Social platforms gain all of their value from the content influencers create without giving them anything in return for their contributions.Social media’s current structure fails to bridge the gap between discovery and sales conversion.Users have no control over how their data is used by social platforms.EconoMe is a new decentralized model for digital content creation. The Me Token, an ERC-20 token, acts as a community currency by Me-adopted social commerce platforms.
The platform connects and rewards fashion influencers, consumers, and brands. For example, Influencers are able to post brands’ outfits on the platform. Users can like and share such posts, while both parties are rewarded for content creation and engagement. Using Style.me’s patented virtual fitting room, shoppers can try on the outfit, and even purchase directly. Fashion brands are happy due to a satisfied customer and a valued influencer.The evolving EconoMe will be a diverse ecosystem of commerce platforms across verticals that will grow exponentially as new platforms take advantage of a pre-existing consumer base to jumpstart an engaged community.
Users receive ME tokens proportional to the amount of engagement (e.g., likes/shares) created via their posts. This mechanism allows both influencers and aspiring influencers to instantly monetize high-quality content without having to reach a large-scale following -- which is in contrast to traditional social network and commerce platforms. Such an incentivization protocol also solves the “cold start” problem by galvanizing users to initiate the network effects and contribute to quickly scaling the economy.