Clout.art is a Web 3.0-based social media protocol and non-fungible token (NFT) marketplace where artists, creators, and their followers can interact with each other and mint unique tokens for their posts.
The problem with many content creators on social media platforms is the absence of control over who gets the actual revenue from advertisements for the content. This is exactly what Clout.art seeks to address.
Clout.art enables content creators to determine a value for their posts and put them up in a marketplace. This allows them to earn directly from their content without the need for any middleman to facilitate the whole process.
What is Clout.Art?
Clout.art is a Web 3.0-based social media protocol and NFT marketplace where artists, creators, and their followers can interact with each other and mint unique tokens for their posts. The goal of the platform is to capture the value of a social media post’s clout by creating a tantamount equivalent for them on the blockchain.
This model aims to bring the power back to content creators and influencers through direct advertisement revenues. This will take place through the creation of NFTs for social media posts, allowing content creators to monetize their content by themselves without compromising quality.
The project is also working on market verticals such as mainstream and extreme sports, influencers’ moments, and popular culture. There are also partnerships in the pipeline to expand the protocol to different platforms. All of these will allow anyone to absolutely own and immortalize any content they put up online that falls within these verticals.
Clout.art’s interface is an integrated Web3 platform, only available currently for the Polygon (MATIC) blockchain.
However, according to the team, there might be plans in the future to make it interoperable with other networks such as Ethereum (ETH) and Binance Smart Chain (BSC) through cross-chain bridges.
This also harbors the Creator Staking Pools (DCSP), backing the liquidity of the platform. The initial version of the decentralized app (Dapp) layers will be on top of Instagram for monetization and marketplace support, which will be completely decoupled from the entire Instagram back-end, however, to ensure that it functions independently.
There are several functions available through the dapp, such as purchase and selling of the NFTs, minting of NFTs, request and invite features, staking, and referral mechanisms.
As of now, only Instagram posts are supported for monetization. Anyone can mint an NFT that represents their original content on the social media platform. The users are only required to have a Web3-compatible wallet in order to start minting tokens, such as Metamask.
To mint a token, a user will only need to link the post on the dapp through its original URL. As soon as the post is included in the dapp database of Clout.art, it will record all relevant datasets, such as the author and number of engagements. Then, the author can start listing it on the platform with his own price input.
In order to complete the whole process of minting, the actual post on Instagram has to be deleted permanently first. Then, the art listener has to confirm that the post has actually been deleted within two minutes.
The minimum number of followers required for those who want to mint a post is 150. Then, they can already use the tools on the dapp to eventually list their post on the marketplace.
NFTs can be created without incurring any gas fees through a function called “lazy minting.” Its difference with the original minting process is that there must first be a receiver of the NFT before it gets minted.
This is because NFTs undergoing lazy minting are not created instantly. What the author has to do first is to describe the NFT they wish to create and sign it. Then, the designated receiver of the NFT will put a claim on the NFT and pay the corresponding gas fees as well.
Much like original minting, the author is also required to delete the actual post on social media platforms before the actual creation of an NFT takes place. Then, the NFT gets transferred to the receiver, and the fund is released to the author.
NFTs listed on the platform are graded by a system called the Clout.art score. It is governed by an algorithm that determines a post’s value based on metrics such as post age, likes, engagement, and others.
Scores given out by the platform will always remain the same and cannot be amended. The range goes from the lowest of 1 to the highest of 1000. There are no further details yet as to how the algorithm exactly balances all metrics but they will soon be made available as soon as the product is finally launched.
SWAY token is the platform’s native, utility token, which can be used for payments, voting, and staking. It also serves as the token supporting the reward system of the platform.
To mint a token, they will have to use the NFT minting tool, which requires SWAY tokens from authors, depending on their number of followers and the status of their profile validation.
Staking is also possible through SWAY tokens. By depositing SWAY to the pool, they also earn more tokens as a reward. Staking is also considered support for the creators and curators of the platform.
Governance functions are only provided to holders of the SWAY token. This allows them to vote on specific parameters such as staking rewards and protocol fees. This mechanism ensures that any change in the set-up of the whole protocol is in consensus with the community.
Making money out of your content on social media can be difficult and tricky. This is especially because you do not have direct control over who actually gets all the revenue that a creator deserves, which is why projects like Clout.art are a welcome opportunity for them, as well as the blockchain space.
With the help of NFTs, content creators can now finally claim absolute ownership over any of their content online. Right now, the project is only supporting Instagram. Its growth and expansion into different social media platforms as well as blockchain networks are things we can excitedly look forward to.