How Monaco Planet Aims to Democratize NFT Space

How Monaco Planet Aims to Democratize NFT Space

Take a step into the future of the NFT ecosystem with Monaco Planet.

Non-fungible tokens or NFTs have been taking over the digital world in 2021. The sales volume of NFTs reached US$2.5 billion in the first quarter of this year. Their popularity is evident with NFT memes like side-eyeing Chloe going for US$76,377.50

If you are just as obsessed with NFTs as we are, the question that keeps you up at night is where do you find like-minded people to discuss up-and-coming NFTs with? This is where Monaco Planet comes in. 

What is Monaco Planet?

Monaco Planet is an up-and-coming NFT/Crypto Social Financing (SocialFi) platform vying to become the de facto hub for all believers in decentralization. Here, users can earn NFTs by creating content, making the Monaco Planet a mixture of a social media platform and an NFT marketplace. The central idea of the platform is to make Monaco Planet a space that is owned and governed by all of its residents (or users).

To make their platform more immersive, the company has created a metaverse (a virtual world that users can access via the internet) with a unique story behind it. As per the story, in 2150, a giant black hole is approaching the solar system which will turn Earth into stardust. Thus, humans are looking for a new place to settle down and find “Monaco”, which is a planet covered entirely in water. To survive, humans have now begun living on yachts. The users of the platform are supposed to imagine themselves as the people who have migrated to Monaco Planet. 

Keeping this lore at the center of their platform, Monaco Planet launched a line of 10,000 Yacht NFTs on November 11. 

The platform is all set to launch on November 28 and hopes to become an escape for all NFT lovers where they can relax and forget about their everyday life. The team behind Monaco Planet has created Yacht NFTs because yachts represent the pinnacle of comfort and relaxation.

What are the features of this new platform?

Functionality

The most attractive feature of the platform is that, unlike the NFTs we have seen so far, Monaco Planet’s NFTs are actually functional. It means that they work just like cryptocurrencies, with which users can make financial transactions. Users earn Yacht NFTs by creating content. All NFT holders will also have the privilege of receiving exclusive offers and access to a whitelist regarding joining hot projects and the ability to pin posts, broadcast and set up groups.

Any advertisers who want to use the platform to make money off of this user-generated content will need to buy and burn NFTs. The burning process permanently deletes the NFT off the blockchain. The burning process is considered a transaction and, thus, advertisers are charged a certain fee for burning the NFT. The platform uses the burning fee as a source of revenue and passes along benefits to users by paying them in NFTs.

A reliable source of information

What sets Monaco Planet apart from other social platforms, like Twitter and Discord, is that it is tailor-made for the NFT community. While other social platforms have their fair share of NFT-related content, it has become a challenge to find reliable information when you have to sift through massive quantities of spam to do so. Monaco Planet cuts through the noise by creating a platform where you can look at a person’s NFT catalog (if they wish to display it) to identify genuine experts. 

Eliminating scammers

Another important feature of the platform is that accounts on Monaco Planet have to be linked to verified crypto wallets. This automatically eliminates scammers from the platform. So, you no longer need to worry about clicking on malware links or fake websites.

Moreover, the platform has its users’ interests in mind. The team behind Monaco Planet intends to distribute around 60-70% of the NFTs they create to its users. The team believes that, over time, those NFTs will appreciate in value and be profitable to its users. The team is optimistic that the platform will democratize social media, giving users what they are rightfully owed. 

Join the next phase of the NFT revolution by checking out Monaco Planet. 

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Kamya Pandey
Kamya is a writer at Jumpstart. She is obsessed with podcasts, films, everything horror-related, and art.

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