Social media platforms are no longer just places where people socialize. Users are increasingly trying to monetize their content and make money from their accounts. In this regard, Web3 networks are successfully competing with trending platforms like Instagram and TikTok.
An Australian startup called The LoveChain is introducing a brand new social network. Its creators call it the future of social media. In contrast to classic Web2 applications, The LoveChain transforms published content into NFTs with ownership rights to digital artwork fixed and further monetization possibilities.
Source: Twitter
In 2022, the beta version of The LoveChain application was launched, with the developers' efforts focused on promoting digital art in social networks and simplifying the NFT creation process. Taking into account the difficulties faced by Web2 users on specialized platforms, The LoveChain aims to make the technology of transforming various types of content into unique tokens as straightforward as possible.
Source: Twitter
For members of the social network, creating unique digital art is now just a few clicks away. By simply uploading their content and selecting the "Create NFT" option in their publishing settings, their posts are transformed into original works of art that can be traded on the project's own marketplace. No additional technical knowledge or expertise is required from users, making it a seamless and accessible experience for everyone.
The LoveChain Tokens
The LoveChain project features two essential tokens: LOV and LOVR.
LOV is a governance token with a limited emission. The developers plan to issue only 535 million coins, which owners can use not only for trading but also for voting within the community.
LOVR is a reward token. For creating and sharing content, 8 billion coins will be released to app users. Additionally, community members can exchange LOVR tokens for discounts at The LoveChain's partner companies.
The app also offers the opportunity to earn LOVR by granting advertisers access to personal information and preferences. Like any decent Web3 project, The LoveChain protects users' confidential information on the Algorand blockchain. However, if desired, community members can change their settings and share data with advertisers, receiving reward tokens in return.
2023 plans
As of now, anyone can join the project by signing up on the waiting list to gain early access. The developers promise an experience that will captivate the “bohemians, collectors and tech-heads” of our time. In 2023, the startup has truly grand plans:
In the first quarter, they plan to launch the mobile app on the App Store and Google Play.
The second quarter will see updates and additional features added based on user testing.
The third quarter will mark the launch of the NFT marketplace and official registration of the LOVR token.
Finally, in the fourth quarter, The LoveChain's products will be fully launched.
The startup's founders are certain that they are creating a revolutionary "social app that loves you back." Whether this is true or not, we will soon find out.
