Pearpop, a marketplace for social media collaboration, has revealed a new app called Pearproof that brings new use cases for NFTs and how they can be monetized.
According to TechCrunch, the app allows creators to mint NFTs of their social media posts. However, the main feature is that the app is using a special algorithm that tracks the NFT's value depending on social engagement.
Pearproof Chief Product Officer Ray Lee said the team wanted to create a platform or a format "that allows us not only to establish ownership, but also to be able to actually link their web2 metadata to make the NFT dynamic." Lee added:
It’s about programming a way to unlock access to the creator or a private community.
The app mints non-fungible tokens on the Solana blockchain as this network has relatively low transaction costs and lesser environmental impact in comparison with other networks like Ethereum.
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Lee added the company plans to spend a lot of effort on verification processes so that only the creators themselves could mint their own social posts as NFTs. Pearproof will also charge 10% on every NFT sale. The app is already collaborating with TikToker Josh Richards and DJ deadmau5.