy content meaning the creators use their best work. This is not OK for us. We believe the content should belong to the creator.

You also have the like of patreon but there creators and projects are required to create even more content for paying customers when it’s already very very hard to create their regular stream of content. We want creators to keep doing what they are doing and we enable them to get funding by tokenizing their channels and their time.

In web3 you have the likes of royal and opulus, which are limited to music. If what they claim is accurate, they also make the artists lose a % of their revenue indefinitely. And both don’t include a notion community.

Xcad is a relatively similar project. It’s a cool project doubtless but it’s not an RWA project and it’s not about community. It will push xcad users say from turkey to watch a spanish creator. It’s obvious that these is just people watching to get the reward. Not a community. We are rewarding the community and are creating communities that work with creators to realize dreams.

## Q5: What is the long term vision? How will the project evolve and improve for sustainable success?
We are just getting started. We have access to a very large network of creators and entertainment industry projects. Their funding needs are real and we, have the resources and know how to develop solutions.

Sustainability is a real problem. And cognizant of that, we have already started expanding into new genres like gaming and in new geographies as well.

We are also developing more features. We are looking to expand to include sports. Think of football and how committed the fan communities are. This is a group we can really mobilize and football teams always need funding. So this is something we are looking into.

Part of our team is also working on an act2earn product that will connect communities and brands. I don’t want to reveal too much because this is further down our roadmap, but basically we want to mobilize the power of community for brands.

And through Act2Earn we want the community to earn for the attention they give to brands. Think of how many times you are subject to ads. We want you, the regular user, to be able to get something in return for engaging with the brand or for creating content for them. In it’s core the idea is to make the audiences, part of the creator economy.

<div class="blog-details-info">
<div>Author:** GateLive**, Gate.io Team
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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