Phaver is a “share-to-earn” social media platform that runs on the Lens Protocol. This Web3 social media platform allows users to own their data and generate income streams by posting and sharing content.
Phaver’s co-founder, Joonatan, describes the value of the platform by saying:
“Users have control of their own profiles with the NFTs and their social relationships through following NFTs. So we realize that something we have to do from the beginning is to allow users to re-own the interoperable data.”
As opposed to web2 platforms like Instagram, which may provide profiles in NFT forms but can also decide which NFT can keep posting on their platform.
When users provide and own the data, Joonatan continues, our job at Phaver becomes simply building a premium user experience.
The Phaver ecosystem runs on the Phaver points and tokens. Instead of likes that we use on all social media platforms, Phaver gives the chance to stake tokens under a post. Every day, each Phaver account gets five coins they can stake on any five posts they like. One stake gives 10 Phaver points to the staking account.
The staking function works as gifting tokens. While these tokens don’t have value right now, they will be valuable in the future after Phaver’s native tokens are launched. According to Joonatan, the team is working to establish a dual-token economy, which will reward the early adopters upon launch.
All content types, including text, video, GIF, and pictures, are allowed on Phaver. Users are also encouraged to re-share content they find on other web2 social media platforms. Each post is added under a pre-determined category to enable users to navigate easier amongst posts within Phaver.
How it works
Phaver focuses on rewarding the users rather than the protocol. The platform is looking to generate money from the ads in a way to boost its native token. Joonatan describes the model by saying:
“We don’t want do and invasive monetization model where we scrape your online history, direct messages, and inbox like Google and Facebook do. But rather we have…