Corra Finance is a plug-and-play blockchain platform that enables the monetization of digital content using NFT technology.
Content creators deserve to be rewarded for all the creative, engaging, and helpful content they have put out on the internet. Unfortunately, mainstream platforms aren’t always fair to creators, especially when it comes to profit-sharing.
Corra Finance, a blockchain-based platform, aims to turn the situation upside down by allowing creators to earn higher from their published content thanks to innovative reward schemes that come in the form of tokens, royalties, and more!
Jason Fang, the founder of Corra Finance, has envisioned a platform that will ultimately provide content creators with generous rewards.
This disruptive (and seemingly impossible) idea has been made possible through the use of NFTs, which leverage the power of blockchain technology to provide creators with security, transparency, and better earnings.
What is Corra Finance?
Corra Finance is a plug-and-play blockchain platform that enables the monetization of digital content using non-fungible token (NFT) technology. This platform aims to solve content creators’ biggest problem with social media platforms: monetizing their content.
Although creators already receive monetary compensation for their large influence, their ventures could be more profitable if platforms were willing to provide larger incentives, a scenario that is unlikely to happen as long as large tech giants continue to have too much influence.
This is where Corra comes in. The platform aims to provide content creators with higher revenues by turning their creations into NFTs and encourage them to sell these minted creations on its platform.
Allowing Regular Joes To Venture into NFTs
Most NFT platforms serve first-hand, primary sources and exclusive products. In other words, they are exclusively providing services for high-profile and deep-pocketed investors.
Corra Finance does the opposite by providing its service to people who want to venture into NFTs but do not have enough resources by turning their existing data, such as Facebook posts, tweets, and Instagram photos, into NFTs, allowing them to earn from these assets.
Here’s how platform users can start their first NFT venture in Corra:
- To start, create a MetaMask wallet (free of charge) to store NFTs and cryptocurrency assets safely.
- Next, upload a screenshot of the digital content that needs an NFT treatment, such as Facebook posts (text or photo), a tweet, or Instagram photos, together with the supporting documents, which prove that the content belongs to the uploader. Platform users may also submit other people’s content, but their chances of being bought by the market would significantly decrease.
- Set a desired price and timer for the auction and wait for a few minutes for Corra to approve the application.
If Users’ NFTs Aren’t Rare, How Can They Be Profitable?
Rarity, just like any art piece, is what drives NFTs’ prices, but Corra has found a way to make users’ digital assets valuable (even if these contents are already existing data) by allowing NFT bundles. By enabling users to combine various NFTs, it has already allowed millions of future users to create rarity in the easiest and, arguably, the most creative way.
Once approved, the content will fall into either three categories, which are called “Triple Moon,” “Double Moon,” and “Single Moon.”
- Triple Moon Category is the most preferred category of the market, and a product will fall into this group if the uploader is a partnered Key Opinion Leader (KOL) with Corra.
- The Single Moon Category is for uploaders who are not KOL at Corra, their product will go straight into this classification.
- Double Moon Category is for uploaders who don’t want their products to fall on the Single Moon group, they should provide more information about themselves to join in this category.
These categories will allow Corrators (NFT Creators at Corra) and bidders to establish trust with each other. Uploaders have two options in monetizing their digital assets: either increase their upvotes or auction their assets right away.
The entire auction process is fast and straightforward. Once the product’s timer ends, the transaction will immediately occur, and the profit will go straight to the uploader’s MetaMask wallet. Moreover, they can also gain royalties on all future transactions of their digital assets.
Corra Finance’s New NFT Categories
NFT in Social Media
Even if Corra’s users aren’t as many as what mainstream social media platforms have, platform users can still have a wide reach as they can align their NFT auction with the post on their social media accounts. Corra users won’t have difficulties finding potential buyers for their digital assets.
NFT in Nonprofit
Corra also utilizes its blockchain technology to help charitable institutions collect donations worldwide efficiently and securely and allow non-government agencies (NGOs) to fund their specific causes immediately.
But aside from this transaction’s swiftness and security, the aspect of transparency is arguably its biggest and most notable innovation.
The traditional way for NGOs to raise funds is through merchandise and online donations, and donors have no choice but to hope that their donations will go through proper management and allocations. But through Corra, this wishful thinking is eliminated by publicly sharing nonprofits’ wallets, enabling everybody to see exactly where their funds are going.
If NGOs wish to allocate a certain amount of funds from the pool on a specific venture, event, or equipment, they have to propose to the community first. This process is revolutionary in every way as it would ensure that the funds are being handled properly and would drastically reduce (if not eliminate) fund mismanagement.
NFT in Digital Content
Corra Finance allows content creators to gain bountiful profits from their digital content by allowing people, especially their fans, to gain a piece of their intellectual property. This piece can be resold by new owners, possibly for a higher price as creators receive royalties.
NFT in DeFi Market
Corra Finance will propose NFT use cases on decentralized finance (DeFi) products, which includes the reduction of lock-up periods for staking-related products by (X) time, increasing APY for lending-related products by (X) time, and increasing voting rights. The platform will also fork several versions of major DeFi products in the market to show crucial NFT applications.
CORA is the native token of the Corra platform, which will enable users to monetize their digital content.
In several social media platforms, the best incentives that content can gain are merely likes. But n Corra, these digital creations can gain truly valuable rewards through CORA tokens based on the number of “upvotes”.
The higher the upvotes, the higher the product’s visibility on the platform’s auction page, which is a concept that is similar to paid marketing on Google search results. Users can increase their upvotes by sharing their content with their friends, family, and followers, which is analogous to sharing content on Facebook to get more likes.
CORA tokens are available in decentralized and centralized crypto exchanges, and users can purchase them through fiat and other cryptocurrencies.
CORA is an ERC20 token that allows users to upvote on Corra Finance. Upvoting is highly needed to push an NFT on the platform’s front page for more visibility and, of course, profits.
To deal with economic-related concerns, Corra developers designed the token to exercise fairness in every type of situation. One of these measures works like this: when the price decreases, CORA becomes cheaper for Corrators to upvote their NFTs, and as a result, the token’s usage increases.
In addition, every CORA used will be burnt by the end of each month, ensuring that its total supply is reduced, which would maintain (and increase) its value.
At last, a platform that recognizes content creators’ massive importance in the cyber realm by rewarding them, not with mere likes, but with higher earnings not only from digital content sales but also from royalties as well. Corra’s concept is indeed revolutionary, and only time will tell if major social media platforms would follow suit.