Posted: Jan 17, 2024 1:38 PM Updated: Jan 17, 2024 1:38 PM
January 17, 2024, Los Angeles, CA, Chainwire
Key Takeaways
- Focus, an innovative decentralized SocialFi app, raises $20 million in less than 24 hours.
- Focus competes with subscription platforms like OnlyFans and Patreon, which are billion-dollar industries.
- Social Airdrop offers users the opportunity to earn over $100,000 in $FOCUS tokens.
Focus is the new SocialFi app from DeSo, a team that raised $200 million from Coinbase, Sequoia, a16z, Social Capital, and other top funds. It aims to disrupt the trillion-dollar social media market and creator economy by introducing groundbreaking features to rival the likes of X, Onlyfans, and Patreon.
The TAM in this market is significant, with OnlyFans processing approximately $8 billion in 2023 and charging 20% per transaction. These high fees significantly reduce revenue for creators, highlighting the need for more equitable solutions.
Focus combines the best of Onlyfans, Patreon, X, and other multibillion-dollar social platforms into one app. It is built on the DeSo blockchain and powered by permissionless crypto-based monetization capabilities not possible on web2.
Under the leadership of cryptocurrency veterans Nader al-Nazi, Focus is fully decentralized and has no corporate entity behind it. All you need is a coin and a code:
“Decentralized social media faces the same skepticism that Bitcoin initially did. Critics believe the app cannot challenge the major players, cannot scale, and will be banned if it does. Ask yourself: Do you want to be short-sighted and on the side of laggards, or do you want to embrace optimism and innovation? “This is an opportunity to be part of a monumental technological change.” – Nader Al-Naji, DeSo Founder
Focus allows users to directly invest in the revenue streams of other creators through anonymous crypto-based monetization mechanisms that include paid reposts (decentralized advertising), paid messaging, unlockable content, subscriptions, and Creator Coins. It gives you new ways to make money.
Thanks to the DeSo blockchain and Revolution Proof of Stake system, Focus users can trade a variety of cryptocurrencies, including USDC, Bitcoin, Ethereum, Solana, DeSo and Focus tokens, for less than 1/10,000th of a cent per transaction. , including cross-chain assets.
DeSo also supports storing content directly on chain at 1/10,000th of 1 cent per post. This is much cheaper than Solana at ~$1 per post or Ethereum at ~$100+ per post.
This means Focus can pioneer innovative monetization and content mechanisms not possible on older, high-cost blockchains or slow, censored fiat payment rails.
DeSo founder Nader Al-Naji says: “From the beginning, our strategy has been clear: establish a scalable, decentralized foundation and then launch applications that truly demonstrate the unparalleled advantage and power of DeSo.”
Focus allows users to reserve tokens similar to staking with the flexibility to choose any currency supported through HeroSwap, including BTC, ETH, SOL, USDC, and DESO. Early adopters who reserve tokens during the first week (January 11 – January 18) will receive a 100% bonus in $FOCUS tokens.
Unlike traditional social networks, Focus democratizes distribution by distributing 100% of all fees directly to $FOCUS token holders. This contradicts the business model users see on social platforms today, where all the value is captured by a small group of venture capitalists and shareholders.
To further encourage user engagement, Focus is introducing The Social Airdrop, a viral airdrop model that rewards users based on their influence on external social networks and distributes $FOCUS tokens proportional to their reach.
This new airdrop model means that anyone who reaches 1,000 views per post will receive a sign-up bonus of approximately $100 in $FOCUS tokens. In contrast, someone with millions of views per post, like Elon Musk, would receive a bonus of over $100,000 in $FOCUS tokens.
Social Airdrop also includes a referral program where users can recommend the platform to others and receive benefits in return. 10% of the referral sign-up bonus and 5% of the total revenue the referral generates on the platform.
FOCUS plans to support X, Instagram, YouTube, TikTok, Twitch, select email domains, DeSo, and OnlyFans at launch.
To reserve tokens and receive a 100% bonus on $FOCUS, potential users must visit Focus.xyz and reserve funds before 11:11 AM EST on January 18th. Bonuses will be paid weekly until the app is released.
About Deso
DeSo is the first and only censorship-resistant layer 1 blockchain purpose-built to support storage-hungry apps and scale decentralized social networks for mass adoption. Their mission is to decentralize social media like Bitcoin and Ethereum. DeSo has gained significant adoption and boasts 2.6 million users (wallets) and 93 million transactions. DeSo aims to usher in a new era in cryptocurrency with cutting-edge consumer apps that scale to billions of users through Focus.
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Chainwire is a leading blockchain and cryptocurrency news provider distributing press releases and maximizing cryptocurrency news coverage.